Senate Approves Cornyn Measure To Slow Any Future Tax Increases

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Senate Approves Cornyn Measure To Slow Any Future Tax Increases

The U.S. Senate approved a measure proposed by U.S. Sen. John Cornyn, a member of the Budget Committee, on Wednesday to make income tax hikes more difficult. The amendment to the Budget Bill passed by a vote of 63-35. It would require a super-majority of the Senate, or 60 votes, to pass any legislation that increases tax rates. The Senate is currently debating the Concurrent Budget Resolution for Fiscal Year 2008, S. Con. Res. 21.

click here to watch Senator Cornyn discuss his amendment on the Senate floor"This measure puts a safeguard in place to protect the pocketbooks of American taxpayers, including middle-class families, college students and entrepreneurs," Sen. Cornyn said. "We must maintain the pro-growth policies implemented in the past four years that have helped this economy perform so well."

Cornyn said the amendment is necessary to make certain any potential tax increase is carefully considered. "This budget would increase discretionary spending by $146 billion over the next five years. That money would have to come from somewhere. Creating a 60-vote threshold is an insurance policy when Congress decides to look to taxpayers' pocketbooks for even more revenue instead of looking for ways to eliminate government waste, fraud and abuse."

"The last thing we should do is reverse the policies that have helped create such strong economic growth," Sen. Cornyn said. "We need to continue to generate more revenue, not by raising tax rates, but by allowing this economy to create those revenues, which are unprecedented in our nation's history. This will also allow Americans to keep more of their hard-earned money."

Cornyn noted that the measure will not hinder efforts to reform or overhaul the Tax Code. "Any tax simplification effort will need bipartisan support in the Senate, and if it is revenue neutral, I am confident it will be forthcoming," Cornyn said.

Meanwhile, Sen. Cornyn introduced another amendment to the Budget Bill on Wednesday that would make sure the State Children's Health Insurance Program (SCHIP) continues to fulfill its original intent of helping low-income kids. The amendment will also help improve and strengthen the oversight of the program.

The amendment establishes a deficit-neutral reserve fund to allow the Senate Judiciary Committee to pass legislation making sure SCHIP covers children first. Democrats have offered legislation that would expand the program beyond its original intention.

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