North Carolina’s two US Senators agree eliminating tax loopholes should be part of the equation as congress works to avoid the so-called fiscal cliff. Congress has to decide whether tax cuts should be extended for any Americans and if automatic cuts to federal government should be partially or completely stopped. Democratic U.S. Senator Kay Hagan supports reduced spending and changes to the tax code.
Kay Hagan: "We have one trillion dollars in our tax code right now eh, spending by not collecting those taxes because of we've created these loopholes. And then what we can ultimately do is actually bring down the rates."
Hagan supports extending tax cuts for the middle class. She says people making $500,000-a-year or more can pay a little bit more. Republican Senator Richard Burr said in a statement raising taxes - on anyone - will not address the deep, fundamental problems in our tax system. But he does call for simplifying the tax code and eliminating tax loopholes.