Conrad: 'Work Both Sides Of The Equation' On Taxes And Spending, Without Raising Rates
Appearing on Meet The Press, Sen. Kent Conrad (D-ND) called for an increase in tax revenue, without raising marginal rates, by closing tax loopholes. " You know, let me just say this, revenue has to be part of this because revenue as a share of our national income is the lowest it has been in 60 years. Spending as a share of our national income is the highest it has been in 60 years. So you got to work both sides of the equation," said Conrad, who served on President Obama's debt commission. "But we did not raise tax rates, as this proposal, what we did was have tax reform. Let me just give you an example. In the Cayman Islands there is a little building, five-story building, called Ugland House, it claims to be the home of 18,000 companies. They all say they're doing business in that little building, the only business they're doing is monkey business. They're avoiding paying the taxes that they owe. If you reform the tax code and collect that money, I don't consider that a tax increase."
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Coburn: Increase Revenue By 'Taking Away Tax Credits, Lowering The Tax Rate'
Appearing on Meet The Press, Sen. Tom Coburn (R-OK) voiced his support for tax reforms that would increase overall revenue by closing loopholes and tax credits, without raising tax rates: "Well, we're not talking about it [raising rates]. I think if you go back and look at the commission's report, what we were talking about is getting significant dynamic effects by taking away tax credits, lowering the tax rate and having an economic increase that will actually increase the revenues to the federal government."