How Michele Bachmann Would Knock 20,000 Millionaires off the Tax Rolls

By :: June 16th, 2011

In a revealing interview with Steve Moore of The Wall Street Journal, Representative Michele Bachmann(R-MN) called for repealing taxes on capital gains. She also said she strongly believes that everyone should pay some income tax.

This got me wondering: What would happen to the number of non-payers if the GOP presidential hopeful got her wish and Congress did abolish taxes on gains. My Tax Policy Center colleague Dan Baneman ran the numbers: Such a step would remove 23,000 millionaires from the income tax rolls, and cut their annual tax liability by an average of a half-a-million dollars. If all investment income (including interest, dividends, and gains) were made tax free—an idea backed by Tim Pawlenty, another GOP presidential aspirant-- 57,000 households making $1 million or more would avoid paying any income tax, about 50,000 more than today.

Btw, this largess would add about $25 billion to the deficit in one year (eliminating taxes on gains only would reduce tax liability by roughly $11 billion for those $1 million-plus households who no longer paid income tax).

I readily admit these numbers are entirely misleading. In fact, they understate the benefits to the very wealthy because they include only those who would drop off the tax rolls entirely.

More than 200,000 households that make $1 million or more would enjoy a significant cut in their tax liability if the levy on gains were repealed. But they’d still be paying some income taxes. Dan estimates they'd  get an average tax cut of almost $100,000 (half would get a cut averaging about $200,000 while one-third would pay an average of $2,500 more).     

But for now, just look at this through Bachmann’s prism: When it comes to the income tax, she told Moore, “I think everybody should have to pay something.”

Fair enough. But how does that square with a plan that would eliminate tax liability for tens of thousands of those with the highest incomes?

In a regressive sort of way, Bachmann’s plan does succeed.  While making gains tax-free would eliminate all income tax liability for 23,000 filers making a million or more, it would add about 250,000 others to the rolls. Nearly all, however, would be low- and moderate-income. It is likely that many would become payers because they’d lose the ability to write off losses on the sale of assets.

Btw, TPC excluded other tax changes Bachmann proposed in her Journal interview. For example, she also proposed zeroing out the Alternative Minimum Tax and the estate tax, and cutting the top corporate rate from 35 percent to 9 percent. It also excludes behavioral changes, and I suspect lots of high-earners would turn more of their income into tax-free gains. All of these changes would very likely knock even more high-income households off the rolls.

Unlike Pawlenty, Bachmann didn’t say what she’d do with other investment taxes, though it is hard to imagine she’d retain a tax on dividends, for instance, after entirely eliminating the levy on gains. So TPC looked at what would happen to the number of non-payers if all investment income is excluded from tax.

Overall, this change would knock about 2.5 million more households off the tax rolls. On average, it would reduce the taxes of those who went from payers to non-payers by about $14,000. But those making $1million or more and dropped off the rolls would get an average windfall of nearly $500,000. Those making $30,000-$40,000 and had their tax liability zeroed out would get an average tax cut of less than $500.

Bachmann (who was once an IRS tax lawyer) holds bold and unyielding political views. But in this case, those ideas are strikingly at odds with one another.

117Comments

  1. Michael Bindner  ::  9:18 pm on June 16th, 2011:

    She looks sane, but is a nut job. This will appeal to the base and to donors, but not to most voters. If she were the nominee proposing this, it would be because she is taking a dive. With this kind of tax plan, she might as well just endorse the Fair Tax and be done with it – it is the same level of idiocy.

  2. David R  ::  9:26 pm on June 16th, 2011:

    “But for now, just look at this through Bachmann’s prism: When it comes to the income tax, she told Moore, “I think everybody should have to pay something”

    But doesn’t this violate Grover’s Pledge?

    http://dismalpoliticaleconomist.blogspot.com/2011/06/michelle-bachman-breaks-anti-tax-pledge.html

    Ok, maybe the fact that it reduces taxes on the wealthy by such a large amount buys her a pass. Or maybe as the post states, no one really takes what she says seriously. That may change though which is why the Tax Vox post here is important.

  3. Catherine  ::  2:02 pm on June 17th, 2011:

    She probably thinks that the millionaires whose income is limited to capital gains are still paying their fair share via sales and use taxes.

  4. Derek Wain  ::  10:48 pm on June 17th, 2011:

    Gleckman and the Urban-Brookings Tax Policy Center is a very far left, redistributionist think tank that is an integral part of the Obama political propaganda machine. His entire economic approach has been rejected by the economics professon because the analysis is static, i.e., it fails to account for the huge benefit to the economy from lowering taxes on the most productive economic players in the economy.

  5. Michael Bindner  ::  1:53 am on June 18th, 2011:

    If that benefit were true, the unemployment rate would be 2%. Taxes and credit HAVE been very effectively to employers – who aren’t hiring. They are paying out some nice bonuses, but the money is pretty much staying at the top.

  6. NobamaThisTime  ::  7:32 am on June 18th, 2011:

    This author does not understand you have to put people to work first. The rich will not invest in US if our tax structure punishes them. Bachman knows that if you grow the economy, you put people back to work. But you cannot grow because Obama’s telling everyone that you can tax your way to prosperity. He and this author don’t have a clue. With Bachman’s proposal, you get both. Because more people employed by allowing rich to invest for profit will yield more taxes.

  7. Tommy Lewis  ::  8:08 am on June 18th, 2011:

    Why is it we are always being told the rich need to avoid tax in order to create jobs. They have the bush tax cuts now and where the hell are the jobs!

    Since bush made these cuts the economy has suffered with sky high deficits while bleeding jobs. What planet are you people on. Is everyone just nuts or stupid. Please help me…

    Being a women is not a reason to be president, neither is being black or being with the tea party or being a democrat or being republican. We need smart people with common sense and not puppets who allow others to tell them how to think.

    We need people who understand without the poor and the middle class there is no economy. How the hell did the rich get rich, if the poor and middle class didn’t buy their things and use their services. What if the poor and middle class stop using Google or Yahoo, can you say bankrupt… Really people, your brains is there for thinking and not spewing garbage and rants because you like someone.

    That is why we are in this situation in the first place we have non thinkers leading and non thinkers supporting them. STOP BEING SHEEPS!

  8. Mike Melnyk  ::  8:26 am on June 18th, 2011:

    On the face of it, what you say sounds reasonable.

    The proportion of their income that the rich — and most taxpayers — pay in taxes is at its lowest levels in decades.

    Also, the rich have been accumulating cash as a result of the Bush tax cuts and have NOT been reinvesting.

    And we’re approaching levels in income inequality comparable to the Robber Baron era in the 1800’s.

    So why shouldn’t the very wealthiest pay more taxes?

  9. Antru Zel  ::  8:30 am on June 18th, 2011:

    If this skank would get hit my Palin’s bus….PARTY at my house….$2 cover, billionaires free.

