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Obama budget increases revenue by $3.15 trillion to record level

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President Obama on Tuesday released a budget proposal that would raise taxes and fees and rely on optimistic economic projections to increase revenue by $3.15 trillion over the next decade -- bringing federal revenue to record levels. Among the new tax hikes, the Obama budget would restrict itemized deductions for higher income earners and dust off the “Buffett Rule” — an old proposal named...

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