Obama jokes: I'm re-thinking tax breaks for wealthy after filing 2010 returns

President Obama joked Tuesday that he is rethinking his support for raising tax rates on the wealthy in the wake of filing his 2010 tax returns.

"There's a moment there when you look at the figure you're paying and say, 'wow - let me think about my position on taxing the wealthy here," Mr. Obama joked at a town hall meeting in Northern Virginia.

According to returns released by the White House, Mr. Obama paid $453,000 in taxes in 2010. The Obamas declared a total income of nearly $1.8 million.

"Nobody volunteers and says, 'I'm just wild to pay more taxes,' but it's a matter of values and what we prioritize," the president told a crowd of about 800 mostly young people.

The event was the first in a string of town halls the White House has scheduled to highlight the president's proposal to cut $4 trillion in spending over ten years and to increase taxes on the wealthy.

Mr. Obama criticized the Republican budget plan Tuesday, which calls for cutting taxes on the highest-earning Americans.

"I certainly don't think my taxes should be even lower," he said.

CBS News Radio's Mark Knoller and the National Journal's Marc Ambinder discussed how effective Mr. Obama's town hall campaign for his budget proposals has been so far on Tuesday's "Washington Unplugged." Watch the full video to the left.