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Pawlenty called Obama a “champion practitioner of class welfare” and proposed several measures in economic reform.
First, to simplify the tax code, Pawlenty proposed two income tax rates: 10 and 25%. ”Individuals would pay 10 percent tax on the first $50,000 of income. Couples earning $100,000 would also pay that rate. Everything above that would be taxed at 25 percent,” Pawlenty said. He said to cut business taxes from the current 35% down to 15%. He said this would allow a tax cut for the middle class while giving the richest Americans the necessary tax cut to invest and create jobs.
Second, Pawlenty called for a 5% annual growth rate to create jobs and reduce the budget deficit.
Third, he proposed that taxes on investments, bank interest, stock dividends and inheritances should all be reduced to zero.
Finally, he proposed what he calls ’The Google Test’, explaining:
“If you can find a good or service on the Internet, then the federal government probably doesn’t need to be doing it. “The post office, the government printing office, Amtrak, Fannie (Mae) and Freddie (Mac) were all built for a time in our country when the private sector did not adequately provide those products. That’s no longer the case.”