Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Obama Seeks Closed Loopholes, 'Smart' Reductions
CNBC Reuters ^ | 2-4-2013

Posted on 02/04/2013 11:19:29 AM PST by ExxonPatrolUs

President Barack Obama said on Sunday more tax revenue would be needed to reduce the U.S. deficit and signaled he would push hard to get rid of loopholes such as the "carried interest" tax break enjoyed by private equity and hedge fund managers.

Obama, who won re-election in November largely on his promise to raise rates for the wealthiest Americans, pushed through a legislative package at the beginning of the year that raised rates for individuals making more than $400,000 a year and households making more than $450,000 a year.

In an interview with CBS, Obama said the United States could reduce the deficit and invest in education without raising rates again if it enacted "smart spending cuts" that trimmed government waste, reformed expensive healthcare programs, and closed lucrative loopholes.

"I don't think the issue right now is raising rates," Obama said in the interview, broadcast live before the Super Bowl football game.

"There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit.

(Excerpt) Read more at m.cnbc.com ...


TOPICS: Chit/Chat
KEYWORDS:

1 posted on 02/04/2013 11:19:35 AM PST by ExxonPatrolUs
[ Post Reply | Private Reply | View Replies]

To: ExxonPatrolUs

Eliminate the EITC.


2 posted on 02/04/2013 11:21:11 AM PST by steve8714 (We miss you, Stan.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs

When is this pea brain going to discover that JOBS produce revenue for the govenment???


3 posted on 02/04/2013 11:25:13 AM PST by Sacajaweau
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExxonPatrolUs
For everyone who hasn't done their taxes yet this year, everything loophole pretty much closed!!

Absolute joke how much I owe this year, after getting back last year.

4 posted on 02/04/2013 11:28:26 AM PST by Fedupwithit (You gave him what he wanted. I gave him what he needed.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sacajaweau

He doesn’t believe it. Marxists think all money comes from Government.

The reason the immigration “compromise” will be a disaster is that most people from Latin America think that wealth comes from Government (PRI Party, Communists, etc.) as cronyism is what moves the needle in those nations.

Rich people are ALWAYS connected to government in Latin America. The US was an anomaly in this until recently.


5 posted on 02/04/2013 11:38:03 AM PST by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
[ Post Reply | Private Reply | To 3 | View Replies]

To: ExxonPatrolUs
Obama, who won re-election in November largely on his promise to raise rates for the wealthiest Americans . . .

Umm, no! He won based on the enemedia's successful job of (1)linking Santa Claus and more free stuff to ObaMao and (2)linking Ebenezer Scrooge to and demonizing Mitt Romney.

6 posted on 02/04/2013 12:14:15 PM PST by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson