Joe Sestak on Tax Reform
The two candidates found some common ground on questions geared toward the economy. Both said federal spending needs to be reduced.
"When I was (in Congress) I was fighting against the spending that was going on," said Toomey.
Sestak said he would like to see the government extend help to the group he says drives the economy--"The working family, not Wall Street"--by getting tax cuts to that group.
Sestak said he does not support the flat tax as he said Toomey does, and the government should look to guarantee community bank loans to entice borrowers.
Toomey said he believes in strengthening the economy through lower taxes, less spending and increasing domestic energy production.
Proponents support voting YES because:
Rep. RANGEL: We have the opportunity to provide relief to upward of some 25 million people from being hit by a $50 billion tax increase, which it was never thought could happen to these people. Almost apart from this, we have an opportunity to close a very unfair tax provision, that certainly no one has come to me to defend, which prevents a handful of people from having unlimited funds being shipped overseas under deferred compensation and escaping liability. Nobody, liberal or conservative, believes that these AMT taxpayers should be hit by a tax that we didn't intend. But also, no one has the guts to defend the offshore deferred compensation. So what is the problem?
Opponents recommend voting NO because:
Rep. McCRERY: This is a bill that would patch the AMT, and then increase other taxes for the patch costs. Republicans are for patching the AMT. Where we differ is over the question of whether we need to pay for the patch by raising other taxes. The President's budget includes a 1-year patch on the AMT without a pay-for. That is what the Senate passed by a rather large vote very recently, 88-5. The President has said he won't sign the bill that is before us today. Republicans have argued against applying PAYGO to the AMT patch. In many ways PAYGO has shown itself to be a farce.
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Retiring as of Jan. 2011:
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Senate Votes (analysis)