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Thread: Pawlenty's super-rich tax cuts

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    Pawlenty's super-rich tax cuts

    Pawlenty's super-rich tax cuts - Jun. 17, 2011


    NEW YORK (CNNMoney) -- Hey rich folks, Tim Pawlenty wants to cut your taxes. A lot.

    Under the terms of his recently revealed economic plan, Americans in the top 20% of earners would see their taxes cut by an average of $23,500, an 8.6 percentage point drop in their tax rate, according to an analysis by the nonpartisan Tax Policy Center.


    And the top 1% would get an annual average reduction of $261,000, a 14.8 percentage point drop.

    Meanwhile, Americans in the lowest 20% of income would see their taxes drop by an average of only $23, a 0.2 percentage point change in their tax rate.


    snip



    Add in Pawlenty's corporate tax plan, and all that cutting means the federal government will bring in almost $7.6 trillion less in revenue over ten years.

    For a government that already spends far more than it brings in, that spells trouble, according to Rosenberg, who said revenue would end up around 13.5% of GDP, far below historical norms.

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    Re: Pawlenty's super-rich tax cuts

    if you read on, he also wants to eliminate taxes on capital gains, interest income, dividends and estates...what the hell is he thinking?

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    Re: Pawlenty's super-rich tax cuts

    He's got my vote.

    Americans in the lowest 20% of income don't even pay taxes, so 23 bucks is pretty darn good.
    Last edited by dontworrybehappy; 06-19-11 at 02:24 PM.

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by dontworrybehappy View Post
    He's got my vote.
    are you a economically challenged as pawlenty appears to be?
    Last edited by randel; 06-19-11 at 02:31 PM. Reason: spelling

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by randel View Post
    are you a economically challenges as pawlenty appears to be?
    No, I'm actually a true conservative. I actually don't believe the gov't has a greater right to your income than you do. Considering you're talking about taking money from someone that they have rightfully earned and the gov't hasn't, I'm all for any and all tax cuts. The gov't has been too bloated for too long. It's time to trim the fat, and that first comes in what you feed the cow.
    Last edited by dontworrybehappy; 06-19-11 at 02:30 PM.

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by randel View Post
    Pawlenty's super-rich tax cuts - Jun. 17, 2011


    NEW YORK (CNNMoney) -- Hey rich folks, Tim Pawlenty wants to cut your taxes. A lot.

    Under the terms of his recently revealed economic plan, Americans in the top 20% of earners would see their taxes cut by an average of $23,500, an 8.6 percentage point drop in their tax rate, according to an analysis by the nonpartisan Tax Policy Center.


    And the top 1% would get an annual average reduction of $261,000, a 14.8 percentage point drop.

    Meanwhile, Americans in the lowest 20% of income would see their taxes drop by an average of only $23, a 0.2 percentage point change in their tax rate.


    snip



    Add in Pawlenty's corporate tax plan, and all that cutting means the federal government will bring in almost $7.6 trillion less in revenue over ten years.

    For a government that already spends far more than it brings in, that spells trouble, according to Rosenberg, who said revenue would end up around 13.5% of GDP, far below historical norms.
    I did some searching and was kind of shocked to find this counter to Pawlenty's fantasyland approach to economics:

    "Is it declinist to doubt the five percent number or is it just realist to doubt the five percent number? You talk about the fact that for a few years in the 80s and a few years in the 90s that we did have average 5 percent growth -- or close to it, it was 4 point something. But the fact is, the difference is, in both of those occasions that was coming directly out of a recession, not after a year, a year into a weak recovery. And actually, in both of those cases, it came after a tax increase, not a tax cut."

    Anyone want to guess who brought up this point of contention?

    Well, it was none other than Chris Wallace of Fox "News"...

    Chris Wallace to Pawlenty: Your economic plan won't work without tax increases | Video Cafe
    God Has Boobs. It's in the Bible.

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by dontworrybehappy View Post
    He's got my vote.

    Americans in the lowest 20% of income don't even pay taxes, so 23 bucks is pretty darn good.
    So, you're of the opinion that the lowest 20% of income doesn't pay taxes, but those people will see their tax levels drop?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by dontworrybehappy View Post
    No, I'm actually a true conservative. I actually don't believe the gov't has a greater right to your income than you do.
    So, are you supporting elimination of all taxes or is there some particular level of taxes at which that "greater right" kicks in?
    Last edited by Deuce; 06-19-11 at 02:32 PM. Reason: redundancy
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by dontworrybehappy View Post
    No, I'm actually a true conservative. I actually don't believe the gov't has a greater right to your income than you do. Considering you're talking about taking money from someone that they have rightfully earned and the gov't hasn't, I'm all for any and all tax cuts. The gov't has been too bloated for too long. It's time to trim the fat, and that first comes in what you feed the cow.
    let me rephrase...do you understand economic reality? we have to pay for what we need/want, and right now, we can't do that...how is cutting taxes again going to help pay for everything?

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    Re: Pawlenty's super-rich tax cuts

    Quote Originally Posted by Deuce View Post
    So, are you supporting elimination of all taxes or is there some particular level of taxes at which that "greater right" kicks in at?
    I would honestly be for zero taxes, as no company in this country has a right to take your money by threat of force. I think the gov't should find a way to generate revenue. How would you feel if Wal Mart would come to your house with armed men demanding 20% of your income? The gov't does that and nobody questions it.

    I'm not for anarchy at all, but I am for a lean, fit, trim gov't. Not this bloated ass shyt we have today.

    Randel, no matter how much the gov't takes, they spend more then they take. So my question to you is....when will you finally wake up and learn that the democratic thought process of "throw more money at it" will indeed NOT fix the problem?
    Last edited by dontworrybehappy; 06-19-11 at 02:34 PM.

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