The President’s Statements on Tax Reform Do Not Add Up
Yesterday, President Obama claimed that “the math” behind Republicans’ proposal to obtain $800 billion in revenue through tax reform without raising tax rates does not add up:
“Unfortunately, the Speaker’s proposal right now is still out of balance. You know, he talks, for example, about $800 billion worth of revenues, but he says he’s going to do that by lowering rates. And when you look at the math, it doesn’t work.”
However, just last year the President said that it was possible to obtain $1.2 trillion in revenue through exactly the same process that the Republicans presented earlier this week:
“What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking taxes — tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base.”
Which is it Mr. President? Instead of issuing contradictory statements while we get closer and closer to the fiscal cliff, the country might be better served if the White House were to engage in a serious effort to provide Americans and American businesses with relief from the massive tax hikes they face in less than a month’s time.