again, our proposal is to let those rates go back to clinton levels for 2% of the wealthiest americans. and combine that with tax reforms that limit deductions for the wealthiest americans. we think if you do that, alongside the spending savings, then you can put the country back on a much more responsible fiscal path. including getting rid of the mortgage interest deduction or the charitable giving deduction? do you think those have to be on the table and looked at? we have proposed and we did this four years ago a carefully designed way to limit modestly the value of all of those deductions for the wealthiest 2% of americans. there are other ways to do it. we can take a look at those ways. but there s no way you can do this in a balanced way that restores fiscal responsibility without tax rates going up. one of the things i ve heard talking to republicans today is this notion that you want to take away congress ability to have the authority over the increasing the debt l
after your victory in the 2010 mid-terms, now it s your turn to cave on tax rates. listen, what s the difference where the money comes from? we put $800 billion worth of revenue, which is what he s asking for, out of eliminating the top two tax rates. but here s the problem, chris. when you go and increase tax rates, you make it more difficult for our economy to grow. half of that income is small business income. it s going to get taxed at a higher rate. as a result we are going to see slower economic growth. we aren t going to be able to cut our way out of this problem, nor can we just grow our way out of the problem. we have to have a balanced approach. what the president wants to do is slow our economy at a time he wants the economy to grow and create jobs. the white house says that while you have given this kind of talk about, well, let s close loopholes, let s limit deductions, you haven t offered any specifics, have you? we ve laid it all out for him
after your victory in the 2010 mid-terms, now it s your turn to cave on tax rates. listen, what s the difference where the money comes from? we put $800 billion worth of revenue, which is what he s asking for, out of eliminating the top two tax rates. but here s the problem, chris. when you go and increase tax rates, you make it more difficult for our economy to grow. half of that income is small business income. it s going to get taxed at a higher rate. as a result we are going to see slower economic growth. we aren t going to be able to cut our way out of this problem, nor can we just grow our way out of the problem. we have to have a balanced approach. what the president wants to do is slow our economy at a time he wants the economy to grow and create jobs. the white house says that while you have given this kind of talk about, well, let s close loopholes, let s limit deductions, you haven t offered any specifics, have you? we ve laid it all out for him
speaker boehner s counteroffer, whatever that may be. he has a very tough position and my view, the speaker understands that mitt romney, who ran on the platform of not raising taxes lost and the speaker knows he has to do it. the problem is, his members ran on the platform opposing tax increases and they won. so, he s got the challenge of trying to persuade people who are against tax increases who ran and won on that platform doing what the speaker knows ultimately has to be done and that s raise revenue from the top 2% of this deal. correct me if i m wrong but based on what i read and what i heard with regards to the math. if you close loopholes and limit deductions, you still cannot generate the kind of revenue that would arrive at 1.6 or even $1.2 trillion. is that correct? i m not sure about that. if you do loopholes and you do tax rate increases, i believe you can rate increases, yes, but not
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