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Get to the issue of raising any income tax rates there is the issue of exactly how much complicated an advantageous under brush is there in the tax code that favors the rich? that s precisely right. i was oon deficit commission in the mid 90s when alan greenspan testified and he said to us, if you want to look at entitlements you have to look at the tax entitlements. or martin feldstein ronald reagan s economics adviser said the most wasteful spending in the whole budget is a lot of these special tax breaks in the tax koecode that are effectivel subsidies we give out through the tax code. does the ryan plan get a dollar for deficit reduction from closing egregious tax breaks for oil companies or corporations that ship jobs overseas or wall street traders who manipulate the rules to pay taxes at lower rates than you or i do? ....
Personal tax code and the corporate tax code before you get to the issue of raising any income tax rates there s the issue of exactly how much complicated underbrush is there in the tax code that favors the rich. that s precisely right. i was on deficit commission in the mid 90s when alan greenspan testified and he said if you want to look at entitlements, you have to look at tax entitlements and ronald reagan s economics adviser said the most wasteful spending in the whole budget is special tax breaks in the tax code that are effectively subsidies we give out through the tax code. does the ryan plan get a dollar for deficit reduction from closing egregious tax breaks for oil companies or corporations that ship jobs overseas or wall street traders who manipulate the rules to pay taxes at lower rates than you are or i do? none of that delivers a penny. ....
Have fair taxation, which is progressive, but gets rid of a lot of tax entitlements. i think those things, if we do something like simpson-bowles, america can come back. it can make decisions. it will show we re doing the right thing, and certainty around taxes and a more efficient taxism will help growth. i think you ll fix the future problem. you won t create a fiscal cliff now. you ll fix a lot of other issues, and it will show the americans we re back. it will have to do something like that. you can see the full interview with jamie dimon, including additional thoughts on mitt romney, the campaign, as well as the crisis in europe on our press pass on meetthepress.msnbc.com. joining me now is carl levin, the democrats top watchdog on these matters, chairman of the investigation subcommittee, and financial times columnist andrew ross sorkin, who wrote the book too big to fail. welcome to both of you. senator, i want to start with you. as you react to what you heard from jamie di ....