Pawlenty rolls out economic policy that simplifies personal income tax rates to 3 options

[alp227]

Source: Associated Press

CHICAGO — Republican Tim Pawlenty was set to propose an economic policy Tuesday that would simplify individual tax rates to just three options and cut taxes on business by more than half as he offered himself as a replacement to Barack Obama in the Democratic president’s hometown.

The former Minnesota governor also was to propose that any services available privately, such as the postal services or mortgages, should not something government handles. He said he would require a vote in Congress to extend any regulation or he would cancel it. And he said he would eliminate taxes on investments and inheritances.

“But our policies can’t just be about simply cutting rates. They must also promote freedom and free markets,” Pawlenty said in excerpts provided ahead of the morning speech at the University of Chicago.

Pawlenty’s speech, his first as a declared presidential candidate, also kept an eye on presidential politics and blamed Obama for an anemic economy. He said Americans are ready to innovate and create jobs, but “they have been discouraged and weighed down by President Obama’s big government and heavy-handed regulations.”

Read more: http://www.washingtonpost.com/business/pawlenty-rolls-out-economic-policy-that-simplifies-personal-income-tax-rates-to-3-options/2011/06/07/AGrUviKH_singlePage.html

[CBHagman]

1. Comforting the comfortable.

And he said he would eliminate taxes on investments and inheritances.

In other words, he'd favor the top 1 percent, while ignoring that wages have stagnated and buying power has eroded for the vast majority of workers, and that buying power for retirees took an unbelievable hit...and those who had built up savings or 401(k)s can say the same.

Poke a Republican with a stick and he/she will squawk about lowering taxes...but only where it will do the most to help those with advantages.

[TrollBuster9090]

11. Yeah, I figure that's going to account for about 99% of his campaign contributions.

Thanks to that one plank in his platform I'm sure he'll raise 500 million (from a grand total of 100 donors). Not to mention firing a shot across Mitt Romeny's bow in terms of financing. Romney may be loaded, but he can't match that kind of deniro.

Won't that be great. After 30 years of the top 1% paying an effective tax rate of 16% thanks to the lower taxes on capital gains, Timmeh would suddenly lower it to ZERO percent taxes on the rich. They'll get a total free ride, having all of their government services paid for by the people who clean their toilets and scrub their floors.

Amazing.

[Angry Dragon]

2. t-paw is really a dumb person

t-paw and bachmann should debate each other ......

[awoke_in_2003]

3. "would eliminate taxes on investments and inheritances"

Oh, thank god- I can't imagine the strain that taxes on inheritances causes for the elite. I mean, my god- you expect the rich to pay their fair share? Seriously, to quote one of my friends- "F em and feed them fish heads".

[Cant trust em]

4. Damn these heavy handed regulations and the record corporate profits that they prevented.

Oh wait. That didn't happen.

[bongbong]

5. I don't know why

I don't know why repigs don't just come right out and say "My policy, if elected, will be to eliminate all taxes on anybody making more than a million a year. This will encourage everybody to become super-duper productive so they can make a million bucks & avoid taxes!"

If the repigs were honest in this fashion, they'd STILL get at least 25% of the vote from the poor deluded saps who think their command of guns and how to order cheeseburgers at McDonalds puts them on the fast track to high earnings.

[bhikkhu]

6. The same "self-regulating markets" crap that collapsed the economy

Even Greenspan admitted he was wrong about deregulation, and the paradigm needed to be re-thought, testifying to congress Oct 2008, in the smoking wreckage of an economy that Bush left us.

The idiocy of the repugs is amazing - it was just a couple of years ago and we're still recovering from it, but they plan on selling the sickness back to us as the only remedy they can think of.

[sendero]

13. Exactly.

... these guys never learn because they are not about doing what is right, they are about doing for the rich.

[DallasNE]

7. So Pawlenty Is Pro E Coli

Since he would end all regulation that means food safety and everything else. And how much revenue would have to be made by by eliminating from taxation interest, dividends and capital gains. Under his proposal CEO's would receive all their compensation in stock options which they would sell the same day as received and pay no tax. This clown is making Sarah Palin look smart. Ouch!

