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HARDBALL Obama Sets High Tax Target Chip Somodevilla / Getty Images

Obama Sets High Tax Target

President Obama will begin negotiations over the fiscal Friday, and, gauging by early reports, he plans to play hardball. He will open talks with a proposal to raise $1.6 trillion in new tax revenue from the wealthy over the next decade, which is double the $800 billion that was on the table during discussions in the summer of 2011. Though House Speaker John Boehner (R-Ohio) recently revealed he was open to raising taxes on the wealthy, it’s unlikely that he or GOP leaders will approve a proposal so much more aggressive than what was discussed during the last round of negotiations.

November 13, 2012 9:05 PM