July 31 (
Bloomberg) -- Congress should retain tax cuts passed under former President George W. Bush without offsetting the $40 billion cost of including families earning more than $250,000, said Indiana Representative Mike Pence, the third- ranking U.S. House Republican leader.
“It is imperative that we preserve the tax relief,” Pence, chairman of the House Republican Conference, said in an interview on “Political Capital with Al Hunt” airing this weekend on Bloomberg Television. “I also believe that if we get the economy moving again and provide both tax relief and reform going forward, that as the economy expands federal revenues will expand.”
Pence, a fifth-term lawmaker, was lukewarm to a suggestion by Erskine Bowles, co-chairman of President Barack Obama’s national debt commission, that three-quarters of budget savings should come from spending cuts and the rest from tax increases. The tax-boost idea would get “very little support among Republicans” in the Capitol, Pence said.
“Raising taxes during the worst economy in 25 years is a profoundly bad idea and I won’t support it,” he said. ........(more)
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