facebook
twitter
search
search

Dems may target loopholes in tax debate

Jan. 6, 2013 at 1:54 PM

WASHINGTON, Jan. 6 (UPI) -- The U.S. tax code still includes loopholes and exemptions that could bring in more revenue if closed, a senior Democratic senator said Sunday.

Sen. Dick Durbin, D-Ill., said on CNN's "State of the Union" there were deductions that provided little benefit to the nation and could be closed without sacrificing more beneficial deductions the middle class depended on.

"These loopholes where people can park their money in some island offshore and not pay taxes, these are things that need to be closed," Durbin said. "We can do that and use the money to reduce the deficit."

The loopholes Durbin proposed for elimination were the type he said allowed individuals to "park their money in some island offshore and not pay taxes."

"These are things that need to be closed," Durbin said.

Reducing the debt ceiling, however, will require much more than tweaking tax loopholes and will instead need a serious long-term strategy of spending cuts and revenues, a Republican leader told CNN.

"I want to raise the debt ceiling, but I will not do it without a plan to get out of debt," said Sen. Lindsey Graham. R-S.C.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Kim Jong Un had terrapin farm manager executed, says source
More than 80 percent of North Korean defectors are women, says report
North Korea requests medical aid from U.N. agencies
Encroaching sea levels endanger Pakistan's Indus Delta
Kenyan bishop warns Obama against pro-gay policy