Pawlenty Offers “A Better Deal”
Just a few quick excerpts from Pawlenty’s speech in Chicago today, where he offered what he calls “A Better Deal”:
“American businesses today pay the second highest tax rates in the world. That’s a recipe for failure, not adding jobs and economic growth.
“We should cut the business tax rate by more than half. I propose reducing the current rate from 35% to 15%. But our policies can’t just be about simply cutting rates. They must also promote freedom and free markets. The tax code is littered with special interest handouts, carve-outs,subsidies, and loopholes that should be eliminated.”
“On the individual rates we need a simpler, fairer flatter tax system overall. I propose just two rates: 10% and 25%. Under my plan, those who currently pay no income tax would stay at a zero rate. After that, the first $50,000 of income – or $100,000 for married couples – would be taxed at 10 percent.
“Everything above that would be taxed at 25 percent. That’s it. A one-third cut in the bottom rate to allow younger, middle, and lower-income families to save andbuild wealth. And a 28 percent cut in the top rate to spur investment and job creation.
“In addition, we should eliminate altogether the capital gains tax, interest income tax, dividends tax, and the death tax. Government has no moral or economic basis to claim a second share of the same income. When you deposit a dollar in your bank account, every penny should be forever more yours and your children’s, not the federal government’s.”
“So I propose that Congress grant the President the temporary and emergency authority to freeze spending at current levels, and impound up to 5% of Federal spending until such time as the budget is balanced. If they won’t do it…I will. As an example, cutting even 1% of overall federal spending for six consecutive years would balance the federal budget by 2017.”
“Federal regulations will cost our economy $1.75 trillion this year alone, it’s a hidden tax on every American consumer, built into the price of every good and service in the economy. And make no mistake: the current Administration is hunting far bigger game than the incandescent light bulb.
“Under ObamaCare’s individual and employer mandates, America’s private health care market is in intensive care, with a bad prognosis.
“The Dodd-Frank financial regulation bill called for more than 200 new rules to be written by more than ten federal agencies, none of them resolving the catastrophic scandal of Fannie Mae and Freddie Mac. Months after the law went on the books, no one yet knows exactly what the law is. …
“I will require sunsetting of all federal regulations, unless specifically sustained by a vote of Congress.”
Sounds like a pretty good deal to me!