[No Elephants]

8. Mr. Excitement

[jmowreader]

9. He's not even past the primaries and he's already a Constitution hater

Article 1, Section 8 - Powers of Congress.

The Congress shall have Power...to establish Post Offices and Post Roads.

The Republicans love the Constitution, except for the parts they don't like.

[CBHagman]

30. It's like their general attitude towards people.

You remember the line from Peanuts: "I love mankind. It's people I can't stand." That's the GOP in spades. They're all for children as long as they're in the womb (and the 'cans don't need to help insure Mom). Once said children are around needing to be educated, fed, and vaccinated, the GOP sings a different tune, something about cuts being necessary. But don't you dare raise taxes on the rich.

[muriel_volestrangler]

10. No estimate of how many billions that cuts from the budget

or where the drastic cuts he'd have to make to come up with anything like a feasible budget, in return for him cutting government revenue - in half? You can bet he'll say "I won't touch defense!", in which case he'll have to abandon all other federal spending. This is 'drowning in a bath-tub' time. Grover Norquist has completed his takeover of the Republican Party.

[wilt the stilt]

12. can't wait for the $10 letter.n/t

[jerseyjack]

14. Before you get too cranky about T-Paw,

he did say he was gonna cut taxes on business. That means the businesses will have more money to hire people. And we know that's good. :sarcasm:

[Thor_MN]

15. Pay it Backwards.... And only his supporters call him T-Paw

Timmay's deal is that the person that comes after him will pay all the bills. At McDonalds or Starbucks, he tells them at the drive through that the car behind him will pay for his order. He left Minnesota with a record deficiet, he would make G DumbAss look like a financial wizard.

He isn't as stupid or hateful as Bachmann, but he is a financial train wreck.

[Maeve]

19. How about we make it Tea-Paw? eom

[Evasporque]

16. Rich pay nothing, Middle class pay most, poor pay some

It is the Christian Republican way.

[eringer]

17. T-Pawh - raised Roman Catholic-turned Lutheran-turned Baptist - needs to stay focused on the T-Party

According to the article, Pawlenty said that any services available privately, such as the postal services or mortgages, should not be something government handles. He also said he would require a vote in Congress to extend any regulation or he would cancel it. And he said he would eliminate taxes on investments and inheritances. This is utter nonsense. Eliminating taxes on investments and inheritances would further widen the gap between the middle class and the rich. Stretch that rubber band too far and it will break. Getting Congress to extend any regulation is ludicrous. For one thing, most regulations have no expiration date so I guess he means that Congress would have to approve every page of the Federal Acquisition Regulation on top of what it already cannot do. Add banking, environmental and commerce regulations to that and you have the end of the U.S. economy. As for privatizing the Postal Service, the Cato Institute recently stated that, "While the USPS is structured like a business, Congress often prevents it from actually operating like a private company, such as taking actions to reduce costs, improve efficiency, or innovate in other ways. The agency is also obligated by statute to provide mail services to all Americans, irrespective of where they live and the cost of serving them. Furthermore, it is required to deliver first-class mail at a uniform price throughout the nation." What makes Pawlenty believe that Congress will give up its authority to "manage" the postal service. And who is going to tell the people in the remote parts of Minnesota that they no longer have "free" mail service when the new "privitized" post office charges them a mailbox fee if they want to continue to receive mail at their doorstep (versus travelling to the UPS store 20 miles away). Pawlenty needs to drop this veiled attempt to actually have answers and focus on generalities that the new Republican party is built on like pro-life, putting guns in schools, and torturing POWs.

[Maeve]

18. He's not running for president, he's running for Government

Turn things people depend on over to profiteers--when will he notice that there are private police agencies and send us back to for-profit fire fighting? There are reasons government took over services---but those who ignore history...

[plumbob]

20. How bought can one person be?

[pdefalla]

21. He wants to eliminate the Military?

"The former Minnesota governor also was to propose that any services available privately, such as the postal services or mortgages, should not something government handles."

