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Pawlenty's super-rich tax cuts

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randel

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

Americans in the lowest 20% of income don't even pay taxes, so 23 bucks is pretty darn good.
 
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randel said:
are you a economically challenges as pawlenty appears to be?
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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.
 
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randel said:
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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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
 
dontworrybehappy said:
He's got my vote.

Americans in the lowest 20% of income don't even pay taxes, so 23 bucks is pretty darn good.
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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?
 
dontworrybehappy said:
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.
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So, are you supporting elimination of all taxes or is there some particular level of taxes at which that "greater right" kicks in?
 
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dontworrybehappy said:
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.
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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?
 
Deuce said:
So, are you supporting elimination of all taxes or is there some particular level of taxes at which that "greater right" kicks in at?
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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?
 
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dontworrybehappy said:
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?
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you think the government should find ways to generate income...seems to me that is the purpose of taxes.
 
dontworrybehappy said:
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?
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Great idea. We can just return the US back to its glory days of the "Articles of Confederation" and who was the idiot that got rid of slavery, I mean c'mon! What kind of pure capitalistic society outlaws the god-given right to own other humans as property?
 
toddwv said:
Great idea. We can just return the US back to its glory days of the "Articles of Confederation" and who was the idiot that got rid of slavery, I mean c'mon! What kind of pure capitalistic society outlaws the god-given right to own other humans as property?
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I don't know but thank goodness a republican lead the fight to end slavery, right?

WTF does this have to do with the OP? Is this all you've got?
 
dontworrybehappy said:
I don't know but thank goodness a republican lead the fight to end slavery, right?

WTF does this have to do with the OP? Is this all you've got?
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which republican would that have been? hope you don't mean lincoln.....
 
randel said:
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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That people need jobs... dman him for wanting to help people get jobs!
 
MrVicchio said:
That people need jobs... dman him for wanting to help people get jobs!
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there are tax cuts already in place, have been for several years now...where the hell are all the jobs this was supposed to create?
 
Jesus. And I thought I knew very little about economics.

It's like some people in this thread dont seem to grasp even a ****ing HINT of reality, as if personal income taxes for the wealthy has been the greatest issue ever... That's it's been the crux of American success since inception... I mean, holy dog****, taxes for sure didn't help America win a world war, help pay down the debt incurred in that war, destroying the manufacturing base of it's greatest economic rivals leading to a massive middle class (the actual driving force of a healthy economy) creating one of the greatest militaries in history, building an infrastructure previously thought impossible for a country of it's size and...

Ah **** it.

Taxes are evil and so is Obama...
 
randel said:
which republican would that have been? hope you don't mean lincoln.....
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Lincoln was willing to demonstrate through the use of force that the federal government supersedes the authority of the individual states. It's time for the right-wing to toss Lincoln on the trash heap along with all the other newly declared "liberals" such as Ronald Reagan and Jesus Christ.
 
randel said:
there are tax cuts already in place, have been for several years now...where the hell are all the jobs this was supposed to create?
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They created plenty of jobs. However, the tax cuts flushed companies with cash so that they could afford to create jobs...in India and China while still making their executives even richer.

It's a win-win for the top 5% or so.
 
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randel said:
there are tax cuts already in place, have been for several years now...where the hell are all the jobs this was supposed to create?
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We should raise taxes in stead, and see if that creates jobs and wealth this time, (where it failed every other time in history)
 
MrVicchio said:
We should raise taxes in stead, and see if that creates jobs and wealth this time, (where it failed every other time in history)
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can't address my point?
 
MrVicchio said:
We should raise taxes in stead, and see if that creates jobs and wealth this time, (where it failed every other time in history)
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Canada and Germany have higher taxes then you, and we're doing a lot better economically then you, this unhealthy fixation on taxes is a distraction on the more complex issues that are your economic woes.
 
If we eliminate the capital gains tax, we might as well give up all pretense of taxing the upper class at all, like the good old days of feudalism.

Of course, back then, the aristocracy made up for not paying taxes by fighting in wars.
 
Jetboogieman said:
Canada and Germany have higher taxes then you, and we're doing a lot better economically then you, this unhealthy fixation on taxes is a distraction on the more complex issues that are your economic woes.
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Different situation Jet, different countries, your obsession with comparing apples and oranges is unhealthy.
 
Viktyr Korimir said:
If we eliminate the capital gains tax, we might as well give up all pretense of taxing the upper class at all, like the good old days of feudalism.

Of course, back then, the aristocracy made up for not paying taxes by fighting in wars.
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Yes, because only super rich people invest money, the middle class, they don't... no won't help them at all...

:roll:

Class warfare is beneath you Viktyr
 
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