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Politics : The Next President 2008
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To: RMF who wrote (2189)1/31/2008 11:05:37 PM
From: Hope Praytochange  Read Replies (1) of 3215
 
Obama and $1 trillion

Obama said there are $1 trillion in tax loopholes. This is a wildly inflated figure. The annual gross domestic product of the United States is about $13 trillion--and the annual tax revenue collected by the United States is about $1.6 trillion. Obama may have been talking about a figure of tax loopholes over a period of time--say, a decade--but that's also a stretch. Rep. Charles Rangel (D-NY), the chairman of the Ways and Means Committee, is looking for $1 trillion over 10 years in tax offsets for a comprehensive tax bill, but loopholes are not going to cover that gap. Politicians often promise to save money by closing tax loopholes, but the actual savings are usually much less than advertised.
blog.washingtonpost.com
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