In 2011 - Obama Said $1.2 Trillion In Revenue Can Be Raised From Eliminating Loopholes and Some Deductions

By Susan Duclos

Obama was for the Republican fiscal cliff revenue generation method, before he was against it.

Barack Obama continues to tell the American public that taxes must be raised to generate the the revenue needed and that eliminating tax loopholes and some deductions just can’t raise the $800 billion that Republicans say can be raised without raising taxes.

Besides the fact that the White House website itself states that $800 billion in new revenue can be generated by eliminating loopholes and some deductions for people making over $250,000, we now see that in July 2011, Barack Obama himself, in a press conference, said that $1.2 trillion could be raised by using the methods proposed today by Republicans.

… 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.”

The transcript of that July 2011 Obama press conference can be found on the White House website. (Third paragraph)

The video of that press conference from July 22, 2011 can be found at YouTube and his comments about generating $1.2 trillion without raising taxes, by using the very means Republicans  proposed yesterday, which Obama rejected, ar eat the 1:50 minute mark.

Entertainingly enough, liberals were behind the 2012 Republican fiscal cliff revenue generation plan….. back in 2011, as well!