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Ex-Treasury Secretaries Rubin, O’Neill Differ on Fiscal Cliff Solutions

Robert Rubin

Former President Bill Clinton’s and former President George W. Bush’s treasury secretaries have different ideas on how Congress should avert the fiscal cliff, GovExec reports.

Paul O’Neill

Robert Rubin, who served under Clinton, told CNN’s Fareed Zakaria rate increases will have to be in the top two brackets if one takes the position that middle-income people should not have their rates raised and deficit reduction should be balanced between cuts and revenue.

Paul O’Neill, who served under Bush, said President Barack Obama should focus on tax reform by explaining to the American public how much in taxes goes uncollected.

Matt Vasilogambros writes the Brookings Institution estimates nearly $400 billion in potential tax revenue is not collected per year on average.

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