Obama appears to harden his stance on taxes, signaling that major tax reform is off the table. In a speech last Monday, September 19, Obama threatened to "veto any bill that changes benefits for those who rely on Medicare but does not raise serious revenues by asking the wealthiest Americans or biggest corporations to pay their fair share [and] will not support any plan that puts all the burden for closing our deficit on ordinary Americans."
And perhaps the firmest stance and most controversial is Obama's "Buffet Rule," which could put the GOP in a bind, say Democrats, since polling shows support for increasing taxes on wealthy individuals as part of the reduction plan.
The last major tax reform was in 1896 and the entire process took three years. It is unlikely that the Gang of 12 could undertake a major reform of the tax code.
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