Time to raise taxes back to the level they once were

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

WashPost, Tuesday, November 13, 1:37 PM

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.

While Obama said last week he is not wedded to every detail of his previous proposals, the White House said Tuesday that it did not intend to provide any new plan or make any concessions ahead of the start of negotiations.

Rather, Obama will present his 2013 budget as his starting point — a plan that sought to reduce borrowing over the next 10 years by $4 trillion.

“We know what a truly balanced approach to our fiscal challenges looks like,” Press Secretary Jay Carney said Tuesday. “The president has put forward a very specific plan that will be what he brings to the table when he sits down with congressional leaders.”

Obama meets Friday with top lawmakers from both parties to begin negotiations on the fiscal cliff, a series of automatic tax hikes and spending cuts at the end of the year. Obama has said that the election validated his approach to tax policy.

(More here.)