  10. “Bunsy!”  ::  8:33 am on June 18th, 2011:

    To: Mr. Howard Gleckman

    Re: Bachmann Tax Plan

    Thank you for the succinct, fact-based synopsis on [elected how???; and by whom???] Congresswoman Bachmann’s version of “middle America.” Yes, it seems as though our futures may be in peril; however, we still are the majority in this country! That “plan” is “whacko!”–as is it’s presenter! I shall attempt to cooberate your statistics independently and should they square-up; then consider mine another voice in the effort! I would be thrilled to spread the good word in attempts to stop Bachmann from relieving the already under-taxed affluents from paying the fairest share of income-taxes. It would also both further hurt & further devolve the financial stability and the many recognized [status] symols of “Middle Class” achievement & status in “middle American.”

    What an absolutely insane proposition! Another nitwit & loudmouth to emerge from that nutter-filled “Tea Party” caucus of the Republican Party? And she is one of their “leaders”? That’s incredulous to me; not even my considerable psychological abilities seem able to fathom this country ever electing a “President Bachmann.” Should this ever happen? I’d consider seriously temporarily repatriating along with many others, to be sure!

  11. b l  ::  8:49 am on June 18th, 2011:

    Businesses and those who invest in businesses (most likely those whose money is not all going towards everyday living) are credited with creating jobs. I don’t think these are “anti-business” times. So where are the jobs?

    Look at historical tax policies of the last 100 years. The U.S. has created a system of tax avoidence. You can probably ask anyone who may understand income taxes, but most articles I have read say that American businesses do not pay a whole lot of tax. The tax rate foe business is about 35%, high, but beause of our system of subsidies and whatever else, businesses do not come close to paying 35%. So, where are the jobs?

    I’ve seen many news stories in the last 6 months from mainstream media and conservative media about record profits for companies..where is the hiring? The DOW has experienced 6 weeks of lower earnings but it is far above those levels from 1 and 2 years ago…where are the jobs?

  12. GL  ::  9:04 am on June 18th, 2011:

    Thank you Bunsy!

  13. GL  ::  9:04 am on June 18th, 2011:

    What a party indeed!

  14. GL  ::  9:06 am on June 18th, 2011:

    Tommy, very eloquently stated!

  15. GL  ::  9:09 am on June 18th, 2011:

    I agree Mike, they should have to pay more taxes and must if we are going to fix this country at all.

  16. GL  ::  9:11 am on June 18th, 2011:

    No way I could begin to explain it any better Michael.

  17. Jim Robertson  ::  9:22 am on June 18th, 2011:

    Michele Bachmann was a legitimate candidate until she rose in the polls and she lost
    all of her natural looks and self initiated wisdom. This upsets me because I truly think
    she is a blueblood and would be excellent. When I saw her lasr week after all these so
    called experts took over and tried to make her look like a barbie doll and freeze her
    natural hair with a bottle of hairspray, I knew it was over. Mrs. Bachmann please take
    over your own life and you will have a chance because you were awesome before these
    so called experts got involved. Please remember what got you where you are!!!! You were
    a 10 times better candidate when you were yourself. Please take the puppet strings off.

  18. Fred Blitzfick  ::  9:33 am on June 18th, 2011:

    Perfect.

  19. jstepp590  ::  9:41 am on June 18th, 2011:

    Well, they always say that capitalism fails when the people learn to vote for whoever is going to give them the most. Repubs do it with tax breaks. Libs do it with their softhearted social giveaways like Medicare and Social Security without a thought to how they will be corrupted and grow unwieldy.

    I say this. The Republicans say that for raising the debt ceiling they want a equal number of spending cuts from Democrats, which I agree with.

    However lets flip this around as well. For every tax cut the Republicans want they have to come up with another way to raise taxes in an equal amount. That way their tax cuts don’t add to the deficit they are so concerned about. Then lets see her get elected by raising taxes on everyone else so that the wealthy people can keep more of their money.

    Sounds like a plan to me.

  20. Jack  ::  9:42 am on June 18th, 2011:

    Gleckman. Another in a long line of Obama shills. Keep up the biased and fabricated bs you only have 18 more months of lying to go!

  21. jstepp590  ::  9:44 am on June 18th, 2011:

    “Well, they always say that capitalism fails when the people learn to vote for whoever is going to give them the most.” Oops typo, meant Democracy not capitalism.

  22. huh?  ::  9:54 am on June 18th, 2011:

    It’s a fairly well-kept secret that the sort of intelligence necessary to pass the bar and become a lawyer, excludes math and accounting.

    Apparently, this is no less true of former IRS lawyers.

    Or, perhaps, lack of math and accounting skill is the reason why Ms. Bachmann is a “former” IRS lawyer.

  23. Dan  ::  10:01 am on June 18th, 2011:

    Why is there nothing in this slanted story about the revenue that would be generated by increased economic activity when people are allowed to keep more of their own money and send in the economy? Historically, when tax rates are low then more economic activity is generated and revenues to the govt increase. Why is this so hard to understand? Don’t these progressives understand simple economics? But no! They need to redistribute so they can go around saying that they have helped to save mankind.
    The American govt was never meant to be Robin Hood.

  24. Dan  ::  10:04 am on June 18th, 2011:

    That is such a ridiculous argument. Why don’t you acknowledge that lower tax rates bring in more tax receipts? It’s economic history. Look it up! How did Coolidge get the U.S. out of a slump? How did Kennedy? How did Reagan? By cutting taxes and standing out of the way of American business.

  25. Dan  ::  10:11 am on June 18th, 2011:

    C’ya! Wouldn’t want to be ya…
    Fact based? Where’s the info on the higher tax revenues brought in from increased economic activity when tax rates are low as has been the case throughout the history of the U.S.?
    Where is the info about more than half the country doesn’t pay any taxes because they receive income from those who work?
    What do you have against people being able to keep more of their hard earned money?
    Why would you try the same ole, same ole tax system that has worked wonders in the past number of years? Isn’t that the definition of insanity?
    What country will you run to? Greece? They have done well in their giveaways…

  26. JAke696  ::  10:13 am on June 18th, 2011:

    Know how to make a Hormone? Don’t pay her…

    Where are these politically wacked wenches coming from?

  27. Tim Bowling  ::  10:28 am on June 18th, 2011:

    Well said. This story is written by a moron.

  28. robert  ::  10:29 am on June 18th, 2011:

    Howie fails to metino the millions of individuals that would save money by eliminating the capital gains tax!! THis about it, you put in your AFTER TAX DOLLARS into an investment tool and it does well so you have to pay more taxes on it?? DOES THAT SEEM FAIR??

  29. robert  ::  10:30 am on June 18th, 2011:

    that is why you are an idiot.

  30. Steven Mallory  ::  10:33 am on June 18th, 2011:

    I had no idea there were so many sycophants on the “Christian Science Monitor”. Thou shalt not covet.
    Its creepy how concerned people get with other peoples money. Im just not wired that way, and when I see it, it looks evil to me. If I see ANY AMERICAN paying less to this sycophant state it pleases me, and I cannot grasp how anyone would wish otherwise.
    This system of false prophets is a failure, and that is not opinion it is nature. It is becoming sickening to have to watch people worship at the alter of the state. We must free ourselves of the state, it is our greatest burden. Do not covet, you are a sick person.

