Tuesday, August 30, 2011

Where Michele Bachmann Stands on Taxes

Rep. Michele Bachmann (R-MN), has added a tax-cutting provision to her presidential platform. Rep. Bachmann called for elimination of capital gains and estate taxes, cuts in corporate tax rates and amnesty for repatriation of dollars earned (and "stranded") overseas. The Treasury disagrees with her holiday/amnesty repatriation argument, saying that past experience suggests that businesses would be more likely to pay higher dividends or pursue mergers and acquisitions as opposed to creating jobs with the additional repatriated cash.

The readers can come to their own conclusions on Ms. Bachmann's plan and plans of her Republican rivals (plus the President and any Democratic primary opposition which Pres. Obama would run into). The strengths of her proposals are getting something somewhat concrete out early and international competitiveness (corporate reduction). Potential shortcomings include impact on debt/deficit and somewhat tenuous tie between say capital gains/estate tax reductions and job creation.


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