Spinners and Winners
As a conservative Republican, Lindsey Graham has never had a problem promising not to raise taxes. Like almost every other Republican member of Congress, he has signed the anti-tax pledge put forth by Grover Norquist's group Americans for Tax Reform.
But now Graham says the debt crisis is so severe that the tax pledge — which says no tax loopholes can be eliminated unless every dollar raised by closing loopholes goes to tax cuts -- has got to go.
"When you eliminate a deduction, it's okay with me to use some of that money to get us out of debt. That's where I disagree with the pledge," said Graham.
The Americans for Tax Reform pledge commits signers to "oppose any and all efforts to increase the marginal income tax rates for individuals and/or businesses … and oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates."
Graham said eliminating some deductions should free up money to lower taxRead More »from Top conservative says read my lips: Don’t sign ‘no new tax’ pledge