Tags: democrat | conrad | budget | obama | deficit

Senate Democrat's Budget Would Reduce Tax Breaks

Tuesday, 03 May 2011 03:27 PM

The U.S. Senate's top budget writer said Tuesday he was drafting a budget plan that would reduce tax breaks in an effort to keep the country's debt at a sustainable level.

Democratic Senator Kent Conrad said his budget proposal would reduce budget deficits by roughly $4 trillion over 10 years, in part by overhauling the tax code in a manner that would lower rates but increase overall revenue by going after offshore tax havens and ending other tax breaks.

"You would not need to raise rates, you would actually be able to lower rates," Conrad told reporters after describing the plan to Democratic colleagues.

He said he could bring his plan up for a vote in the Budget Committee as soon as next week.

Conrad said the plan does not necessarily conflict with efforts by the bipartisan "Gang of Six" senators, who are trying to come up with a budget deal acceptable to both Republicans and Democrats.

"I'm still very active with the Gang of Six and very hopeful that we'll produce a result, but it may not be in time to be part of the budget resolution," Conrad said.

(Reporting by Andy Sullivan; Editing by Paul Simao and Sandra Maler)

© 2017 Thomson/Reuters. All rights reserved.

 
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The U.S. Senate's top budget writer said Tuesday he was drafting a budget plan that would reduce tax breaks in an effort to keep the country's debt at a sustainable level. Democratic Senator Kent Conrad said his budget proposal would reduce budget deficits by roughly $4...
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2011-27-03
Tuesday, 03 May 2011 03:27 PM
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