2006 Minnesota Senate Debate: on Tax Reform

Mark Kennedy: 2006: No changes in tax rates, not even for very wealthy

I was ready for that line. During the campaign, I had laid out a plan to reduce the debt that included both spending cuts and a proposal to roll back the Bush tax cuts for the top 1 percent of the nation's earners. Kennedy would not agree to any changes in the tax rates, even for the very wealthy.

I hit back. Noting that I had just visited the State Fair's beer garden, where I'd heard one student tell another that the beer they'd been drinking was "all foam and no beer," I turned to Kennedy and said, "That's your economic plan, Congressman. It's all foam and no beer."

That got the crowd going, and the line played almost constantly on radio and TV for the next 24 hours.

Amy Klobuchar: Reduce $250B deficit by rolling back capital gains & top 1%

KLOBUCHAR: Our debt is approaching $9 trillion. This administration and this Congress took a $200 billion surplus and turned it into $250 billion deficit. One out of 12 of the federal tax dollars that Minnesotans are paying goes to interest on this debt. And this is my solution: First of all, let’s look at those $70 billion that’s being sheltered in the Cayman Islands and Bermuda for multi-millionaires. Get rid of those shelters. Next, look at capital gains. Not changing the rate, but having a third-party validator like brokerage houses post those because there’s underpayment. That brings in $17 billion. Roll back the tax cuts to the Clinton levels, to the top 1%. That brings another $56 billion in. Get rid of the no-bid contracts so we have competitive bidding, $10 billion.

Mark Kennedy: Tax relief was a reward for those who create jobs

KENNEDY: We have had six million new jobs. The economy was flat on its back after 9/11. We passed tax relief to reward people--to let them keep more of their hard-earned money. Families, small business, those that take risk and create jobs. Six million new jobs have been created. We cannot be raising taxes, putting this economy back on its back, and also not growing jobs.