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What Is a "Loophole"?

by Robert D. Novak
WASHINGTON, D.C. -- How would Barack Obama pay for the $800 billion that John McCain claimed in the first presidential debate Sept. 26 in Oxford, Miss., that his Democratic opponent would spend if he were elected president? Obama replied, by "closing tax loopholes."

Obama was no more specific in the debate, and tax experts doubt that structural changes without increasing taxes can raise anything close to that amount of money.

My office asked the Obama campaign for the detail ...

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