"Fareed Zakaria GPS" this Sunday at 10 a.m. and 1 p.m. ET.
By Fareed Zakaria
Now that President Obama has won re-election, the debate in Washington has shifted from whether we should raise taxes, to how and by how much. This makes sense – with a deficit over a trillion dollars, we will need a combination of increased tax revenues and spending cuts.
The president and his allies, including Robert Rubin, have made the case that eliminating deductions simply will not get you enough money – you will actually have to raise tax rates. That’s probably true as well. But let’s not give up entirely on the issue of deductions and all those other hidden subsidies that the Simpson-Bowles report accurately called “backdoor spending hidden in the tax code.”
Watch the video for the full Take.