McConnell slammed the proposal as a tax increase because it was paid for by closing tax loopholes for Americans earning over $1 million annually. Warren has made a personal mission of targeting McConnell, Grimes' opponent, since he successfully blocked her bill aimed at cutting student loan rates earlier this month. "McConnell said when you got a choice between billionaires and students, it's more important to protect the billionaires," said Warren. "We fell two votes short. If you send us Alison Grimes instead of Mitch McConnell, you change the world."
The chair of the UofL college Republicans said, "Alison Grimes is using Warren's failed student loan bill, which relies on raising taxes on Kentucky's job creators by 30%."
McCONNELL: What I would like to see is the same kind of premise that Ronald Reagan and Tip O'Neill, a Republican and a Democrat, had back in the '80s. And the premise was this: We're going to do tax reform but it will be revenue neutral to the government. In other words, the government doesn't gain revenue for itself. It's for flattening out the tax rate, making our country more competitive. If we can agree, in advance, that the exercise will be conducted within those parameters, that it's not a tax increase for the federal government, then I think it would be a very good thing for our country to do comprehensive tax reform, lower the rates, and make America more competitive in the global economy.
CONWAY: I was talking about the special interest provisions that allow companies to shift our jobs overseas. That's what I was focused on in that particular interview. We shouldn't be raising taxes in a time of recession, with 10% unemployment, with capital frozen on the sidelines. In 2002, when I was running for the US Congress, I was for the Bush tax cuts then. I was one of the few Democrats for them. And I think now we just ought to extend them.
PAUL: Well, you were for them before you were against them. At the Farm Bureau debate just a couple of months ago, you said you were bringing back the death tax.
CONWAY: No, I didn't.
PAUL: You specifically said you wouldn't take a 55% tax on estates. You said 45% with some exemptions.
CONWAY: I never said that.
PAUL: First of all, you look at whose money is it. It's the people's money who earned the money. And we give up some to pay taxes. So I'm not seeing it as a cost to government. But I will immediately introduce bills to reduce spending so I think we should offset it.
Q: There's no way you're going to get $4 trillion by spending cuts.
PAUL: I will introduce legislation that will balance the budget. We will have a balanced budget amendment introduced if I'm elected. But about the Bush tax cuts--businesses have made calculations on these for 5 or 10 years. Business needs predictability. If you take away these Bush tax cuts, if you allow Obama to have the largest tax increase in our history, it will be a disaster for the economy.
During the forum, the candidates agreed on several broad policy issues, such as eliminating the capital gains tax. But they frequently traded shots over each other’s political backers.
|2016 Presidential contenders on Tax Reform:|
Mayor Rahm Emanuel(IL)
2016 Third Party Candidates:
Mayor Michael Bloomberg(I-NYC)
Please consider a donation to OnTheIssues.org!
Click for details -- or send donations to:
1770 Mass Ave. #630, Cambridge MA 02140
(We rely on your support!)