Closing Deductions News Today

The president says would not raise enough cash. wendell is live with more on the white house. how much much revenue would the presidents plan raise by raising the tax rates for high earners? >> about $1 trillion the next 10 years from the rate increase. that is just part of a package that also includes limits on deductions and tax credits and aims to pull in a total of $1.6 trillion. republicans want to keep tax rates the same b end deductions and loopholes but obama says that will not get the j...

Cuts. we have embraced that. weve come to the table with a package that is balanced, that makes sense giving us enough deficit reduction to secure the middle class tax cuts, make sure they have certainty to provide significant spending cuts which we know theyll need to reduce the deficit, to address tax reform and to make sure that in the mix of this deal, you are going to have to have the tax rates go up on the wealthiest, most fortunate americans, the top 2% of americans who make more than $25...

Closing deductions or raisings rates they are a mistake. when we lower rates we have brought if more tax revenue. what we need is economic growth. you do not is to raise rates you have to grow the economy. we are growing it 1 percent. if we grew at 4 percent we would not have the so-called fiscal cliff. >>neil: what do you think of grover norquist and the easy fix? >>guest: i think he has done a great service to the country in getting so men people to take a pledge because this is some pressure ...

House speaker john boehner offered a compromise in week in which he says i am willing to put more revenue on to the table but with through closing deductions end gd loopholes not through raising rates. can you accept a compromise as part of the whole deal that doesnt raise the push tax rate on the wealthy? >> how much revenue are we going to generate as part of a balanced package. in their framework they assume the amount of revenue as if we started tax reform from a 39 percent rate. that is par...

Lets get to the military though. >> thats what im trying to get. >> he should have answered the first question. >> look, governor romney has called for $5 trillion of tax cuts that he says is he going to pay for by closing deductions. the math doesnt work he continues to claim that he is going to do it. he then wants to spend another $2 trillion on military spending that our military is not asking for. now, keep in mind that our military spending has gone up every single year that i have been in...

Lets get to the military though. >> thats what im trying to get. >> he should have answered the first question. >> look, governor romney has called for $5 trillion of tax cuts that he says is he going to pay for by closing deductions. the math doesnt work he continues to claim that he is going to do it. he then wants to spend another $2 trillion on military spending that our military is not asking for. now, keep in mind that our military spending has gone up every single year that i have been in...

Budget. >> thats what im trying to get to. >> he should have answered the first question. look. governor romneys called for $5 trillion of tax cuts that he says hes going to pay for by closing deductions. now the math doesnt work, but he continues to claim that hes going to do it. he then wants to spend $2 trillion on military spending that our military is not asking for. now keep in mind, our military spending has gone up every single year that i have been in office. we spend more on our milita...

To anticipate. weve been asking for months, how is mitt romney going to explain the deduction side of his $5 trillion tax cut. hes going to do a $5 trillion tax cut. he says hes going to pay for it by closing deductions. who among us anticipated that mitt romneys answer would be, i will not do a $5 trillion tax cut? that is not -- i could not anticipate it. i dont know if anyone on the obama team anticipated it, but that was a stunning way for mitt romney to get out of his obligation to answer h...

Different approaches of romney and obama played very differently with this sort of a format and that romney just rolled over the format and made it about everything he wanted it to be. everything on domestic policy on which he is the weakest was just avoided because he drove the agenda of the debate. lehrer got rolled over by romney again and again. and it was the presidents fault that he did not do the same thing. >> one more quick point. mitt romney is very, very hard to anticipate. weve been ...

he has three words of advice today for the obama white house to try to salvage the partys chances of victory in 2012. those words, "fire, indict and fight." james carville is joining us now. james, you created quite a stir in this article youve written for cnn.com. let me read a couple of lines. among other things you say, "what should the white house do now? one word came to mind, panic. this is what i would say to president barack obama. the time has come to demand a plan of action t...