There are many things the Republicans and Democrats don’t agree on, but there is one thing that they do seem to find important tax reform.
General tax reforms call for eliminating deductions and credits as well as lowering tax rates. While both parties may believe that changes are necessary, they have different opinions on how to handle the reforms.
President Obama has said he wants to trim “spending in the tax code,” but he’s constantly rolling out tax preferences. And Sen. Marco Rubio (R-FL) recently created a bill that would give Olympians a special tax deduction on whatever cash accompanies their medals.
As Timothy Carney, senior political columnist for the Washington Examiner, puts it, “Will nobody give up their own tax carveouts until everyone else gives up theirs?”
OutFront tonight: Timothy Carney, Washington Examiner's senior political columnist.
California has a budget shortfall of $15.7 billion, yet spent a quarter-billion in state and federal funds to build two new, state-of-the-art nursing homes for veterans.
The problem is, the state can't come up with enough money to run the place. So now, no one can move in and the state is spending a fortune maintaining empty buildings.
CNN's Casey Wian reports.
The Senate voted Wednesday to proceed with the Agriculture Reform, Food and Jobs Act of 2012 also know as the 'Farm Bill.' A bi-partisan effort in the Senate to cut potentially $25 billion from farm subsidies. Proponents of the plan say it will help bring down the U.S. deficit.
But, does it add up?
CNN's Dana Bash sits down with Senators Debbie Stabenow and Pat Roberts of the Senate Agriculture Committee.
CNN's Wolf Blitzer discusses with Erin Burnett the battle over the debt and Senate Majority Leader Harry Reid's stance on sequestration.
Will Congress be able to come up with a grand bargain or does America have to brace for cuts to programs that will hurt both Democrat and Republican interests?
Tune in to Erin Burnett OutFront at 7p ET for more on the debt crisis.
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