How much deficit reduction would Obama’s tax on the rich accomplish?

Associated Press Published: November 12, 2012
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Conn Carroll

Raising taxes on the rich was the cornerstone of President Obama’s reelection campaign. “If we’re serious about reducing the deficit,” Obama told a rally in Columbus, Ohio, on election day, “we’ve got to ask the wealthiest Americans to go back to the tax rates they paid when Bill Clinton was in office.”

But just how much deficit reduction would Obama’s tax hikes on the rich necessarily accomplish?

Nothing, according to the Congressional Budget Office.

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