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Obama in 2011: We Can Achieve $1.2 Trillion in New Revenues Without Raising Tax Rates

LA-Steve Wrote: Dec 05, 2012 12:04 PM
How to raise tax income by 1.2 Trillion without raising taxes: Cut corporate tax rates to 11% or less. Cut inheritance tax to 0. Change individual tax rates to a flat 15%. Privatize social security. Cut back regulations to 2007 and require congress to vote up or down on all new regulations.

Three quotes to whet your appetite, followed by the punch line from the president.  House Republicans' latest "fiscal cliff" resolution package -- originally proposed by Democrat Erskine Bowles -- includes $800 Billion in new federal revenues, while lowering tax rates across the board.  Democrats instantly rejected the idea, making a heavy play about "the math" not adding up.  They've repeatedly contended that Republicans' plan to expand the tax base by closing loopholes, eliminating or capping deductions, and limiting credits cannot hit their projected revenue target.  (1) White House Spokesman Jay Carney: "