Obama to set red line around taxes for the rich

November 30, 2012

HATFIELD, Pa. — President Obama on Friday is planning to set a red line around raising tax rates on the wealthy as he leaves Washington for the first time since winning reelection to make public his proposals to resolve the fiscal cliff.

Obama, who outraged Republicans on Thursday with his opening bid in the negotiations over the fiscal cliff, is set to demand that the wealthy pay higher tax rates as part of any deal, White House officials say. Republicans have said they would be open to raising new tax revenue from the wealthy through limiting deductions, but they have insisted that they will not vote to increase tax rates.

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Zachary A. Goldfarb is policy editor at The Washington Post.
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