President Obama renewed his calls for higher taxes on the wealthy on Tuesday and said "there is no such thing as a free lunch."
"For a long time Washington acted like deficits didn't matter... a lot of folks promised us a free lunch," Obama said in Annandale, Va., Tuesday morning. "We had a surplus back in 2000 ... but then we cut taxes for everybody including millionaires and billionaires... fought two wars... and we didn't pay for any of it."
Obama pitched his plan for fiscal 2012 to cut wasteful spending, reform the tax code, and revamp Medicare and Medicaid in a town hall-style meeting with students.
"We've also got to end tax cuts for the wealthiest Americans," he said, adding, "This is not because we want to punish success."
Obama paid more than $500,000 in federal taxes last year on his $1.7 million joint income with Michelle, according to the Obamas' tax returns.