Fiscal Hawks change their tune on tax reform
WASHINGTON (Sinclair Broadcast Group) -- —
Sen. Rand Paul, R-Ky., made a passionate plea to his colleagues on Capitol Hill Tuesday. Paul called for new budget and tax reform proposals that he hopes will stop the additions being made to the country’s deficits and debt.
“How can we be the party or the people who cut taxes but at the same time continue to borrow more?,” Sen. Paul asked in a more than 30 minute speech.
Despite Paul's efforts, the Senator might be in the minority as most Republicans seem to be disregarding their previous positions. Many were in favor of a vote for budget and tax reform, which many experts have illustrated adds to the deficit and debt.
“I think this is one issue that all branches of the Republican party are pretty unified around especially in the house,” said Rep. Will Hurd, R-Tex., in an interview Wednesday.
The House Freedom Caucus also agrees with Hurd's assertion.
“The House Freedom Caucus, they usually push very hard to cut spending. They do seem to be taking a pass this fall with tax reform. The budget plans passed by House and Senate, they do not cut spending,” said Chris Edwards, an economist with the libertarian-leaning Cato Institute.
Edwards believes fiscal conservatives will likely fight for cuts the next time around, but hope tax cuts now will mean more taxes paid.
“The idea is that businesses will invest more, they’ll build more factories here in America, ultimately they’ll hire more American workers, the GDP will go up everyone will get more income,” Edwards said.
Even some Democrats such as Rep. Lois Frankel, D-Fla., are also complaining about the government spending money it doesn’t have.
“We’re looking at trillions of dollars in deficit we’re going to have less money to invest in infrastructure in education in our environment,” said Rep. Frankel.