  31. t  ::  10:34 am on June 18th, 2011:

    capital gains tax is a double taxation…

    Economists Victor Canto and Harvey Hirschorn explained:

    A government can choose to tax either the value of an asset or its yield, but it should not tax both. Capital gains are literally the appreciation in the value of an existing asset. Any appreciation reflects merely an increase in the after-tax rate of return on the asset. The taxes implicit in the asset’s after-tax earnings are already fully reflected in the asset’s price or change in price. Any additional tax is strictly double taxation

    capital gains taxes are used by rich HYPOCRITES like buffet who want others to pay more taxes, but does everything in his power to avoid paying taxes. if the capital gains tax cut is eliminated the rich would find other ways to avoid taxes.

    our tax system is a mess, it should be replaced with a flat tax, no deductions, or a consumption tax. the marxist progressive income tax that we have is a total failure.

  32. S. Cook  ::  10:36 am on June 18th, 2011:

    Tommy, you have said what so many people should understand. However, in reading these blogs, people like you, or anyone with common sense, don’t seem to exist. They say “history shows … ” What history are they reading? Certainly not American History. Thank you for your post. There is sanity out there after all. Let’s hope the poor and middle class get out the vote. We have to stop the insanity running amok in our Country before we become an oligarchy with no say whatsoever.

  33. random  ::  10:36 am on June 18th, 2011:

    Instead of completely getting rid of capital gains. They should just have it if you make less than $100,000 you don’t pay any cap gains or dividend tax. Along with that bill they should put a lot more oversight on welfare recipients. At least rich people work for there money. A couple of months ago I saw someone pull up to a gas station in a new pimped out cadillac. He stepped out wearing at least $400 worth of clothes. He was standing in front of me in line yapping on his brand new smart phone. He walked up to the counter and bought a quart of milk with one of those electronic food stamps card. I say if you recieve any welfare you should be assigned a social worker who can give you drug tests and random searches to make sure you aren’t frauding the system.

  34. Steven Mallory  ::  10:45 am on June 18th, 2011:

    “Stop being sheeps”. So vote for a Socialist, that is truly an independant minded thing to do.
    What I see in you people is truly frightening. You have become savages tearing your own country apart. Why are you upset with your fellow AMERICANs getting a break? If it is low, middle, or high income we should all feel relieved that our fellow coutry men are relieve from this oppressive state. Not to mention it is economically the only way to improve… by reducing the state. Your upset with a $25 billion deficit, due to these tax cuts, you are a joke. A sick and sad joke; continue to to worship at the alter of these false prophets you sycophants. You don’t deserve your freedom.

  35. Steven Mallory  ::  10:46 am on June 18th, 2011:

    Why should anyone pay more taxes? you creep.

  36. Steven Mallory  ::  10:47 am on June 18th, 2011:

    Why should anyone be forced against their will (from the butt of a gun) to contribute more to an absolutely failed belief system.

  37. Steven Mallory  ::  10:49 am on June 18th, 2011:

    FREE YOURSELVES. The state has no RIGHT to EVEN KNOW HOW MUCH I EARN. IS THIS SOCIETY FOR THE PEOPLE OR FOR THE STATE!!

  38. Steven Mallory  ::  10:51 am on June 18th, 2011:

    BY your logic, RAPING these people of their earnings and giving to leeches is the prosperous thing to do. You have to let go of your leftist frame of mind, you will destroy us all.

  39. wendy02  ::  10:55 am on June 18th, 2011:

    She is definitely a nut job!! As Jake696 said, Where do these wackos come from?? She needs to crawl back under the rock where she has been hatching all this crap!!

  40. Steven Mallory  ::  10:57 am on June 18th, 2011:

    Please explain. It is so hard for me to understand how you think it is any of your business about how other people live their lives. Who made you believe you have the RIGHT to other peoples money? Low, Middle, or high income earners; you should be relieved when any of them are freed from the “boot” of this oppressive state.

  41. Do you hear yourself?  ::  11:01 am on June 18th, 2011:

    Do you hear yourself? “They should have to pay more taxes if we are going to fix this country.”

    Who are the “they” and “we” to you?? Who decides who’s rich or not? You?

    Who is the “we” that gets to “fix” this country? You?

    We need more tax revenue. Put people to work.
    We need to cut spending. Stop electing officials who spend.

    It’s that simple.

  42. Steven Mallory  ::  11:06 am on June 18th, 2011:

    Explain what better? The political nature of how people will knee jerk react to something that is actually FREEDOM. It explains nothing, it is a prediction about how people will react if this issue is demagoged.
    Sadly, from the looks of it, sickos like you GL are already salavating at the political points you can score with your demagoguery. You are pathetic, your ideas have no foundation in reality. You and people like you are an “empty cupboard”. Modern Americans like you have become petulant children. It reminds me a something Thomas Paine wrote in “Common Sense.” Selected from the rest of mankind, their minds are early poisoned by importance; and the world they act in differs so materially from the world at large, that they have but little opportunity of knowing its true interests, and when they succeed in the government are frequently the most ignorant and unfit of any throughout the dominions.” You see? You are blinded by your own importance, you think you know something, but you know NOTHING.

  43. Dennis  ::  11:12 am on June 18th, 2011:

    This woman is nuts, first she wanted to cut our Veterans benefits now she wants to eliminate taxes for the wealthy. Wake up people, shes worse than obama!!!

  44. Daniel M.  ::  11:18 am on June 18th, 2011:

    REALLY??!! Where is all the “economic activity” after 10 years of tax breaks to the rich and bail out money to the crooked bankers? Who doesn’t get it? You and your type!! Consumption tax is fair to all.

  45. Lewis julio  ::  11:20 am on June 18th, 2011:

    I agree, Besides there is no way there would be an unrestricted 100 cut in capital gains anyways.
    Typical Liberal spew from Mass.

  46. t  ::  11:29 am on June 18th, 2011:

    you libs are vile wackos. crawl back under your rock

  47. Steven Mallory  ::  11:30 am on June 18th, 2011:

    Leftist ideology, and the people that worship at its alter, have become so far removed from reality they are sadly endangering all of our futures. They have become so plagued with class warfare “envy” and identity politics that they care not for the true nature of economics. “Greed”- they want what is not theirs and they demand it. “Gluttony”- Why are the poor the fattest in our nation? “Sloth”- Who rewards this activity? “Wrath”- You can see the vitriol against their fellow Americans in every post. The very nature of their crusade against the “rich” is in the name of wrath. “Envy”- Do I have to explain? This is a pillar of their ideology. “Pride”- Their FALSE PRIDE is apparent in their inability to see the true nature of things. “Lust”- Need I say more?
    I am not a Christian, I am a Deist, I believe in a Creator, but I do recognize the philosophical nature of Christian beliefs, and their ability to understand what it beneficial to society and what is detrimental.
    To all leftists; it is sad that you insist, from the butt of a gun, that we continue down your path to destruction. If you wish death and decay please continue. We will continue to predict you failure, and point it out to you, but if you choose to not see or hear, you cannot be saved, and I am afraid we will not be spared either (This is the source of my Wrath).

