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|From: bdawgp (Rep: 167)||Date: 11/26/2012 15:30|
|Forum: Wall Street Pit - Msg #2333763||Thread #673478534 (Rec: 0) |
|no side budging yet: White House: balanced approach to fiscal woes includes tax rates|
WASHINGTON, Nov 26 (Reuters) - The White House on Monday
threw cold water on the proposal of solving the problem of the
so-called "fiscal cliff" by limiting tax deductions and
loopholes, instead of allowing taxes to rise for the highest
earners in the United States.
"The reality is closing loopholes and ending deductions as
an alternative to raising rates on the top earners, the top 2
percent ... sounds good, but you have to look at the context of
the actual proposals," White House Spokesman Jay Carney told
reporters at a briefing.
"It's not necessarily realistic to assume that they can
achieve the kind of revenue target that's necessary for a
balanced approach, or solution, to these problems."
In an editorial published in the Washington Post this week,
Senator Bob Corker suggested an alternative to allowing taxes to
rise in 2013 on high earners: capping federal tax deductions at
$50,000 without raising tax rates.
Carney said that President Barack Obama supports limiting
some deductions and loopholes and also reforming some
Obama and leaders in Congress are currently negotiating how
to avoid the dual problem of taxes going up just as automatic
spending cuts kick in next year, which some say will push the
country off a fiscal cliff and into a depression.
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