Revenge: Obama Says We Must Raise Taxes on the 'Rich'

Those making $200,000 annually are not "rich," nor are couples who're making $250,000 a year. And we don't have enough people at those income levels to fund the progressive grab bag for Obama's second term. Folks across the middle class are going to get soaked, even those at incomes of $100,000 or less.

At the Wall Street Journal, "Door Open to Compromise on Tax Breaks in 'Cliff' Talks":

WASHINGTON—President Barack Obama invited congressional leaders to the White House next Friday to begin talks to avoid the so-called fiscal cliff, opening the door to a possible compromise on taxes.

Mr. Obama said any deal would have to result in wealthy Americans paying more in taxes, but he notably did not repeat his campaign call to let the top tax rate rise on household incomes above $200,000 for individuals and above $250,000 for couples. That left open the possibility of raising tax revenue by limiting or eliminating tax deductions or other tax breaks for families above those thresholds.

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