2010 Kentucky Senate Debates: on Tax Reform

Jack Conway: Keep Bush tax cuts during recession

CONWAY: I was talking about the special interest provisions that allow companies to shift our jobs overseas. That's what I was focused on in that particular interview. We shouldn't be raising taxes in a time of recession, with 10% unemployment, with capital frozen on the sidelines. In 2002, when I was running for the US Congress, I was for the Bush tax cuts then. I was one of the few Democrats for them. And I think now we just ought to extend them.

PAUL: Well, you were for them before you were against them. At the Farm Bureau debate just a couple of months ago, you said you were bringing back the death tax.

CONWAY: No, I didn't.

PAUL: You specifically said you wouldn't take a 55% tax on estates. You said 45% with some exemptions.

CONWAY: I never said that.

Rand Paul: Balanced budget amendment to pay to extend $4T Bush tax cuts

PAUL: First of all, you look at whose money is it. It's the people's money who earned the money. And we give up some to pay taxes. So I'm not seeing it as a cost to government. But I will immediately introduce bills to reduce spending so I think we should offset it.

Q: There's no way you're going to get $4 trillion by spending cuts.

PAUL: I will introduce legislation that will balance the budget. We will have a balanced budget amendment introduced if I'm elected. But about the Bush tax cuts--businesses have made calculations on these for 5 or 10 years. Business needs predictability. If you take away these Bush tax cuts, if you allow Obama to have the largest tax increase in our history, it will be a disaster for the economy.