Republicans and Democrats Differ on Taxes as ‘Cliff’ Looms

U.S. Republican lawmakers advocated raising federal tax revenue by limiting deductions rather than by raising rates to avert the so-called fiscal cliff, as Democrats pushed for higher rates on upper-income earners.

“I would be very much opposed to raising tax rates, but I do believe that we can close a lot of loopholes,” including limits on how much people can deduct for charitable giving and home mortgage interest payments, Senator John McCain, an Arizona Republican, said yesterday on “Fox News Sunday.”