Obama: Tax Rate Increases are Necessary

1776 2008 2012


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capping deductions at $25,000 for upper-income households would raise almost as much money as ending the Bush-era tax breaks


After saying he had no objection to simplifying the tax code and eliminating some exemptions, deductions and credits, he said such an approach couldn't generate the kind of revenue that raising the top marginal rates can.

Oh sure, Obama said, it can be done on paper. But it can't be done on Capitol Hill.

“It can’t be done on Capitol Hill”…there is no doubt in my mind…and in credible people’s minds… that it could be done.