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Financial Planning > Tax Planning > Tax Deductions

Deep divisions over debt-reduction proposals as fiscal cliff approaches

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A national poll by the Pew Research Center found only two publicly approved options among dozens for reducing the debt and deficit: Raising taxes on annual incomes over $250,000 (64 percent) and limiting corporate deductions (58 percent). No surprise at all, the division between solutions falls along party lines with 84 percent of President Obama supporters in favor of raising taxes on incomes about $250,000. Limiting tax deductions for large corporations had the support of both Obama (69 percent) and Romney (57 percent) supporters.