Tim Pawlenty will give an address at the University of Chicago this later this morning. He'll be discussing the anemic economy and his plans to fix it. Pawlenty also has an op-ed in today's Chicago Tribune.American businesses 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 corporate tax rate by more than half. I propose reducing the rate to 15 percent from 35 percent, recognizing that the tax code is littered with special interest handouts, carve-outs, subsidies and loopholes that should be eliminated.A constitutional amendment requiring a balanced budget is that part of his fix.
But just changing business tax rates is not enough. That's because we know most job growth will come from small and medium-size businesses, and their owners are taxed under individual tax rates, not corporate rates. So, pro-job and pro-growth tax reform must include individual tax reform as well.
Five percent economic growth over 10 years would generate $3.8 trillion dollars in new tax revenues. With that, we would reduce projected deficits by 40 percent — all before we made a single budget cut.
The next part of my plan deals with that other 60 percent.
Technorati tags:
Chicago 
Business 
economy 
Chicago Tribune 
news 
politics 
Tim Pawlenty 
Republican 
gop
No comments:
Post a Comment