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Pawlenty: Deep Tax Cuts and a ‘Google Test’

Everyone agrees that we would prefer to simplify the tax code. However, writing statutes/regulations/codes is tough work.

It is easy to propose that we simplify/deregulate/etc, but actually doing it is the hard part (and rarely gets accomplished).
 
fuheel said:
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.
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This is patently ridiculous. And the two tax bracket part of it is not even the worst part - under this plan, my clients who just sit back and collect millions of dollars in KO (or whatever, in Atlanta, we just happen to have a lot of clients with old KO money) dividends every year will pay no income tax.

The corporate rate change is OK - I'd go 20%, but I agree that it should be lowered.

Very glad this is on the fast path to nowhere.
 
fuheel said:
might want to go ahead and pick a realistic candidate
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Wait, you think that the person in that ad is Herman Cain?

Or did he support this PAC?
 
Herman Cain supported the PAC, that's not Herman's voice.
 
fuheel said:
Everyone agrees that we would prefer to simplify the tax code. However, writing statutes/regulations/codes is tough work.

It is easy to propose that we simplify/deregulate/etc, but actually doing it is the hard part (and rarely gets accomplished).
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Kind of like Medicare.

The truth is that Dems want to hold on to both so they can use scare tactics to keep winning elections.
 
Go said:
Kind of like Medicare.

The truth is that Dems want to hold on to both so they can use scare tactics to keep winning elections.
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Nonsense. Both parties are well skilled in picking winners and losers using the tax code. It's just that the winners chosen by each party aren't the same people. To paint one party as the sole manipulator of the tax code for electoral gains is laughable.
 
The "Obamacare" bill saved about $500B in waste in Medicare over the next ten years.

We could save another $100+B by negotiating RX prices which was made illegal by teh GOP Congress and W.

Why can't your side come up with that much in savings?
 
PhDeac said:
That's true. There's something to be said for that, but I haven't seen a plan that doesn't radically shift the tax burden to the poor and middle class.
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10% of 0 is still 0. Without a job, how can the burden be shifting?

It's very troublesome that 50% of the public pays no income tax and yet any tax code change that might suggest they pay a tiny bit more (which is an assumption on your part as far as this plan is concerned) is met with extremism on your part.
 
RJKarl said:
The "Obamacare" bill saved about $500B in waste in Medicare over the next ten years.

We could save another $100+B by negotiating RX prices which was made illegal by teh GOP Congress and W.

Why can't your side come up with that much in savings?
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You can't argue that something "saved" money vs another thing until we actually get the final bill for it.

You can say that it is "budgeted to save" if you wish.
 
They took an entire program out of Medicare that cost that much. It's not "budgeted" to save. It took money out that was ready to be spent.

The RX program can be "biudgeted to save", but not the getting rid of Meidcare Advantage.
 
pourdeac said:
10% of 0 is still 0. Without a job, how can the burden be shifting?

It's very troublesome that 50% of the public pays no income tax and yet any tax code change that might suggest they pay a tiny bit more (which is an assumption on your part as far as this plan is concerned) is met with extremism on your part.
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No. My problem is the suggestion that the rich pay a lot less.

And the problem isn't that 50% of the public "doesn't pay income tax" it's that the income disparity is so big that 50% of Americans don't make enough to tax and that there are enough deductions that reduce the tax burden. You make it sound like poor people are tax cheats. Every single poor and middle class person would love to pay more taxes because it means they'd have more income.
 
Liquid Karma said:
Nonsense. Both parties are well skilled in picking winners and losers using the tax code. It's just that the winners chosen by each party aren't the same people. To paint one party as the sole manipulator of the tax code for electoral gains is laughable.
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Medicare goes bankrupt in 2024. What is the Dem plan?
OH WAIT. There isn't one.
 
Go said:
Medicare goes bankrupt in 2024. What is the Dem plan?
OH WAIT. There isn't one.
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Wrong!! They already implemented a major one last year.

Plus the GOP refuses to allow a vote on ending anti-capitalistic, un-American no negotitating of prices for presecriptions.
 
PhDeac said:
No. My problem is the suggestion that the rich pay a lot less.

And the problem isn't that 50% of the public "doesn't pay income tax" it's that the income disparity is so big that 50% of Americans don't make enough to tax and that there are enough deductions that reduce the tax burden. You make it sound like poor people are tax cheats. Every single poor and middle class person would love to pay more taxes because it means they'd have more income.
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+1
 
I'm all for a simplified tax code, but nothing like that. With the GOP running such nutters this time around, it looks more and more like I'll be voting for Obama unless Romney wins the nomination. I like listening to Cain, but his support of a fair tax is a little extreme. I'm not in favor of having a 33% tax on the toothpaste I buy every day.
 
greekdeac2011 said:
I'm all for a simplified tax code, but nothing like that. With the GOP running such nutters this time around, it looks more and more like I'll be voting for Obama unless Romney wins the nomination. I like listening to Cain, but his support of a fair tax is a little extreme. I'm not in favor of having a 33% tax on the toothpaste I buy every day.
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Would you rather pay tax on everyone else's toothpaste?
 
RJKarl said:
The "Obamacare" bill saved about $500B in waste in Medicare over the next ten years.

We could save another $100+B by negotiating RX prices which was made illegal by teh GOP Congress and W.

Why can't your side come up with that much in savings?
Click to expand...

It is not "savings" if you end up spending more money elsewhere and get equal or less services. Just because a particular line item is gone does not mean that amount of money is saved if the program as a whole just spends those funds and more elsewhere with no recognizable benefit.
 
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