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Tax geeks call tax expenditures. i propose that from now on we call them tax spending. the government does a great deal of intellectual spending through the tax code. if you are taking the full mortgage deduction on over a million dollars of mortgage, you can be getting from the government in effect $50,000 or more in a year to pay for your housing. the president wants to go in to the tax spending side of our spending. do you think he could actually start to make some sense to the public in that area, which is not an easy area to follow? i m not sure. you re absolutely right. tax expenditures, tax spending is over $1 trillion a year, it costs more than social security, more than medicare and medicaid combined. it s very big. it s easier to talk about tax spending in the abstract. the minute you start talking ....
Envelope it in the overall deficit reduction plan, that if people look at a whole plan like that, they ll see it as fair and equitable and so forth. they may be deluding themselves somewhat, but they re going to try it, and as i said, the problem that he has is that he went along last year with continuing the cuts. it s going to be hard for him to draw a line in the sand on it now. but he seemed determined to. let me tell you, lawrence, having now covered him for a while. seeing him today, and talking to his aides at the white house, he seemed to be in a feisty, i would say, almost an angry mood about this. i don t think it s play acting for negotiating purposes. i think he genuinely thinks he can take on paul ryan, if he makes paul ryan the enemy, it s a winner all the way through 2012. it seems we are inching toward what may be an enlightening debate about what tax geeks call tax expenditures. i propose that from now on we call them tax spending. ....
The wealthiest americans and envelope it in the overall deficit reduction plan, that if people look at a whole plan like that, they ll see it as fair and equitable and so forth. they may be deluding themselves somewhat, but they re going to try it, and as i said, the problem that he has is that he went along last year with continuing the cuts. it s going to be hard he for him to draw a line in the sand on it now. but he seemed determined to. let me tell you, lawrence, having now covered him for a while. seeing him today, and talking to his aids at the white house, he seemed to be in a feisty i would say almost angry mood about this. i don t think it s play acting for negotiating purposes. i think he genuinely thinks he can take on paul ryan, if he makes paul ryan the enemy, it s a winner all the way through 2012. it seems we are inching toward what may be an enlightning debate about what tax geeks call tax expenditures. ....