To raise taxes, "They'll call it reform" - "We're in default"Washington – Lawmakers will close loopholes to raise tax revenues, but won't allow the nation to go into default on its bonded Treasury debt, predicted presidential candidate U.S. Rep. Ron Paul.
An independent libertarian from Texas City, he shrugged off speculation that the nation will default on its full faith and credit, saying, “We're in default continuously. We've been that way for many, many decades.”
Asked by conservative commentator Judge Andrew P. Napolitano about the signal sent when two top GOP Congressmen walked out on deficit reduction talks held by Vice President Joe Biden, Rep. Paul said, “I'm still predicting that they won't go down to the wire, that they'll raise the debt limit.” Congress is facing an August 2 deadline to make a decision on the matter.
What method will Congress use to raise taxes?
“They'll call it reform,” Rep. Paul replied. Since closing loopholes in the U.S. Tax Code amounts to the same thing as revenue enhancement accomplished through higher tax rates, he noted it works out to the same thing.
“They've done it before.”
House Majority Leader Eric Cantor, R-Va, and Minority Whip Senator John Kyl, R-Ms, exited the budget reduction talks when they were unable to get their views across to the Democrats.
Rep. Cantor was House Minority Whip prior to the elections of 2010 when GOP candidates swept to a majority on anti-tax sentiments held by the Tea Party activists nationwide.
Senator Kyl is a member of the Senate Finance Subcommittees on Taxation and IRS, Health Care, and Social Security, Pensions, and Family Planning.
An independent libertarian from Texas City, he shrugged off speculation that the nation will default on its full faith and credit, saying, “We're in default continuously. We've been that way for many, many decades.”
Asked by conservative commentator Judge Andrew P. Napolitano about the signal sent when two top GOP Congressmen walked out on deficit reduction talks held by Vice President Joe Biden, Rep. Paul said, “I'm still predicting that they won't go down to the wire, that they'll raise the debt limit.” Congress is facing an August 2 deadline to make a decision on the matter.
What method will Congress use to raise taxes?
“They'll call it reform,” Rep. Paul replied. Since closing loopholes in the U.S. Tax Code amounts to the same thing as revenue enhancement accomplished through higher tax rates, he noted it works out to the same thing.
“They've done it before.”
House Majority Leader Eric Cantor, R-Va, and Minority Whip Senator John Kyl, R-Ms, exited the budget reduction talks when they were unable to get their views across to the Democrats.
Rep. Cantor was House Minority Whip prior to the elections of 2010 when GOP candidates swept to a majority on anti-tax sentiments held by the Tea Party activists nationwide.
Senator Kyl is a member of the Senate Finance Subcommittees on Taxation and IRS, Health Care, and Social Security, Pensions, and Family Planning.
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