fuheel
Well-known member
http://blogs.wsj.com/washwire/2011/06/07/pawlenty- plan-deep-tax-cuts-and-a-google-test/
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.
In order to offset any lost tax revenue — and to tackle the deficit — Mr. Pawlenty calls for something called “The Google Test” to determine whether the government should be involved in a program.
“If you can find a good or service on the Internet, then the federal government probably doesn’t need to be doing it,” Mr. Pawlenty says. “The post office, the government printing office, Amtrak, Fannie [Mae] and Freddie [Mac], were all built in a time in our country when the private sector did not adequately provide those products. That’s no longer the case.”
He calls on Congress to freeze spending at current levels and impound 5% of spending until the budget is balanced. “If they won’t do it … I will,” he plans to say.
The former governor will call for terminating all federal regulations, unless Congress votes to keep them individually.
Facepalm
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.
In order to offset any lost tax revenue — and to tackle the deficit — Mr. Pawlenty calls for something called “The Google Test” to determine whether the government should be involved in a program.
“If you can find a good or service on the Internet, then the federal government probably doesn’t need to be doing it,” Mr. Pawlenty says. “The post office, the government printing office, Amtrak, Fannie [Mae] and Freddie [Mac], were all built in a time in our country when the private sector did not adequately provide those products. That’s no longer the case.”
He calls on Congress to freeze spending at current levels and impound 5% of spending until the budget is balanced. “If they won’t do it … I will,” he plans to say.
The former governor will call for terminating all federal regulations, unless Congress votes to keep them individually.
Facepalm