Obama to open fiscal talks with plan to raise taxes on wealthy

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President Obama will begin talks with congressional leaders Friday with a plan to raise $1.6 trillion in new tax revenue from the wealthy -- making clear that, at least the outset, a wide gulf remains between congressional Republicans and the White House on the most contentious point in the negotiations. The demand for $1.6 trillion in new taxes is far greater than Obama proposed in negotiations with House Speaker John Boehner (R-Ohio) in summer 2011. At the time, Obama wavered between $800 billion and $1.2 trillion in new tax revenue, depending on how much in entitlement cuts Republicans were demanding.

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