Tim Pawlenty in a so called major economic speech on June 8 at the University of Chicago laid out his economic message he would pursue if he becomes President. Pawlenty said he proposes deep cuts in taxes and spending, whole sale revision of federal regulations and replace the tax code outright with a fairer and flatter tax. His proposal would make drastic reductions for Corporate and individual income taxes.
If the above statement sounds familiar its because it is the same economic message of George W. Bush. Tax cuts that favor business and the wealthy and leaving out the middle class. The same policy that gave the country and its people the worst economic meltdown, the worst job losses, the worst federal deficits and debt and the reason the middle class is still seeking jobs and the economy is still in a recovery mode.
Michele Bachmann, republican candidate for President said in the recent republican debate her desire to cut corporate taxes, that corporate tax rates in the U.S. are the highest in the world. What she failed to mention was corporations in America do not pay those high tax rates because of all the tax loop holes and tax exemptions granted by congress which Ms. Bachmann is a member of. She also failed to mention that just over a month ago, General Electric reported earnings of $4 billion and paid no taxes. Also, GE announced they have credits against future taxes.
If middle class America had any sense they would tune the republican's anti-American agenda out and off. The country has been there and done that. The republican anti-American agenda and ideology never changes. It is to deprive the U.S. government of revenue to starve and actually destroy medicare, social security and other federal programs that help America and its people cope with the wealth that has been taken and transferred from the middle class to the wealthy. See Note 1
Note 1: The IRS reported that the richest 400 people in the United States paid on average 18% of their income in taxes in 2008.
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