  48. t  ::  11:30 am on June 18th, 2011:

    the wealthy pay most of the taxes in this country. you should thank them for taking care of you.

  49. Steve  ::  11:35 am on June 18th, 2011:

    Um, sorry, “historically” that doesn’t work. Nor is there any evidence it ever worked. It’s just another lie propagated by conservatives (who btw are only fiscally conservative when they are out of power).

    Wealthy people spend their money overseas on cruises and other vacations, homes, jewelry, clothes etc which does not benefit Americans or create American jobs.

    Wealthy people also put their money in off-shore accounts so they are able to avoid paying taxes.

    The average American has seen a decrease in household income since 2001 and that period included TWO tax breaks.

    Secondly, tax rates are the lowest they’ve been since 1950 and we have the worse unemployment and economy since the Depression.

    If one looked at “history” they would see the tax rates of the 1950’s and 1990’s were much better for the economy and employment than today’s rock bottom tax rates which have stimulated nothing.

  50. Kevin  ::  11:42 am on June 18th, 2011:

    Alright Idiot. All anyone is saying is they should pay their fair share in taxes not less than what the middle class pays. Yes i will be voting for Obama, as a moderate republican. BecaUSE THE ONLY rEPUBLICAN WORTH LISTENING TOO WON’T GET THE NOMINATION WHICH IS your fault! So sorry the rich should pay their fair share and you are too ignorant to agree.

  51. Steven Mallory  ::  11:42 am on June 18th, 2011:

    As usual, no substance, she just a “nut job”. Vile is a proper word. Why is she a nut job again, her proposal is based in economic freedom? Seriously, do you believe the founders were nut jobs? That is a sincere question.

  52. Kevin  ::  11:43 am on June 18th, 2011:

    Idiot

  53. houseofscott  ::  11:45 am on June 18th, 2011:

    Who do you think pays 80% of the taxes. No one complains about the people under $40,000 that, no only pay no tax, but get refunds in the $4,000 to $5,000 range just because they can produce kids (earned income credit). That’s a scam.

  54. Steve  ::  11:47 am on June 18th, 2011:

    How many jobs did Kenneth Lay create?

    How many jobs did Bernard Ebbers create?

    How many jobs did John Rigas create?

    How many jobs did James Cayne create?

    How many jobs did Alan Fishman create?

    How many jobs did Ken Thompson create?

    How many jobs did Angelo Mozilo create?

    Oh, that’s right, they were just a small fraction of the part of that “hard working honest American” that raided, destroyed and bankrupted their companies, put millions of Americans out of work, destroyed their employees pensions, wiped out the value of their investors and screwed their customers.

    I think we need to get away from the premise that wealthy people are honest, trust-worthy and deserving of their billion dollar golden parachutes, fully paid health benefits, company cars and interest free loans provided by the boards of their companies.

  55. jscottu  ::  11:49 am on June 18th, 2011:

    The use of the word “largess” to describe allowing people not to be double taxed is indicative of this entire article. America should not be about fanning the flames of envy with class war rhetoric.

  56. t  ::  11:52 am on June 18th, 2011:

    the rich already pay far more than their fair share. they pay more than their share of adjusted gross income..

    As the data below show, incomes reported by tax returns at the high end of the income spectrum plummeted from 2007 to 2008, as did their share of the nation’s income and income taxes paid. In 2008, the top 1 percent of tax returns paid 38.0 percent of all federal individual income taxes and earned 20.0 percent of adjusted gross income, compared to 2007 when those figures were 40.4 percent and 22.8 percent, respectively. Both of those figures—share of income and share of taxes paid—were their lowest since 2004 when the top 1 percent earned 19 percent of adjusted gross income (AGI) and paid 36.9 percent of federal individual income taxes

    http://www.taxfoundation.org/news/show/250.html

    but don’t let facts get in the way of your socialist ideology, comrade…republican…LOL puleaze

  57. Doug Fox  ::  11:53 am on June 18th, 2011:

    If we required every one pay 10% of their income in taxes (this would includes capital gains) we would have a totally fair system. Instead of people paying millions to find ways to avoid taxes, they would have incentive to just pay up. If you could keep 90% of what you earn you would have incentive to always be earning more. No games, no gimmicks, no tax accountants, no headaches on April 15th. Even the poorest bum on the street would be required to pay $10 on the $100 that he panhandled. Bill Gates would have to pay $1 Million if he earned $10 Million this year. This would bring in so much cash the national debt could be retired in a few years.

  58. t  ::  11:58 am on June 18th, 2011:

    truth hurts moron

  59. t  ::  12:00 pm on June 18th, 2011:

    historically tax cuts have worked very well…for JFK, reagan, bush and Clinton (capital gains tax cut)

    since wealthy people hide their money anyway, what does it matter if we have a capital gains tax cut or not then? hmmm?? just because when Clinton did it, tax revenues went up…along with economic activity…but don’t let the facts get in the way of your socialist faith..you libs never do.

  60. ken  ::  12:02 pm on June 18th, 2011:

    From “Agrarian Justice”–Thomas Paine,1796—

    “It is a position not to be controverted that the earth,in it’s natural,cultivated state was,and ever would have continued to be,the common property of the human race. In that state every man would have been born to property. He would have been a joint life proprietor with rest in the property of the soil,and in all it’s natural productions,vegetable and animal.

    Create a national fund,out of which there shall be paid to every person,when arrived at the age of twenty-one years,the sum of fifteen pounds sterling,as a compensation in part,for the loss of his or her natural inheritance,by the production of the system of landed property. And also,the sum of ten pounds per annum,during life,to every person now living,of the age of fifty years,and to all others as they shall arrive at that age.”

    That’s right bright boy—Thomas Paine was in favor of “wealth re-distribution” and a form of Social Security,long before such things were considered by our government.

    I can go on shooting holes in this BS notion of the Right that Mr. Paine was one of yours if you like (just because Glen Beck has the intellect and reading comprehension skill of a gnat doesn’t mean that you have to also you know…) so please keep posting middle-of-the-road musings of Mr’ Paine’s that showed a general contempt for politicians of ALL stripes,ad I’ll show you where he most defnitely was NOT on the side of the Conservatives in the debate on monetary issues and the government’s responsiblity to ALL of it’s citizens.

  61. kirby blandino  ::  12:06 pm on June 18th, 2011:

    3 types of lies?

    lies, damned lies, and politicians,journalists, and the self interested
    who can squeeze statistics to match their own conclusions.

    Reality : the upper pay less or none, the lower pay less or none,
    while the people in the middle… argue, take sides, and play the blame game

  62. Steven Mallory  ::  12:14 pm on June 18th, 2011:

    They don’t pay less you fool. Everything I said was true, you are sycophants, and your are a liar to boot. NO republican would vote for Obama, because you are no longer a republican once you do.
    “Ignorant” is a poor choice of words, ignorant of what exactly? Like all leftists, your answer will be vague, and filled with half-truths, because you only know slogans and one liners. Ignorance is too kind of a word for you. You have been conditioned, in post moderists, decontructionist ideology. You are a “conditioned” sycophant.

