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Singer to Washington: Stop overtaxing the rich--we earned it!


"Our nation is not a rigid, class-bound aristocracy. It is an upwardly-mobile republic--if we can keep it."

   Paul Singer (Photo: Bloomberg)
Billionaire Paul Singer railed against President Obama and Democrats' efforts to increase taxes on the rich, arguing that most wealthy Americans succeeded on their own initiative and not because of a privileged upbringing.

"Advocates for higher taxes instead insinuate that wealth in America is a rigged game, and that redistributive taxation is necessary to level the playing field. But empirical reality is not kind to that claim," Singer said in $21.1 billion Elliott Management Corporation's yearend letter to investors this week.

To bolster the point, Elliott analyzed the backgrounds