Rep. Tom Reed: Tax cut should be offset
Will House Republicans run into problems on their 20 percent business tax cut?
If Rep. Tom Reed (R-N.Y.) is any indication, the answer is yes.
Continue ReadingReed, a member of the Ways and Means Committee, said on a conference call Monday morning that the loss in revenue as a result of the tax cut should be offset.
“I do believe this tax cut, this small business tax deduction should be paid for and moving forward, we’ll be dealing with the overall comprehensive tax reform as a different situation, because we’re dealing with the overall comprehensive nature of tax rates and the other issues that are coming to a head at the end of the year,” Reed said on a weekly conference call. “But this targeted tax reform I would be supportive of a [pay for].”
Several Republican leadership aides say they have no plans to offset the tax cut, which a centerpiece of their agenda during these next two weeks in session. Majority Leader Eric Cantor has said that offsets to tax cuts should come from cuts to spending.
Paying for tax cuts is a new bit of Republican orthodoxy, and something that started earlier this year when the GOP tried to force Democrats to offset the payroll tax holiday. They eventually relented.
Tim Kolpien, Reed’s communication director, later emailed to say that “while Tom certainly prefers that the bill be paid for (as he does with all legislation), he has been and will continue to be supportive of the Small Business Tax Cut Act.”
Readers' Comments (3)
Joreymay Party: N/A
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Apr. 16, 2012 - 11:41 AM EST
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virtualphil Party: NA
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Apr. 16, 2012 - 12:36 PM EST
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ennis438 Party: Democrat
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Apr. 16, 2012 - 1:29 PM EST
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Read all 3 comments in our forumAnd as usual, they ignore the fact that the tax cuts of the Reagan administration caused (and continue to cause) slowing in the rate of job growth, slowing in the rate of GDP growth, and turned the country from 30+ years of the national debt falling as a percentage of GDP to 30+ years of the national debt growing as a percentage of GDP. Despite all that, they want to push that spectacularly failed policy to even more extremes.
Like many current Republicans, Reagan claimed that the tax cuts would pay for themselves. He left office with the national debt triple what it was when he took office and growing rapidly. Like current Republicans, he claimed that the tax cuts would cause job growth to accelerate but instead it slowed (and has continued to slow for decades). Like many current Republicans, he claimed that the tax cuts would cause economic growth to accelerate but instead it slowed (and continued to slow for decades).
There is none so blind as he who will not see.
Could this be Coryn's Trojan Horse?
Kind of makes the GOP look like idiots when they preach fiscal restraint then turn around and give corporate crooks a cut and fail to pay for the cut.
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