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.