I wish this was to be a Pixar feature for those with the mentality of a turnip…..but unfortunate it is NOT!
GOP 2012 nominee hopeful Tim Pawlenty made his “big” economic speech and what did it say? NOTHING that is new….but rather a re-hash of the tired old policies of the GOP for the last couple of decades…..tax cuts and then there is the….tax cuts and finally there is tax cuts…….
Some of the major points of his speech…….
We should start by overhauling the tax code. Its currently an anti-growth — nine thousand page monstrosity. That’s chock full of special deals for special interests. It’s main goal — seems to be to generate campaign contributions. Not jobs.
American businesses today pay the second highest tax rates in the world. That’s a recipe for failure — not adding jobs and economic growth.
We should cut the business tax rate by more than half. I propose reducing the current rate from 35% to 15%.
But our policies can’t just be about simply cutting rates.They must also promote freedom and free markets. The tax code is littered with special interest handouts — carve-outs — subsidies — and loopholes. That should be eliminated.
Such reform would not only help offset short-term revenue loss from the rate cuts. But it would also reduce cronyism — favoritism — and government manipulating markets for political purposes.
Under my plan — those who currently pay no income tax would stay at a zero rate. After that — the first fifty-thousand dollars of income or one-hundred thousand for married couples — would be taxed at 10%.
Everything above that would be taxed at 25%. That’s it.
A one-third cut in the bottom rate.To allow younger — middle — and lower-income families to save and build wealth. And a 28% cut in the top rate — to spur investment and job creation.
In addition — we should eliminate altogether the capital gains tax — interest income tax — dividends tax — and the death tax.Government has no moral or economic basis to claim a second share of the same income.
There it is….the same song…different singer……..there is NOTHING, absolutely NOTHING new in his song to the base…..but do not take my word for it…..check out his speech and tell me what is new in his proposals?