Obama defends tax hikes, promises to steer clear of protectionism

"President Barack Obama defended his tax increases on those making more than $250,000 a year to a contingent of CEOs Thursday and promised not to let the current recession steer a course toward protectionist trade policies."

"Obama defended his plan to raise the top federal income tax bracket from 35 percent to 39.6 percent for couples making $250,000 or more. Small business owners have criticized that plan, worrying it will not help job growth or investments and the determination that amount of income is considered rich. Obama’s tax plans also would raise some investment taxes."

"Obama told the CEOs “It will still be lower than they were during the Clinton era. You will pay a tax rate on capital gains and dividends that is also lower than it was during most of the 1990s. And the revenue that results from these changes will reduce the deficit by $750 billion over the next 10 years,” Obama said."