Obama Plans PR for Tax Hike

    WASHINGTON, DC - JUNE 15:  U.S. President Barack Obama responds to a question from Neil Munro of the Daily Caller after he interruped the president while Obama delivered remarks about the Department of Homeland Security's recent announcement about deportation of illegal immigrants in the Rose Garden at the White House June 15, 2012 in Washington, DC. With the DREAM Act unable to gain traction in Congress, Obama announced that his administration would stop deporting some young people who came to U.S. as children of illegal immigrants.  (Photo by Chip Somodevilla/Getty Images)

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    The White House is hoping to drum up support for a proposed budget deficit solution that increases taxes on the wealthy and cuts spending. President Obama will be meeting with labor and business leaders next week and plans to travel outside Washington to garner support for the plan that will try to avert automatic cuts that are scheduled to begin in January. In recent days Republicans have appeared to loosen their stringent opposition to Obama’s proposals, and House Speaker John Boehner even said a higher tax revenue could play a part in the deal. Obama’s defecit reduction plan includes letting tax rates rise to 39.6 percent (from 35 percent) on income over $200,000 for individuals and $250,000 for couples. According to the White House, this would raise roughly $440 billion over the next 10 years.

    Read it at The Wall Street Journal