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US President seeks to end tax breaks for wealthy US citizens

US President Barrack Obama has called for the rich to pay higher taxes in a bid both to assist with his spending priorities and to cut the deficit. He said that the time had come “to let the tax cuts for the wealthiest Americans…expire”. The tax breaks are in place for those earning over $250,000. President Obama wants the tax rates for these high earners to revert to those that were in place under the Clinton administration.