President Obama wants to raise taxes on the rich. Republicans refuse to raise them and won’t close “loopholes”without corresponding reductions in tax rates. And yet, in theory, both sides have said they want to simplify the tax code. Jon Huntsman wants to do away with all deductions. The Simpson-Bowles commission suggested flattening the tax code but also using tax hikes to pay down the debt.
Is there a deal possible, and what would it look like?
I will post the best suggestions Wednesday at noon. Have at it!
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