Obama Says Rich Should Pay More Tax Through Fewer Loopholes

President Barack Obama said rich Americans and companies should pay more taxes beyond this week’s accord to avoid the spending cuts and tax increases known as the fiscal cliff as Congress seeks other ways to pare the deficit.

“Spending cuts must be balanced with more reforms to our tax code,” Obama said in his weekly radio and Internet address. “The wealthiest individuals and the biggest corporations shouldn’t be able to take advantage of loopholes and deductions that aren’t available to most Americans.”