President Obama offered few concrete suggestions for spending cuts this week in his much-anticipated speech on reducing the federal debt, but he had lots to say about raising taxes.

“As a country that values fairness, wealthier individuals have traditionally borne a greater share of this burden than the middle class or those less fortunate. Everybody pays, but the wealthier have borne a little more,” the president said. So he wants to raise the top marginal tax rate to 39.6 percent and eliminate itemized deductions for the top 2 percent of earners.

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