  63. Tiser  ::  12:17 pm on June 18th, 2011:

    Speaking of Robin Hood…

    REPUBLICAN’S ROBIN HOOD REVERSE !

    Steal from the Poor, Give to the Rich !

  64. Big Mike  ::  12:32 pm on June 18th, 2011:

    Obama is not a socialist, stop with the derp logic and get a 9th grade gov class text book and LEARN SOMETHING

  65. Big Mike  ::  12:34 pm on June 18th, 2011:

    It’s called AMERICA go move to a place where there is no taxes- GOOD LUCK

  66. surfcitysocal  ::  12:35 pm on June 18th, 2011:

    Hip, hip hooray, for Michele Bachmann for having the boldness to state what’s needed! What liberals will never acknowledge is that if capital gains are cut, and investors can invest again, then businesses will be able to hire again. You CAN’T TAX YOUR WAY OUT OF JOBLESSNESS–you’ve got to get people back to work and THEN the revenue stream will increase, jerks.

  67. Big Mike  ::  12:37 pm on June 18th, 2011:

    You are wrong because he said you are wrong, it will never change no matter what facts you have.

  68. Brian Pamadeccio  ::  12:37 pm on June 18th, 2011:

    Outrageous announcements like this does reveal the possibility that our “digital voting” can be rigged and that she sending a message to the wealthiest 1% of the population, or, she’s working for the Chinese to help destroy our econmony and way of life.

  69. Brian Pamadeccio  ::  12:41 pm on June 18th, 2011:

    Fair Tax system will balance the economy if it done correctly and honestly, but it will take away power from the elected “public servants”. Oh well.

  70. Shawn N  ::  12:44 pm on June 18th, 2011:

    These ideas proposed by Bachmann are NOT “strikingly at odds with one another” and anyone involved with tax knows that, including the writer of this article. Paying an income tax, which Bachmann believes everyone should, is not the same as paying a tax on capital gains. The capital gain tax is already 0% for anyone below the 25% income bracket. Business owners and investors are the main beneficiaries of this proposal. We want to encourage both to invest in businesses in order to grow jobs. Business owners are already paying payroll taxes and corporate taxes.

  71. Steven Mallory  ::  12:53 pm on June 18th, 2011:

    I don’t subscribe to all the views of one individual. Like a typical leftist, you attempt to marginalize his entire argument to suit your needs. You have perverted Paine’s argument for a death tax (during a period of true economic freedom), which I think has some merit, and turned it into socialism. I am a libertarian, but I do welcome arguments concerning certain taxations on extreme wealth. These arguments are difficult to have today, because of how tyrannical the state has become, it is hard to recede another inch under this tyranny. Read another Paine quote. I do this for the purpose of revealing to you how easy it is to pervert an argument;
    “Nothing could be more unjust than agrarian law in a country improved by cultivation; for though every man, as an inhabitant of the earth, is a joint proprietor of it in its natural state, it does not follow that he is a joint proprietor of cultivated earth. The additional value made by cultivation, after the system was admitted, became the property of those who did it, or who inherited it from them, or who purchased it.”
    Like all leftists you argument is disingenuous. You didn’t attack what Paine SAID in the first post, you immediately attempted to marginalize. I never said everything Paine ever said was what I believe. This half-hearted attack reminds me of something Ralph Waldo Emerson said
    “The wise man shows his wisdom in separation, in gradation, and his scale of creatures and of merits is as wide as nature.”
    “The foolish have no range in their scale, but suppose every man is as every other man. What is not good they call the worst, and what is not hateful, they call the best.”
    So I am clear, the purpose of this quote is to articulate why you are a fool.

  72. Steven Mallory  ::  12:54 pm on June 18th, 2011:

    Big Mike, I tried, but I can’t make sense of this.

  73. Steven Mallory  ::  12:54 pm on June 18th, 2011:

    What facts exactly?

  74. Steven Mallory  ::  12:59 pm on June 18th, 2011:

    I agree, it was revealing that the writer of the article confuses income taxes with capital gains taxes.

  75. subsonic mann  ::  1:07 pm on June 18th, 2011:

    You can have your own opinion ; you Cannot have your own facts. 10% of the top taxpayers pay 42% of the taxes. Do a little checking next time before you make a fool of yourself.

  76. G. Sears  ::  1:21 pm on June 18th, 2011:

    Okay, lets go down the reinvestment road — a GOP mantra not to far from the failed notion of trickle down. Bush tax cuts in effect for about 9 years now with very mixed reviews on the effect on spurring economic growth:
    “Critics state that the tax cuts, including those given to middle and lower income households, failed to spur growth. The cuts also increased the budget deficit, shifted the tax burden from the rich to the middle and working classes, and further increased already high levels of income inequality.”(Wiki, “Bush tax cuts”).
    The only way I buy this is if there are clear provisions that dictate that gains from more tax cuts be directly invested in new and existing US based enterprises. No shell games. No loffshore havens. No pouring tax cut windfalls into producing a merry-go-round of continually compounding these benefits into more more sheltered income.
    The shift of wealth in America to those most economically benefited has already reached obscene levels.

  77. Steven Mallory  ::  1:28 pm on June 18th, 2011:

    I would recommend everyone read “Agrarian Justice”. Like all Paine it is direct and easy to read. Unlike many leftists he makes an actual argument, about Man’s natural right to the earth. What Ken probably would omit is he makes distinctions on cultivated land. It truly relates to what is happening to Israel, in terms of land ownership.

  78. Moose  ::  1:31 pm on June 18th, 2011:

    Your story was very one sided. All you talked about was how many people would fall off the tax roles if this happened but not how much additional revenue could be added to the government coffers. Every time in modern history when these kinds of tax cuts were tried by both Democrats or Republicans, large increases of revenue were experienced by the Federal Government which more then off set the tax reductions. In fact, many of those who got the tax breaks ended up paying more taxes because they invested the money thay recieved as tax breaks. When liberals try to justify taxing the “rich”, they justify it by saying that the economy is static and the tax cuts would have no effect other then decreasing revenue. The liberal media lets them get away with it. You should be ashamed of yourselves.

  79. ken  ::  1:34 pm on June 18th, 2011:

    Well I long ago cam to the conclusion that people that live in an echo chamber can only hear the dog whistle sound of those who agree with them but since Thomas Paine has always been one of my favorite figures in our nation’s history it chafes my butt when he’s foisted up by the Right (out of sheer ignorance or just plain lying mendacity I’ll leave to THEM to explain)as to be the complete opposite in his belief system than what his own writings showed him to be.

    It’s like this story that pops up every now and again the last couple of years about some conservative group (led by Phyllis Schafly’s son) that wants to re-work the Bible into a conservative version so as to remove the liberal bias of Jesus’ teachings (at least how they’re dishonestly presented in the current Bible I guess).

    It’s a common deceit—if the facts don’t match the fanciful little movie that’s playing in your head than just make up new “facts”.

