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Thread: Pawlenty's super-rich tax cuts

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    Re: Pawlenty's super-rich tax cuts

    IMO, Governor Pawlenty is running a campaign that focuses on telling people what they want to hear (basically that Americans do need not sacrifice) and in trying to position himself as the boldest tax cutter of all. Almost certainly, his policies would greatly exacerbate the nation's fiscal challenges. His economic growth number is unrealistic. The last time the economy grew by 5% in a year (just a single year) was 1984. The 1960s and 1970s saw four such years in each decade. However, given the structure of today's economy, not to mention its enormous debt overhang (domestic non-financial debt), it is unrealistic to expect such growth, much less on the sustained basis that Governor Pawlenty projects. In sum, his appears to be a campaign that seeks to evade the difficult choices U.S. policy makers will have to make. Perhaps in a stroke of good fortune, his flat debate performance and oscillating remarks on health reform, have indicated that he probably won't be a credible contender.

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by donsutherland1 View Post
    IMO, Governor Pawlenty is running a campaign that focuses on telling people what they want to hear.
    Indeed. Like his little tirade in South Carolina about bringing the Boeing jobs there. Plays well there, but how do the folks in Washington (the state, not DC) feel about that?

    Unfortunately, telling people what they want to hear seems to be strategy that works. Worked for the last 3 Presidents.


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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by rocket88 View Post
    Indeed. Like his little tirade in South Carolina about bringing the Boeing jobs there. Plays well there, but how do the folks in Washington (the state, not DC) feel about that?

    Unfortunately, telling people what they want to hear seems to be strategy that works. Worked for the last 3 Presidents.
    It is frankly horrible and he should be ashamed. The "jobs" he wants to bring to South Carolina, a state he could win an election, would come from Washington State, a state he most likely never would win... this kind of "politics" is disgusting to say the least, and yes both sides use it. Hence the electoral college sucks donkey balls.
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    Re: Pawlenty's super-rich tax cuts

    I am for no drastic changes in the tax structure at this time. All of our efforts should be in cutting expenses. We have to stop that snowball running downhill first.

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    Re: Pawlenty's super-rich tax cuts

    Here is the deal in Wisconsin - Taxes are not evil, but excessive taxes due to excessive expenditures are. So, what are excessive expenditures? Education? The people of Wisconsin are in the process of deciding how much expenditure in education in the state is worth. Infrastructure? That is a given. The State Police? That is also a given. There are quite a few other givens here too, and some programs that are "not so given". But it all boils down to this - The people of Wisconsin decide what programs they need, and how much taxes they are willing to pay to support those programs. If they don't like the taxes, then they need to cut programs. If they like the programs, then they need to raise taxes. It's as simple as that. and it's also as simple as corporations paying their fair share too.
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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by donsutherland1 View Post
    IMO, Governor Pawlenty is running a campaign that focuses on telling people what they want to hear (basically that Americans do need not sacrifice) and in trying to position himself as the boldest tax cutter of all. Almost certainly, his policies would greatly exacerbate the nation's fiscal challenges. His economic growth number is unrealistic. The last time the economy grew by 5% in a year (just a single year) was 1984. The 1960s and 1970s saw four such years in each decade. However, given the structure of today's economy, not to mention its enormous debt overhang (domestic non-financial debt), it is unrealistic to expect such growth, much less on the sustained basis that Governor Pawlenty projects. In sum, his appears to be a campaign that seeks to evade the difficult choices U.S. policy makers will have to make. Perhaps in a stroke of good fortune, his flat debate performance and oscillating remarks on health reform, have indicated that he probably won't be a credible contender.
    Let's hope so. But for argument's sake, wouldn't Pawlenty's plan actually increase the deficit? The swift reduction in taxes would basically decimate revenue at the same time as massive cutting would lead to huge amounts of job losses, either direct or indirect resulting in automatic stabilizers kicking in. As unemployment increases, the already reduced tax rates would bring in even less income at the same time as deficit finances automatic stabilizers would drive the deficit higher. I can't help but think that all of these politicians and users who argue for rapid cuts to spending at the same time as rapid cuts to taxes would leave us in even more red ink.
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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by Badmutha View Post
    .....Pawlenty's paln would probably double revenues.....to the bewilderment of surprised and unexpected liberal economists.

    .
    And do you have staistical data showing the only material change to the economy was tax rates?

    It's amusing watching people like you cite such graphs as proof that tax cuts work while omitting the ugly fact that government spending went through the roof at the same time. We know for a fact that government spending increases activity and revenue. WWII saw high rates and high government spending at the same time as suppressed consumer demand. Highly suggesting it was government outlays that resulted in strong economic activity.

    I have yet to see a single person who harps on cutting taxes provided a single historical period where tax rates were effectively cut but spending remained the same and no major economic changes occurred. I swear, the more you harp on cutting taxes, the less you understand statistics.
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    Re: Pawlenty's super-rich tax cuts

    I'm all for cutting government spending, yet at the current situation, the US needs every penny it can get. Cut spending, then cut taxes a few years later when the situation is more stable.

    Obviously, he's a populist, and an idiot if he truly tries (or believes) the tax cuts.
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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by obvious Child View Post
    Let's hope so. But for argument's sake, wouldn't Pawlenty's plan actually increase the deficit? The swift reduction in taxes would basically decimate revenue at the same time as massive cutting would lead to huge amounts of job losses, either direct or indirect resulting in automatic stabilizers kicking in. As unemployment increases, the already reduced tax rates would bring in even less income at the same time as deficit finances automatic stabilizers would drive the deficit higher. I can't help but think that all of these politicians and users who argue for rapid cuts to spending at the same time as rapid cuts to taxes would leave us in even more red ink.
    By any reasonable assessment, the Pawlenty plan would significantly increase the federal budget deficits. I suspect that the campaign understands the math and fudged things by throwing out an absurd growth rate that would generate far more revenue than is likely. Recent economic history and the structural dynamics of the U.S. economy, including massive debt overhang, make such a sustained growth rate improbable. The dramatic increase in the nation's deficits, and the structural component associated with such tax cuts, would increase the risks of a U.S. debt crisis and push forward the timing for such an event.

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by rocket88 View Post
    Indeed. Like his little tirade in South Carolina about bringing the Boeing jobs there. Plays well there, but how do the folks in Washington (the state, not DC) feel about that?

    Unfortunately, telling people what they want to hear seems to be strategy that works. Worked for the last 3 Presidents.
    Quote Originally Posted by PeteEU
    It is frankly horrible and he should be ashamed. The "jobs" he wants to bring to South Carolina, a state he could win an election, would come from Washington State, a state he most likely never would win... this kind of "politics" is disgusting to say the least, and yes both sides use it. Hence the electoral college sucks donkey balls.
    Well, first off, the jobs being created in SC to start another line for building the 787 are not effecting the jobs already existing in WA state at all. And the union will lose that fight. A company has the freedom in this country to put its plant anywhere they want.

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