Obama wants U.S. tax revamp to raise revenue


  • World
  • Monday, 19 Sep 2011

WASHINGTON, Sept 19 (Reuters) - President Barack Obama on Monday said he would work with the U.S. Congress to revamp the tax code and lower corporate tax rates, but that any deal must raise revenue to pare the deficit.

"We can lower the corporate rate if we get rid of all these special deals," Obama said as he unveiled a plan to cut the deficit by $3 trillion over a decade.

Obama also said the wealthier should go back to paying rates they paid in the 1990s and that the middle class should not pay higher rates than millionaires.

He said that he would veto any bill that cuts Medicare benefits without requiring companies and wealthy Americans to pay their "fair share" of taxes.

"We are not going to have a one-sided deal that hurts the folks that are most vulnerable," Obama said as he unveiled a plan to cut the deficit by $3 trillion over a decade.

Medicare is the government health insurance program for the elderly.

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