DURBIN: I can tell you that there are still deductions, credits, special treatments under the tax code which ought to be looked at very carefully. We forgo about $1.2 trillion a year in the tax code, money that otherwise would go to the government, and when you look closely, some of those things are near and dear to us individually and to the economy-- the mortgage interest deduction, charitable deductions, deductions for state and local taxes, but beyond that, trust me, there are plenty of things within that tax code, these loopholes where people can park their money in some island offshore and not pay taxes, these are things that need to be closed. We can do that and use the money to reduce the deficit.
Q: So there are other taxes that you believe that you can raise, retrieve, whatever, from the wealthy?
|2016 Presidential contenders on Tax Reform:|
Mayor Rahm Emanuel(IL)
2016 Third Party Candidates:
Mayor Michael Bloomberg(I-NYC)
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