Will,

This is news because the Republican "brand" is one of fiscal responsibility. Yet, this is completely irresponsible. Scared to raise taxes, Republicans have just shifted the tax burden (and associated interest payments) to the next generation. Screw the Kindergartners, they can't vote!

Democrats are committed to PAY-GO rules and wanted to move the AMT up so that middle class tax payers didn't get hit. They weren't the intended targets of the AMT. Democrats suggested closing a loophole that allows American-based companies to set up offshore shell companies to avoid domestic taxes.

And in reference to your question about what "percent of the overall tax burden that falls upon the "super rich", top 1%?", according to the CBO ,

The wealthiest 20 percent, whose incomes averaged $182,700 in 2001, saw their share of federal taxes drop from 64.4 percent of total tax payments in 2001 to 63.5 percent this year. The top 1 percent, earning $1.1 million, saw their share fall to 20.1 percent of the total, from 22.2 percent.

Over that same period, taxpayers with incomes from around $51,500 to around $75,600 saw their share of federal tax payments increase. Households earning around $75,600 saw their tax burden jump the most, from 18.7 percent of all taxes to 19.5 percent.

20.1% as compared to 19.5% is pretty much the same in my book. The Super Rich and the Middle Class have a similar tax burden. Excuse me for not shedding crocodile tears.

From the Budget Committee

Praise for House Adherence to Pay-As-You-Go Principle
Morton Kondracke, Roll Call
Indeed, even career officials at the White House Office of Management and Budget concede
that Democrats have restored the principle of “pay-as-you-go”...
— September 27, 2007

Norman Ornstein, American Enterprise Institute
The 110th Congress has some significant accomplishments, including...implementing
“pay-as-you-go” budgeting and working hard to make it a reality...
— November 14, 2007, Roll Call

The Hamilton Project, Brookings Institution
By reinstating the pay-as-you-go rules the Congress agreed to stop digging the budgetary hole
any deeper. Even more importantly, the House of Representatives should be commended for
making the tough choices to actually abide by the pay-as-you-go rule...In every case the
House of Representatives has acted responsibly by not passing down an even larger burden to
future generations.
— November 13, 2007, letter to House Budget Committee Chairman John Spratt

Committee for a Responsible Federal Budget
The Committee for a Responsible Federal Budget is pleased that Congress has adhered to the
principle of PAYGO...It has taken a good deal of resolve on the parts of those who most
value PAYGO to stick to the rule as others have tried to make exceptions, and this
commitment should be commended.
— October 18, 2007

The Concord Coalition, Center on Budget and Policy Priorities, Committee for
Economic Development, Committee for a Responsible Federal Budget
In urging adherence to PAYGO, which requires that any increases in entitlement spending
and tax cuts be offset rather than deficit-financed, we note that Congress has been very
careful to comply with the rule so far this year.
— October 30, 2007

David Broder, The Washington Post
Instead of promising more unaffordable tax cuts that go mainly to the richest Americans, as
their Republican counterparts have done for the past six years, key Democrats are imposing
some real spending discipline on themselves...it can be, if enforced, an effective way of
preventing the budget deficit from getting worse. By the standards of Washington, that is real
progress.
— April 15, 2007

Center on Budget and Policy Priorities
...the House’s record of compliance with PAYGO has been laudable to date. This suggests
those who support fiscal discipline should commend the House.
— November 7, 2007