Tax cuts and the deficit
Tierney has advocated for letting the Bush-era tax cuts expire for people with incomes above $250,000, and lambasted Republicans for letting tax rates increase for everyone if Democrats don’t go along with extending tax cuts for the wealthy.
The Democrats, Tierney said recently, want to fix the deficit “in a balanced way” that includes “severe cuts ... but also looking at revenues. The people at the top end maybe don’t need those (Bush-era) tax cuts. ...
“Republicans want to take care of people who are already well-off and hope someday we’ll all benefit from it. That’s radical. That has never worked,” he said.
Tisei has said that raising taxes is the last thing the government should be doing with a shaky economy and high unemployment.
“The way to get out of this mess is to start growing the economy again. We need a predictable tax code. It should be reformed in a way that will promote growth, hiring and business expansion,” Tisei said in an August interview.
Tierney has constantly tried to link Tisei with the Republican budget crafted by Congressman Paul Ryan, which would slash discretionary spending and further reduce taxes as a means of reducing the budget deficit. Tisei has said he would not endorse the Ryan plan, but has called it “a good starting point” for discussion.
“The country is about to go bankrupt. Forty cents of every dollar we spend we have to borrow, just to cover our operating expenses,” Tisei has said. “John Tierney’s philosophy is spend more money and tax more, and it is leading our country off a cliff.”
Both have agreed that closing tax certain loopholes would be beneficial.
Staff reporter Jesse Roman can be reached at email@example.com.