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Will Obama Reluctantly Buy Into Base-Broadening Tax Reforms That Also Lower the Rates?

kenneth416 Wrote: Mar 08, 2013 11:38 AM
Elimination of "loopholes" and preferences, offset by lower rates, while probably fair and a desireable outcome, does nothing to solve the deficit and growin debt problem. We can hope, but have no way of knowing, that such a change would goose the private sector economy sufficiently to close the yearly deficit. I am sceptical.

WASHINGTON - President Obama has been pleading with House Republican leaders lately to raise government revenues by overhauling the tax code to erase loopholes and other income exemptions.

It wasn't an idea he campaigned on last year, though the chairmen of his deficit reduction commission proposed doing just that in a report he shelved. But they also wanted to use the higher revenues to offset lowering the tax rates in order to boost economic growth, jobs and investment, which in turn would boost tax revenues and reduce the deficits.

But cutting tax rates doesn't play well with Democratic voters or...