Your job as President is to think about how do we set up a equitable tax system so that everybody is paying their fair share that allows us then to invest in science and technology and infrastructure, all of which are going to help us grow.

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The question is how do we pay for the things that we all think are important and how do we make sure that the tax system is equitable?

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In an interview with CBS, the president said he wants to close loopholes not raise tax rates again to pay down the country's debt and make the tax system more equitable.

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"If Congress doesn't do anything for ten years, in the middle of 2011, people would be getting hit with inheritance taxes and Congress could pass retroactive legislation eliminating the estate tax to make the system more equitable, " Edwards says.

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While the shadow tax system of credits and deductions that enrich various business interests is far from equitable, it does offer protection to the private sector from the high corporate tax rate and other anti-growth policies.

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