Taxes are set to go up dramatically on many wealthy families across the country, all to pay for America’s huge and growing debt burden. But, President Obama says the other 95% of the country should thank him for their $8-a-week tax break.

Meanwhile, the White House has weighed in on the floated VAT-Tax idea, and said the program of tacking taxes onto luxury goods and services is not on the table. FOX Business’ Rich Edson has the latest on which proposed taxes are still on the lawmakers’ agenda.

Watch the video here.

 

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