Obama: Only Congress Can Close Loopholes for Wealthy

The transcript discusses the issue of tax loopholes and the need for tax reform to ensure fair contributions from wealthy individuals and corporations. It highlights the challenges in implementing such reforms, especially before elections, and the steps taken by the administration to address tax evasion both domestically and globally. The release of the Panama Papers is mentioned as an example of global tax evasion issues. Efforts to improve the domestic tax code and ensure that the wealthiest Americans pay their fair share are also discussed.

What is the significance of closing tax loopholes as mentioned in the text?

In what ways does the text suggest that the tax system can be made fairer for families and small businesses?