US President Barack Obama told opposition Republicans they would have to accept tax increases for the rich if the country was to avoid going over the fiscal cliff.
US federal tax forms are distributed by the Internal Revenue Service. The fiscal cliff comprises a poison-pill law agreed by Republicans and Democrats in August 2011 that forces harsh budget cuts from January 1, and the expiration of a wide range of tax cuts originally designed as temporary measures to boost economic growth.
Obama said he wanted to extend tax cuts set to expire at year-end for 98 percent of Americans to mitigate the impact of the cliff, an austere program aimed at slashing the deficit that could also send the economy into recession.
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