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In fiscal cliff talks, higher taxes vs. closing loopholes

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President Obama has a proposal to raise $1.6 trillion—much of that coming from increased taxes on the wealthy—in revenue to reduce the deficit. The Republicans are confident that closing loopholes in the tax code could generate that much revenue, but the president says the math doesn’t work. One solution could be capping deductions at $17,000, but Obama is not likely to go for a plan that increases taxes on the middle-class.