Bachmann Calls For Huge Corporate Tax Cut Alongside Tax Increase For The Working Poor

http://thinkprogress.org/economy/2011/06/11/242953/bachmann-tax-increase-poor/

By Pat Garofalo on Jun 11, 2011 at 2:00 pm

Several of the 2012 GOP presidential hopefuls have laid out economic platforms that would include huge cuts in the corporate tax rate. Former Massachusetts Gov. Mitt Romney (R) called for lowering the corporate tax rate from 35 percent to 25 percent, while former Minnesota Gov. Tim Pawlenty (R) went a step further, calling for a cut to 15 percent.

In an interview published today by the Wall Street Journal, Rep. Michele Bachmann (R-MN) — who is toying with a presidential run herself — decided to one-up both Romney and Pawlenty, calling for a reduction in the corporate tax rate to 9 percent. Adding insult to injury, Bachmann wants to pair that huge tax cut with giant tax reductions for the rich, as well as a tax increase on the working poor:

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The reason so much of the income tax liability has become concentrated at the top of the income scale is because over the last few decades income inequality has skyrocketed. The richest one percent of the country currently earn nearly one quarter of the income, and therefore pay the lion’s share of the income tax. Bachmann would raise taxes on those who have seen their incomes stagnate or even drop over the last ten years, even as she cuts taxes on the ultra-wealthy.

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