Reforming Tax Breaks Is Not a Substitute for Higher Tax Rates: Both Are Necessary to Raise Adequate Revenue

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The revenue goals set out by President Obama are alarmingly low, but unfortunately most proposals circulating around Washington today would fall far short of them. The $1.6 trillion of revenue that the President proposes to save over the next decade depends on allowing the Bush-era reductions in tax rates to expire for high levels of income and limiting deductions and other breaks. Doing one or the other will not raise enough revenue.

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