Former Governor Tim Pawlenty of Minnesota, and Congresswoman Michele Bachmann from the same state, are campaigning for President advocating further tax cuts for the wealthy, even though they have received unbelievable tax cuts over the past ten years, creating the problem of the ballooning national debt.
Pawlenty’s economic plan would give the top one percent of the taxpayers 40 percent of the benefit of the tax cut, while the next nine percent would get 26 percent of the benefit.
So two thirds of the tax cut would go to the top ten percent, while the bottom 60 percent would get only 10 percent of the cut.
Bachmann, meanwhile, wants to cut all taxes for 23,000 millionaires–which would add $25 billion to the national debt in ONE year!
Meanwhile, the effective tax rate for the rich has declined dramatically since the 1950s–51.2 percent in 1955, 42.4 in 1961, 29.9 in 1995, 24.2 in 1997, 19.5 in 2003, and 16.6 in 2007!
This is all economic suicide, and fails to promote the idea that wealthy Americans owe the nation more of their success, as it is this country which gave them the freedom to become wealthy!