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February 11, 2013 by Mark DeVine

Loopholes

In a televised interview on Sunday, President Obama said that he could foresee a budget deal in Congress that did not include further increases in tax rates, but instead focused on eliminating loopholes and deductions.

Generally, President Obama insisted that all revenue options, including higher rates, should be considered to slow the rise of federal budget deficits.  However, in this interview, he said,  “I don’t think the issue right now is raising rates.”

Having just raised rates on people earning more than $450,000 a year, Mr. Obama said the focus now should be on targeted spending cuts and changes to the tax code, which he said favored the wealthy.

Republicans, having acquiesced to the tax increase in the year-end budget deal, are now insisting that further deficit reduction must come through spending cuts.

Budget experts say that to raise substantial revenue through loopholes and deductions, lawmakers would have to focus on deductions on mortgage interest payments and charitable donations.

 

To discover how we can help you, please give us a call at 401-254-0151.  We look forward to hearing form you.

Filed Under: Taxes

About Mark DeVine

I have been in the tax and accounting profession since 1989. Before founding my own firm, I worked with the international accounting firm of KPMG, the Fleet Private Clients Group, and Bank of New England. I am also a member of the American Institute of Certified Public Accountants and the RI Society of CPAs.To discover how we can help you with taxes, payroll, bookkeeping and more, give me a call at 401.254.0151, or click the link to schedule your free 30 minute consultation today.

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DeVine & Associates, LLC
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.289.2418

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Mark G. DeVine, CPA, CGMA
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.254.0152

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