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Obama 2011: We can get $1.2 trillion in revenues without raising tax rates

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This video of Obama in 2011 is making the rounds online. In it he argues that up to $1.2 trillion in revenues could be raised by closing loopholes and limiting deductions in the tax code. More importantly, he signals that it can all be done without raising tax rates. That’s a far cry from the proposals he is putting out after his re-election.

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