President Obama is planning to set a red line around raising tax rates on the wealthy as he leaves Washington on Friday for the first time since his reelection to try to win the public’s support for his proposals to resolve the fiscal cliff.
Obama, who outraged Republicans on Thursday with his opening bid in the negotiations over the 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 by limiting deductions but have insisted they will reject tax increases.
Source: Washington Post. Read full article. (link)