This is pretty self explanatory….
“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.” – Barack Obama, July 22, 2011 BEFORE IT’S NEWS
“And understand, Julianna, the reason for that. It’s not me being stubborn. It’s not me being partisan. It’s just a matter of math. You know, there’s been a lot of talk that somehow we can raise $800 billion or $1 trillion worth of revenue just by closing loopholes and deductions, but a lot of your viewers understand that the only way to do that would be if you completely eliminated, for example, charitable deductions. Well, if you eliminated charitable deductions, that means every hospital and university and not-for-profit agency across the country would suddenly find themselves on the verge of collapse. So that’s not a realistic option.” – Barack Obama, December 4, 2012 THE MARKET ORACLE