Tim Pawlenty lays out bold, conservative tax plan to create jobs

Remember on Sunday when I recommended some policies?

Excerpt:

Let me add this tort reform law (loser pays) to the other list of policies we need at the national level:

  • National right-to-work law
  • National photo ID required for voting
  • National voucher system for education
  • National voucher for health care
  • Nation cap on damages for lawsuits
  • allow Opt-out of Social Security
  • allow Opt-out of Medicare
  • allow Opt-out of Medicaid
  • allow Opt-out of unemployment insurance
  • Flat income tax at 10% below 50,000 and 25% over 50,000, with no deductions except for charity and retirement contributions
  • Zero capital gains tax, phased in over four years
  • Tax-free savings accounts with no restrictions on withdrawals, limit $5,000 per year

In the comments, I added that the limit would be $100,000 for married couples, in response to a challenge from a commenter. And I should have mentioned that I wanted corporate taxes cut to 25%.

Well, guess what Tim Pawlenty went and did?

Excerpt:

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.

Hey, some of that sounds familiar!

And there’s more:

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.

I feel that I must make clear that the Wintery Knight is not Tim Pawlenty. However, he may be reading the Wintery Knight. One can’t know for sure.

OK, so right now I am still favoring Bachmann overall, with Cain in second place, and Pawlenty in third place. Feeling better about Pawlenty now. Three strong conservative candidates! WOOHOO!!! I would be happy with ANY of these three candidates.

You can read excepts of Pawlenty’s speech right here on his web site. Awesome stuff!

 

 

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