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Sen. Rob Portman, (R-Ohio), on efforts to end Congressional earmarks and why higher taxes would not solve the government’s rising deficit.
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Senate recently defeating an amendment that would have permanently outlawed earmarks.
Like the outrage you outrageous -- I just told you about at the top of the show we've got more if you believe -- the amendment now would have been a part of the stock act bill set to be voted on in the house this Thursday.
It is important that we rebuild the trust of the American people in congress.
And I think one of the great ways to do that I think the stock act is part of that effort.
But while we take one step forward -- that looks like we're taking two steps back as we reject a permanent ban on earmarks.
Now will we get this done as if we asked for another vote.
I don't know that we will.
Joining me now Republican senator Rob Portman from Ohio senator welcome back to the show.
So here at 33 congressman 300 million dollars over ten years projects that are in Jason to their own personal properties.
Isn't this just -- shameless looting of our treasury.
Sounds like it by the way I voted in support of that amendment the other day and I wish -- had passed.
But I was happy to see that after -- voted on that.
The senate Appropriations Committee said there -- gonna extend the current -- in the senate which is only temporary it's not statutory.
For another year so that's good at least they're not -- out -- talking about and and raise these concerns that.
In the -- at -- the Appropriations Committee said don't have another year fan but I think Jerry I I don't know the details of what you're talking about.
I think that's in violation of the ethics rules because you're not supposed to you know.
Have any legislation that affects your personal financial situation lessons disclose and I assume -- this was disclosed.
Yeah I apparently there was no disclosure within which is what makes it's so outrageous plumbing -- another example just for the fun of it higher senator Reid's earmarked 21 point five million to build a bridge near his personal property.
-- a 160 acres of land now this one is has been made public already and people have talked about it a lot.
I could ask you -- you're really on the record about earmarks not liking them you were the first congressional budget -- chief CBO chief you know how this works what will it take to get rid of these you.
Remarks.
But what I do when I was at just management and budget was the first time ever put all earmarks online.
And it helps at that time earmarks were increasing dramatically increased about four times over the previous ten years.
And slowed down a lot because when they're transparent out there to be seen it really helps which need to connected to the member into the senator and you know when people have to defend it sometimes it's pretty hard now there are cases frankly where some members are happy to defend earmarks and into the right thing to do.
My point is that at a time we -- facing a fifteen trillion dollar debt when we -- -- annual budget deficits but trillion bucks.
When we've obviously got huge problems and our economy part of it stemming from the overspending we -- do everything we can to.
Make sure that every dollar's being spent wisely so it's it's -- time for us to put the ban in place.
Move on -- getting at some other very serious spending issues including performance entitlement programs which is controversial.
Everything is going on now in the domestic discretionary spending we have to do we gonna grow the economy and I think it's urgent that we do it so fits into.
People are.
Obviously a lot of things on your to do list I wanna talk about this he's -- fifteen trillion dollars in debt the president next week expected the energy -- his own budget.
He's already kind of -- his hand on what he expects to do.
Lots of tax increases coming particularly for wealthy individuals what do you make of that.
But we'll see you haven't seen it yet he's coming out -- next -- -- -- -- from.
Today what -- hopefully get a budget and actually get system balance over ten years.
Coupled my breath for that because last year decision no added trillions of dollars more in debt effect lectures but she was taken to the floor of the senate for a vote.
And even Democrats couldn't supported it went down 97 to nothing so I'm hopeful to present this time will propose not just raising taxes which is gonna hurt the economy.
And actually putting the reforms in place to grow the economy and to -- to spending under control it's a pretty simple.
Message related.
We ought to be sending out to the American people which is that it's time for us to get spending under control into the pro growth things needed to grow this economy.
If the president -- a -- along those lines I think that we will receive.
What's your take -- on these increases for people at the top -- one point five trillion in tax increases to the wealthiest Americans.
-- for folks earning 250000.
Plus a year this is a rollback of the bush tax cuts.
For the wealthiest and then the president also wants a 30% effective tax rate for millionaires.
Its seven non starter.
Well yeah I mean.
22 issues that come to mind I mean anyone is impacted most businesses in America pay their taxes as individuals you interview a lot of money on Fox Business you know how it works.
It's about 85% of the business is probably so.
When you're talking about taxing individuals who make over 250.
Individuals who are shareholders of companies.
-- that make that much money.
Get caught into the net so there's no way not to affect small business America -- raising taxes on people who make over 20250 whatever the number is.
And that's one of the major concerns I have most people who -- in that situation take money out of the business to pay their taxes that they -- higher taxes -- they're gonna take more out less to invest -- plant equipment people.
So.
Second is even if you tax people's wealth at that level entirely in other -- we took say the top 1% and took all of their wealth.
It would only be about as much as a one year deficit so you can't chase the huge spending increases that are projected.
With higher taxes you have to deal.
With again economic growth on the one hand and reduce spending on the other hand so.
I'm for tax reform I think are turned Tesco is antiquated way too complex doesn't work to encourage savings and investment work.
And capital formation of things that it ought to.
So I'm not defending the current tax code I think this conversation about whether we.
Continue till 103 bush tax cuts -- -- -- really is kind of missing the point we should do with reform the tax code.
Make it work better for our economy grow the economy and for growing the economy get more revenue.
Senator -- thanks for coming in tonight we appreciate it we talk to get Gerri thanks for having me on thank you helped turn.
