President Obama Once Admitted That '$1.2 Trillion In Additional Revenues… Could Be Accomplished Without Hiking Taxes - Tax Rates'

PRESIDENT OBAMA: "What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking taxes - tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base." (President Obama, Remarks At The White House, 7/22/11)

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