Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

In fiscal cliff talks, higher taxes vs. closing loopholes

Your article was successfully shared with the contacts you provided.

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.