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Tim Pawlenty’s aspirational economic plan is plain common sense nonsense. He falsely believes that reducing income taxes for the wealthiest Americans would spur investment and create jobs. Unless these individuals are direct business owners or willing to take a pay cut in lieu of a tax reduction, giving the wealthiest a higher income would only increase their personal savings and consumption. The Democratic answer to a budget deficit is cut taxes raise government spending, and the Republican answer is the opposite. However, in order to combat the budget deficit and unfunded social programs that have ballooned for decades, the federal government must painstakingly raise taxes and lower government spending.
Furthermore, the over-simplicity of his tax code raises questions about tax cut priorities. For individuals making between $50,000 and $83,000 (jointly filing persons between $100K and $139K), his plan offers no tax cut while all others benefit. Lowering the corporate tax rate to attract business and increase job opportunities is a positive notion for tough economic times, but cutting all taxes related to investment and other activities is burdensome.
Pawlenty’s target goal of 5% annual growth is beyond impossible. Even Conservative economists have called this “completely out of line” (Source).
Last, and most importantly, his “Google Test” of reducing government spending is absurd. According to his “Google Test”, in addition to what he deems “unnecessary services”, the United States government should also scale back military spending, law enforcement, and practically everything else. With ten minutes of time and a computer, what CAN’T one find on Google?