    And before I’m assailed by the Right a little backgound to where I’m coming from…

    I’m a 50/50 partner in a small business. We employ 9 hard working Americans currently and have been in business since ’94. At the end of 2000 we had 13 employee’s and by ’09 were down to 7. The economic slowdown under Bush and the exponential rise in our health care costs were the 2 biggest factors. In the last 4 months we have managed to hire back 2 employees largely because we were able to join in a group with other small businesses in our state and negotiate with health care companies, that are new to our state and looking to get in on the market that will grow under the Affordable Health Care Act,a 28% LOWER rate than what we currently pay for health insurance,and a contract that keeps that rate locked in to grow no more than 2.2% above the rise of inflation for the next 6 years. At that point we will all re-negotiate terms. It’s called competition people,something that we really did not have health care option wise in my state 2 years ago as one provider had 90+% of the market here and acted accordinljy. My state has been proactive in trying to attract new providers,yes,but to me that’s the crux of the biscuit here,the symbiosis between the government,on a federal and state level,and the business community,to make this happen.

    In my view we’ve had 30+ years of this “trickle-down” Freidman supply-side fantasy and the evidence is in—it’s been an abject failure. You CANNOT grow and have a viable economy b floating as small a percentage of the boats as our’s has the last three decades. The numbers are there,in black and white,and are stark—the ONLY section of the economy to grow in the las 30 years has been the tp 5%.And more and more of the wealth has been re-distributed to them through a combination of subsidizing corporations,lowering income tax rates and capital tax rates,while creating more and more loopholes for them to avoid payment altogether,and most importantly in my view relaxation of even the most common-sense regulatory practices.

    The people of this country need to get over the false pretense that heaping benefit on benefit to the wealthy will equal jobs.The wealthy arenot interested in job creation. They are interested in wealth creation–for themselves. If they can do that by shipping American jobs overseas then that’s exactly what they’ll do. They have PROVEN this time and again in the last 3 decades.

    But they continue to deflect and blame it on unions and over-regulation and unfair tax rates. Well seeing as the nation’s workforce is the LEAST unionized it’s been in 80 years,and that tax rates on the top 5% are the lowest they’ve been in decades,and that regulations have been scaled back incessantly for the last 15+ years—what exscuse are they going to use next?

    Wake the Hell up people—if there is no economic viabilty beyond the top 2-5% in this nation then there is no economy.And the economic realities are this—we ARE part of a global economy now,one in which America’s ability to drive the shape of the economy has been severely reduced and lessens every day. Forget the “tree-hugginess” climate-change aspects of it—we need to get on board the Green Economy train because that’s where the rest of the world is going and that’s what the market is going to be. You do not succeed in any economic market by trying to hang on to a product that the rest of the market is moving away from. That’s the fossil fuel market. It’s on it’s way out. The renewable energy sources market is on it’s way in. Will it happen overnight,or indeed in our lifetimes? Probably not. But it will,and is happening. And yes it will cost money. Just as building the infrastructure for the oil-based economy cost money. And many (most) of the factories that were built for that economy can be re-tooled and re-fitted. Workers can be re-trained. American CAN LEAD AGAIN.

    The question is are we going to be honest with ourselves,roll up our sleeves and do it or are we going to let corporate inteests that care not one bit for our nation’s future continue to drive the debate?

  80. J D Matthews  ::  1:39 pm on June 18th, 2011:

    It shows that She is bought and paid for by Corp interest
    and the very wealthy. All Republicans talk about all the JOBS these Richest Tax payors create.

    The REPUBLICANS NEVER TALK ABOUT THE FACT THAT EVERY JOB CREATED BY MAJOR CORPORATIONS IS A FORGIEN JOB. THEY SHOULD GET NO CREDIT AND SHOULD GET A PERSONAL PENALTY FOR EVERY JOB SHIPPED TO A FORGIEN COUNTRY. In the 1950’s and 60’s the top Corp
    rate was 52% and the top Indidvual rate was 80% and we still had jobs, In fact we had practicially full employment
    until right after the end of the Vietnam War and ending the draft. Reagan started the process of lowering taxes and spending money we did not have to give tax breaks
    to top earners.

  81. martin g  ::  1:41 pm on June 18th, 2011:

    Under a Bachmann regime the concentration of wealth could become great enough to completely destabilize the monetary system. Money as currency is a commodity, hoard up the commodity and activity dependent on it will cease. (This hoarding of wealth is the natural instinct we call “gold fever” and is also observed in the animal kingdom as the “feeding frenzy”. In nature excessive surplus is not normal and when it is experienced “gorging” is evolutionarily advantageous- unfortunately human civilization is not natural so we cannot simply behave “naturally” or civilization will be destroyed.) The result will be failure of the marketplace and severe depression of all economic activity. The global market will have no reason to value dollars except to purchase relatively cheap labor and agricultural products. It is similar to a store token where the store has extremely low quantity, quality, and variety of goods to offer. Such a token has minimal value to global consumers who can choose to go elsewhere. Severe devaluation of the dollar against foreign currency will be the natural result. Domestic producers (farmers) will be drawn to export as much as they can for hard currency (euros, yuans etc) resulting in domestic consumers competing to buy their subsistence against a foreign market holding the overwhelming advantage of sound money. The ultimate effect domestically will look like hyperinflation (triple, quadruple digit monthly or even weekly rates). The hoarded dollars will become worthless as the convergence of external devaluation and domestic price inflation combine in their effects. Thus the invisible hand of the marketplace will restore balance by completely destroying the value of the symbolic currency. The rush to convert dollars to foreign currency or specie will accelerate this collapse and many will be too late to act. Most that do succeed in their conversion of funds will naturally want to flee to foreign shores where they will find that their wealth is in fact greatly diminished compared to what they once had. There will be very few who will still be able to consider themselves lucky (the ones who were actually able to bribe the border guards to let them out with most of their gold and euros intact- do you think the government would let all that “hard” money escape?).

  82. Alex  ::  1:47 pm on June 18th, 2011:

    Reagan had a deficit most his presidency. He ruined cities and let AIDS get out of control by cutting funding. Also, Kennedy lowered tax rates on the wealthy from 91 to 70%. Cutting taxes completely for the wealthy would be as ridiculous as taxing them for all their money. Taxes aren’t the problem, and government isn’t the problem.

    It’s the business and the rich who are investing overseas and denying Americans jobs. Give them more money, and its more money that will be sent overseas.

    The only solution is better investing.

  83. jesus  ::  2:54 pm on June 18th, 2011:

    Why do we created a tax, then we try then we make rules if you make so much you can deduct this and that, We should only have 1 tax period, That is is a Comsumer tax period 17 % 10 to the goverment & 7 to your state, no income tax, no deductions nothing, no liberals no democrates, no republicans ,no tea parties whould be needed, clean and simple , no special interest groups, , we our the United States of America, I belive this would create more jobs , make us save more in the long wrong, I think it would eliminate the hatered we now have for each other that is diving us farther apart, But i guess i’m just a dreamer

  84. Steven Mallory  ::  3:25 pm on June 18th, 2011:

    What is it about your minds that renders you incapable of understanding the incredibly simple truth, that when people have money that helps the economy. It is so pathetic to see leftists, watching the decay of their own country, and attributing the reasons to anything they can find, other than their own immoral beliefs.
    How crazy is this article? It doesn’t even attempt to argue against Bachmann’s proposition, it just demogogues the idea. Question to all leftist: how would it hurt the economy by not taxing investment? Argue with the idea you fools. You can’t because the results of repealing a capital gains tax would obviously be good for investment. You’re just so pathetic, argue the idea, your demogouery is dispicable. Tell me directly how it wouldn’t be helpful, and people keeping their money isn’t an answer, it HAS NOTHING TO DO WITH THE PROPOSAL ITSELF.

