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August 4, 2012

Tierney, Tisei split on tax cuts

(Continued)

Tierney called it “odd” that Republicans are pursuing plans that would cut revenues yet “are the ones screaming loudest about the deficit.”

“Their policies have caused these high deficits,” he said.

Tisei said, if elected, he would push to implement a tax plan based on the suggestions of the Simpson-Bowles Commission report, named after the chairs of the commission appointed by President Obama in 2010 to deliver a plan to reduce the budget deficit. The bipartisan plan called for balanced approach, including reducing the number of tax brackets from six to three and lowering tax rates. It also included spending cuts, cutting some entitlement programs, and increased revenue by eliminating certain tax deductions and subsidies.

“It is a lot better and a lot fairer tax code. It eliminates loopholes, certain deductions and lowers tax rates,” Tisei said. “That is the direction I would like to go in.”

Tierney also advocates for a comprehensive, balanced approach, he said.

The Democratic proposal “is the right way to do it, because it’s a balanced approach,” he said

That includes not extending the Bush tax cuts for the top 2 percent of earners, closing costly and unnecessary subsidies and also investing in job training, education, science, infrastructure and other areas to grow the economy, he said.

 

 

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