We'll just replace the Armed Services with Blackwater and other private mercenary groups. The CIA can be replaced with private security firms, why not? And it won't be much problem to replace the administration with Republican consultants, Obama has almost completed that task already.

And of course, the U.S. Chamber of Commerce can take over the Treasury.....

[TomCADem]

22. Pawlenty to Call for Deep Tax Cuts

Source: Wall Street Journal

Former Minnesota Gov. Tim Pawlenty will propose significant reductions in the corporate and individual tax rates Tuesday while calling for deep spending cuts that could see the federal government abandon its role delivering the mail or backstopping home loans.

The proposals are part of an economic plan Mr. Pawlenty will unveil later today in remarks at the University of Chicago. The plan, according to excerpts provided by Mr. Pawlenty’s campaign, is tailored to the business community and fiscal conservatives as he seeks the Republican presidential nomination, but its impact on the deficit is unclear, given the potential drop in tax revenue.

Mr. Pawlenty wants to reduce the corporate tax rate from 35% to 15% and create just two tax brackets for individuals and families: a 10% rate on the first $50,000 of income for individuals – or $100,000 for married couples – and a 25% rate for all other income. In addition, he will call for the elimination of taxes on capital gains, dividends, interest income and inheritance.

One challenge for Mr. Pawlenty is to show that his plan would not explode a deficit that is expected to top $1.6 trillion, given that cutting rates so steeply could prompt a fall-off in tax revenues. The plan could expose Mr. Pawlenty to criticism from Democrats or even rivals for the Republican presidential nomination who have all made deficit-reduction a hallmark of the primary fight.


Read more: http://blogs.wsj.com/washwire/2011/06/07/pawlenty-plan-deep-tax-cuts-and-a-google-test/

---

Here are more details on Pawlenty's economic plan. He is not merely restructuring the tax code. He is calling for even more tax cuts! Sadly, this is not much different from what all the Republican candidates are proposing.

[Angry Dragon]

23. I heard his tax cuts would cause a $7.8 Trillion shorfall

nothing to worry about

[TomCADem]

26. The Corporate Media Gives Republicans A Huge Free Pass On The Deficit and the Debt

Republicans can demand huge tax cuts in one breath while also insisting that they should be trusted with reducing our budget deficit in another. Yet, the same media that is giving Anthnony Weiner hell because of sexting turns a blind eye to Republicans efforts to gut Medicare in order to pay for additional tax cuts to their rich sponsors.

The Corporate Media Narrative - Blame Democrats. Give Republicans a free pass. Rinse and repeat.

[Newest Reality]

24. It sounds like a massive call,

not to respond in kind, but to throw of the system that they are overthrowing in the context of what they can get away with versus what we are still obliged to be beholden to.

All bets could soon be off at this rate.

[dflprincess]

25. Because "no new taxes" has worked so well for Minnesota

:sarcasm:

[msongs]

27. we need an opposition party with a leader who is a fierce advocate against this lol nt

[peanut]

28. Let's tax WORK and LABOR -- but capital gains not so much

The thing that's truly sick here is let's keep taxing the working man and woman, and the millionaire living off stock gains? No tax at all, buddy! So the folks who are working, producing and contributing to the economy get taxed, and the poorer they are the harder it hits, and the rich man living off investments pays nothing? Hello? What part of this is OK?

[Blasphemer]

29. Permanent Depression..... nt

[surrealAmerican]

31. Wow, there isn't a single element of this plan ...

... that, if enacted, wouldn't be a complete disaster for the economy.

Do these yahoos actually believe this nonsense, or are they just pandering to the very greedy and very stupid?

[Yavin4]

32. What's Truly Ironic Is That Tim's Plan Would Indeed Bring About A Real Socialist Revolution

Tim's plan would completely eliminate the middle class from existence in the U.S. Completely. We'd be left with the haves and the have nots. At some point, even the most dumbest among us will stop believing in the "I'm-going-to-be-stinking-rich-someday-so-I-want-no-taxes-on-it-when-I-do" fairy tale, and they will join the masses and demand real reform.

In a democracy, the people will only support an economic system wherein they have a stake. Dis-enfranchising the middle class entirely would remove the political support for that economic system.