  85. Steven Mallory  ::  3:35 pm on June 18th, 2011:

    And its happening on your watch, under your president, more drastically than anytime in American history. What is crony capitalism, and how does it exist? Let me tell you fool. Its an incestuous relationship between big business and the state. Let me point out a pathetically obvious contradiction in the way leftists think (think is a bad word, it is more like conditioned to believe). Leftists, when Bush was president, were so concerned with his growing power. (I agreed with you) The part your mind does an impossible contortion is when you applaud the expansion of government under Obama. Your just so pathetic, I don’t know how more obvious your insanity needs to become before average Americans recognize this. Lets talk about Haliburton, GE, Unions..etc. I don’t like these incestuous relationships, they shouldn’t exist, but the reason it is like this is because leftists ESSENTIALLY want this. DO THEY NOT?

  86. Compose  ::  4:54 pm on June 18th, 2011:

    Would you mind enlightening us on this increase in revenue that isn’t being discussed? How big is this windfall going to be for the government and, by default, a majority of this nation’s population?

    Oh, and can you also discuss this history of tax cuts that lead to these increases in government income? I’m no mathematician but, if what you’re saying is accurate, we should reduce all taxes to 0% as that would obviously eliminate the national debt by tomorrow.

    Thanks, I’m looking forward to the additional information.

  87. Compose  ::  5:00 pm on June 18th, 2011:

    Neither can you.

    The top 10% controls ~70% of the wealth.

  88. gogher  ::  1:14 am on June 19th, 2011:

    i hope she does i need a break in taxes i pay more in one years than most people make in there life so i’m for that go michele go baby! you sweet hunk a meat !

  89. scottindallas  ::  11:13 am on June 19th, 2011:

    Your ideas are devoid of an understanding of the budget, GDP and real numbers. It’s ok, your are the ideas of the factless fools who listen to sophists. Our Federal budget is $3.5 Trillion our GDP is $14 trillion. So, you need to divide the 3.5 into 14 to find the percentage. This means that your federal sales tax would have to be 25%, if we taxed every transaction. But, many sales are exempt, whether they be penultimate sales (non-retail) or wholesales transactions which are not typically taxed. Other tax exempt sales are substantial, whether food and investments. So, perhaps the sales tax rate would have to be closer to 35-40%.

    Don’t be childish. There is no simple answer. Privatization, nor socialization, nor libertarianism will fix our problems. Gov’t in a struggle (a jihad, if you will) not something to be fixed. The silly, sophistic arguments you’re embracing are made by the very wealthy to shift the tax burden down to the middle class. We ended the prohibition of alcohol by offering the rich a new expanded tax paid by other than them.

    Think how perverse Michele’s argument is, tax work, sweat work, but eliminate taxes in the rich’s gambling. All these silly antics are wasting time, and costing us money. We need a far higher tax rate on incomes exceeding 1 million/yr. We need to raise tax rates, as, taxes ARE the discount rate for investment and hiring. (these are both deductible, by raising a new, higher rate on very high incomes, we discourage large salaries (in excess of 1m/yr) and actually encourage the hiring of the others, at lower rates.

  90. jcgiles  ::  10:38 pm on June 19th, 2011:

    What is it with liberals and other peoples money? They whine about corporations on their computer(corporation)after driving their car(corporation)home from Starbucks(corp).This article is a joke and just like every liberal blog it cites another liberal blog that cites a study done by a liberal think tank that uses cherry picked data from another liberal economist that cites Karl Marx. Can you ever cite fact,or at least a report from the IRS? No,because that would require thought,problem solving and hard work,which you don’t get a participation ribbon for. Get out of your parents house or financially funded indoctrination at a university and get in the real world!

  91. Matty  ::  12:41 pm on June 20th, 2011:

    Thanks for repeating the Party line. Good sheeple.

    How are people getting back to work? The corporations are betraying the American worker right and left by offshoring jobs. They cut your pay so the CEO gets a bigger bonus, but tell you that it’s the union’s fault.

    Grow up and do something other than the Koch brothers’ bidding to destroy the middle and lower class of Americans.

  92. Matty  ::  12:41 pm on June 20th, 2011:

    No, I believe it’s that they control 80+% of the wealth in this country.

  93. Viola Perry  ::  8:28 am on June 21st, 2011:

    We need more revenue and that is by getting to either pay people a living wage and tax the rich. Make more money, pay more taxes! What is wrong with that? If I work overtime and get more money I have to pay more taxes so why should the rich be excluded. The reason 49% don’t pay income tax because as the tax table rose over the years the income did not and then it left a lot of them in the dust but the Right cannot understand this. How about some empathy at times? Did you know that most in retail and food don’t even get 40 hours but are not in the part time category but the intermittent category, which is 3 to 19 hours per week.

  94. scottindallas  ::  11:06 am on June 21st, 2011:

    You should be ashamed of listening to idiots and of repeating their idiotic arguments. So, the tax cut will eliminate 25 billion in taxes on one year. Your argument, though you don’t understand, is that taxes from other sources will grow. This may be true, but that’s not all that your argument implies. Your argument is that the growth of new taxes, from other areas will exceed the $25 Billion in cuts.

    You need to understand the source of this thinking. It comes from the Laffer Curve, which is a bell curve. There is in theory, a point in which taxes become destructive. This might be ok too. Considering the gap between the rich and poor has been widening, one might suggest that we tax them more, even if it’s inefficient. You need to be wary of people who suggest that there is only one way to go, (cut taxes) This is an argument that never changes or alters, even when the economy is in a very different place now as then. The “low taxes” argument is a “supply side” argument, but we lack demand, so, how do supply side solutions address demand?

    Raising taxes on profitable firms and the rich doesn’t hurt investment and hiring, it helps it. What you apparently don’t understand is that deductible activity is encouraged by high tax rates–to avoid those taxes. When taxes are low, there is less incentive to invest, hire and generate deductible expenses that build wealth.

  95. Phillip Q.  ::  4:23 pm on June 22nd, 2011:

    I agree with Scott’s last paragraph. The idea that millionaires need more tax breaks is ludicrous. I am an accountant and there is plenty of tax loopholes and schemes that are used by our wealthy clients. Giving someone who makes more than a million a year a $50k tax refund is insignificant. Giving someone who makes $30-$40k a year a $500 dollar tax refund is significant. The lower and modest income earners take those tax refunds and spend it immediately. This has a positive effect on the economy. I hope most people will come to realize that people like Michelle Bachmann believe the wealthy should get all the rewards, and the poor and modest income people, the working-class, are leeches and failures. Tea-party politicians which are 98% Republican and all Republicans believe this. Well, they are not in the majority. We are!!

