Obama insists on higher taxes for the rich

US President Obama said he is willing to consider new options to avoid a so-called “fiscal cliff” but insisted that any deal should include higher taxes for the rich. Speaking at his first interview since his re-election, Obama criticized a proposal by House Republicans that includes US$800-B in additional tax revenues but didn’t raise tax rates on upper income Americans.  Republicans had criticized a previous plan by the Obama administration, calling it a step backwards in terms of negotiations. The President admitted he understood the need to be flexible, adding, “I’m not going to get 100%” but insisted a deal would have to include increased taxes for Americans that make over $250,000.


Read more on the Wall Street Journal.