February 4, 2013

President Obama Calls for More Revenue

In an interview aired before the Super Bowl, President Barack Obama reiterated a call for more revenue during the upcoming fiscal discussions:

Having just raised rates on people earning more than $450,000 a year, Mr. Obama said the focus now should be on targeted spending cuts and changes to the tax code, which he said favored the wealthy.

“Can we close some loopholes and deductions that folks who are well connected and have a lot of accountants and lawyers can take advantage of so they end up paying lower rates than a bus driver or a cop?” Mr. Obama said in the 10-minute interview in the White House.

“If you combine those things together,” Mr. Obama said, a budget deal could reduce the deficit “without raising rates again.”

Still, Mr. Obama did not rule out tax increases, saying, “There’s no doubt we need additional revenue.”

President Obama is right- there really is no doubt that additional revenue is a necessary part of any fiscal solution.

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