WASHINGTON Dec 4 President Barack Obama said on
Tuesday that while tax rates must go up for a "fiscal cliff"
deal, it may be possible to lower rates at the top end of the
scale late next year as part of tax reforms that would close
loopholes and limit deductions.
"Let's let those go up," Obama told Bloomberg in an
interview, referring to tax rates for the wealthiest Americans.
"And then let's set up a process with a time certain, at the
end of 2013 or the fall of 2013, where we work on tax reform, we
look at what loopholes and deduction both Democrats and
Republicans are willing to close, and it's possible that we may
be able to lower rates by broadening the base at that point."