  96. Controvrc  ::  3:22 pm on June 26th, 2011:

    Where’s the evidence? The results of Bush (W) cuts didn’t produce any, and the arguments we heard about extending them for the rich were totally illogical. The ‘bump’ in revenues that occurred from the original cut was too small to recover the revenues lost, was not going to happen a 2nd time just because the reduction was extended.

  97. Controvrc  ::  4:53 pm on June 26th, 2011:

    Real statistics show that tax revenues as a percentage of GDP, 14.9%, is the lowest it has been since 1943. While debt as a percentage of GDP, 93.2%, is higher than it has ever been.

    Seems to me, ‘starving the beast’, instead of doing the proper thing at the proper time — either raise taxes or eliminate costs when sources of budget deficits became evident — did not occur.

    Sources (may be found on this website):
    Office of Management and Budget, Historical Tables, Table 7.1. (Aval for download at: http://www.whitehouse.gov/omb/budget/Historicals/ (last accessed March 25, 2011),
    Office of Management and Budget, Historical Tables, Table 2.3; http://www.whitehouse.gov/omb/budget/Historicals/ (Last accessed, March 25, 2011).

  98. Controvrc  ::  5:11 pm on June 26th, 2011:

    Capitalism is not a self-correcting system. Interference and distortion will always be introduced from both left and right. Discipline enough to enact taxes and make cuts (whichever is appropriate at the time) will do more to make it self-correcting than anything else I can imagine.

    An unbalanced approach (tax cuts are the only acceptable remedy, for example) only introduce further distortions. You wouldn’t hire a contractor equipped with only a wrecking bar to do a major remodel (remove a wing, build an addition, or just update a bathroom).

    “one way only” approaches are usually very flawed, and reveal an unwillingness to put real thought into how to solve problems.

  99. Controvrc  ::  5:40 pm on June 26th, 2011:

    Thinking that cutting taxes is the way to restore prosperity is also not possible. Tax cuts make sense when rates are too high. But rates are at an all time low relative to GDP, and the evidence is that the Bush (W) cuts did not create jobs or produce enough revenue to recover the revenues lost by them. The rich, and the big corporations seem to have plenty of cash now, but it’s not being put to work to in a way that builds economic activity. But they won’t have it long, if those who wish to defeat an increase in the debt ceiling — and use cutting taxes as the sole method of solving the jobs and deficit problem. At some point, the economic activity that is dependent on demand goods and services that government programs create, will die off (jobs lost due to government layoffs, and elimination of work that private contractors fulfill will take a long time — and perhaps some (evil word) stimulation to get back. Radical surgery needs to be done, for sure, but it will be necessary to figure out how to preserve enough of the ‘organs’ that are essential for job creation. People without jobs don’t create tax revenues — they consume dollars that have to be borrowed. At some point, you have to spend a little to get anything back.

  100. Sprachnessmonster  ::  10:01 pm on July 27th, 2011:

    Who the hell cares! Pawlenty and Bachman are enemies of the Constitution…they both support the un Patriot act. Bachman voted to continue funding the un War in Libya. Pawlenty is all for it and does not see the un constitutional actions taken by Obama who takes his marching orders from the United Nations.
    Neither one of these hacks belong in Washington as a real Republican. Of course, you would not know that if you let the Mainstream Media do your thinking for you.
    If your candidate:
    Does not know that Banks are the enemy..not Muslims
    Does not know we cannot and should not be nation building
    Does not understand the economy
    Does not know we are bankrupt
    Does not have a 92% approval rating
    Then what the hell business do you have bringing these pathetic, retarded, Sock Puppets into the realm of a potential Presidential run. Why not just leave the Bozo in for 4 more years and permanently destroy the Democrat’s half of our one party system.
    I would not hire either of these RHINOs to walk my dog or mow my lawn! Washington is not supposed to be the place where we send all of our Short Bus Politicians…That’s what dumping at sea is for.
    So, stop trying to sell us on voting for establishment politicians…unless you actually believe more of the same will fix this country. In which case, an insanity plea can get you off the hook.
    Remember, without the Constitution, and bankrupt..we are just another 3rd world police state.
    And don’t even think about Perry until you do some research. Seriously…it only took 2 minutes to find out that Cain is an ex Fed Chairman that won’t audit the Fed.
    Hint..Perry was Al Gore’s Texas campaign manager. That’s a start and should be an end. If not, there is plenty of crap on Poseur Perry.

  101. Cats  ::  10:11 am on August 6th, 2011:

    Yeah, thats great find more ways to let the rich avoid paying their share to the US system, so they don’t get DOUBLE taxed, and keep double or triple taxing us poor and middle income people, so that people like Bachman and Pawlenty can keep sowing the rewards, yeah great freaking ideas you 2 have. Rich republicans looking out for their own yet again, like always.

  102. Herman Cain’s 9-9-9 Plan: Buy Less, Pay Less – ABC News  ::  6:00 am on September 27th, 2011:

    […] Tax Policy Center estimates that cutting capital gains taxes alone would allow 23,000 millionaires to pay no income taxes, a […]

  103. Oralia Keedy  ::  6:37 am on November 26th, 2011:

    Really attention-grabbing articles. I loved reading it. Are these genuine pictures or has the artwork been touched up they are truly. Thanks for sharing a nice info.

  104. Marketplace: A snapshot of the Republican presidential candidates’ economic platforms | Emily Frost  ::  1:46 pm on December 6th, 2011:

    […] gains and inheritance taxes. Howard Gleckman, an Urban Institute Fellow at the Tax Policy Center says “eliminating taxes on gains would reduce tax liability by roughly $11 billion for those $1 […]

  105. Michele Bachmann proposes $10 minimum tax for all Americans | Hotspyer – Breaking News from around the web  ::  11:30 am on December 30th, 2011:

    […] to look at what she’s saying, because under her tax proposal, capital gains taxes would be completely eliminated—and that would knock about 20,000 millionaires off the federal income tax rolls completely. Of […]

  106. Michael Bindner  ::  3:58 pm on December 30th, 2011:

    Frankly, we are following a Republican tax policy right now. We only get liberal policies if the Bush tax cuts are allowed to expire, which will happen if Obama decides to play hard ball with the Republicans.

  107. Michael Bindner  ::  4:01 pm on December 30th, 2011:

    Actually, from 1956 through 1981, taxes were 100% on the top of the scale, when local income taxes were included. The middle class never had it better. The wealthy did well too.

  108. Michael Bindner  ::  4:02 pm on December 30th, 2011:

    Because their elected representatives enacted spending – much of which eventually makes it into the pockets of the rich.

  109. Michael Bindner  ::  4:05 pm on December 30th, 2011:

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  110. Michele Bachmann proposes $10 minimum tax for all Americans – Online Political Blog  ::  5:59 pm on December 30th, 2011:

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