Tax cuts as path to revenue growth? A 'fairy tale,' says Senator Schumer.
It is time to debunk the Republican myth that tax cuts will lead to growth in government revenues, says Sen. Charles Schumer, vice chairman of the Democratic Conference.
Washington — Sen. Charles Schumer (D) of New York is vice chairman of the Democratic Conference and heads the Senate Democratic Policy & Communications Center. He spoke at the Nov. 8 Monitor breakfast in Washington.
His response to House Speaker John Boehner's Nov. 7 statement that he could accept a budget deal with new revenue:
"I was heartened, very heartened, by the tone that Speaker Boehner showed.... It makes me very hopeful that we can do something big in the next month and a half [about the nation's fiscal problems]."
Mr. Boehner's view that government revenues would grow if tax rates are cut:
"It is about time we debunked that myth. It is a Rumpelstiltskin fairy tale.... Rumpelstiltskin ... turned straw into gold."
The outlook for immigration reform:
"The election gave great momentum to immigration reform, because it showed Republicans they cannot succeed if they continue with such a harsh position."
"Karl Rove's reputation is going to take a significant hit. If [his PAC] were a business, and Rove was the CEO, he would be fired for getting a poor return for his investors."
The tea party's role:
"Those tea party candidates who won, many of them ran away from the tea party platform.... They are a little bit chastened, the ones who've come back."