Skip to comments.Obama Seeks Closed Loopholes, 'Smart' Reductions
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 ...
Eliminate the EITC.
When is this pea brain going to discover that JOBS produce revenue for the govenment???
Absolute joke how much I owe this year, after getting back last year.
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.
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.