There must be a war breaking out in the land of insaniTEA, because Republicans are facing off to determine who has the most absurd tax plan. Surging into the lead is the woman that no sanitarium would touch, because they know their limitations. What has she been smoking? (See below. ;-)) Every Democratic candidate in America should be spreading the word about this one.
Several of the 2012 GOP presidential hopefuls have laid out economic platforms that would include huge cuts in the corporate tax rate. Former Massachusetts Gov. Mitt Romney (R) called for lowering the corporate tax rate from 35 percent to 25 percent, while former Minnesota Gov. Tim Pawlenty (R) went a step further, calling for a cut to 15 percent.
In an interview published today by the Wall Street Journal, Rep. Michele Bachmann (R-MN) — who is toying with a presidential run herself — decided to one-up both Romney and Pawlenty, calling for a reduction in the corporate tax rate to 9 percent. Adding insult to injury, Bachmann wants to pair that huge tax cut with giant tax reductions for the rich, as well as a tax increase on the working poor:
“In my perfect world,” she explains, “we’d take the 35% corporate tax rate down to nine so that we’re the most competitive in the industrialized world. Zero out capital gains. Zero out the alternative minimum tax. Zero out the death tax.” […]
Her main goal is to get tax rates down with a broad-based income tax that everyone pays and that “gets rid of all the deductions.” A system in which 47% of Americans don’t pay any tax is ruinous for a democracy, she says, “because there is no tie to the government benefits that people demand. I think everyone should have to pay something.”
… [emphasis original]
Inserted from <Think Progress>
If she thinks everyone should pay something, why won’t she focus on ExxonMobil, Bank of America, General Electric, Chevron, Boeing, Valero Energy, Goldman Sachs, Citigroup, ConocoPhillips, Carnival Cruise Lines and other giant US corporations that pay no taxes? Bachmann would make it easier for them to evade paying their fair share. Instead she would oppress the working poor that can’t afford the state income taxes, sales taxes, excise taxes, gas taxes, etc. that they pay now. For the millionaires, billionaires and criminal corporations, they would get the biggest tax cuts proposed to date.