The U.S. tax code still includes loopholes and exemptions that could bring in more revenue if closed, a senior Democratic senator said Sunday.
Sen. Dick Durbin, D-Ill., said on CNN's "State of the Union" there were deductions that provided little benefit to the nation and could be closed without sacrificing more beneficial deductions the middle class depended on.
"These loopholes where people can park their money in some island offshore and not pay taxes, these are things that need to be closed," Durbin said. "We can do that and use the money to reduce the deficit."
The loopholes Durbin proposed for elimination were the type he said allowed individuals to "park their money in some island offshore and not pay taxes."
"These are things that need to be closed," Durbin said.
Reducing the debt ceiling, however, will require much more than tweaking tax loopholes and will instead need a serious long-term strategy of spending cuts and revenues, a Republican leader told CNN.
"I want to raise the debt ceiling, but I will not do it without a plan to get out of debt," said Sen. Lindsey Graham. R-S.C.
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