Cornyn Mum on No-Tax Pledge
Republicans in Congress continue to wrestle with whether or not to abide by a strict no-tax-increase pledge many of them signed. In a conference call today, Texas Sen. John Cornyn would not say whether or not he feels bound by the pledge pushed by lobbyist Grover Norquist.
He did say Republicans have offered a way to increase revenues without raising taxes.
“You can cap deductions for upper-income individuals, which raises revenue from them because they can’t deduct things,” Cornyn said. “So there’s additional revenue. But you don’t raise marginal tax rates.”
Cornyn says capping upper-income deductions at $50,000 could generate about $75 billion a year for the next 10 years.