Paul L. Caron
Dean



Wednesday, November 19, 2008

Norquist Requests $700b in TARP Bailout Funds for Tax Cuts

Americans for Tax Reform President Grover Norquist has sent a letter and formal application to the Treasury Department requesting $700 billion from the TARP Capital Purchase Program to fund the following tax cuts:

  • Cut the corporate income tax rate from 35% to 15% (estimated cost: $170 billion)
  • Eliminate the capital gains and dividends tax (estimated cost: $35 billion)
  • Cut the top personal income tax rate from 35% to a flat 15% (estimated cost: $235 billion)
  • Kill the death tax (estimated cost: $24 billion)
  • Allow companies to fully-expense capital assets (estimated cost: $240 billion)

https://taxprof.typepad.com/taxprof_blog/2008/11/norquist-requests.html

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Comments

I suppose there could be a better plan for financial, economic and political disaster on an unprecedented scale, but it is hard to imagine one.

Posted by: Sidney R Finkel | Nov 19, 2008 8:11:02 AM

Only billionaires and idiots support the "flat tax". If it's true (and it is) that economic violence is just physical violence in slow-motion,
then Nordquist is the economic equivalent of a rapist and a murder.
He should change the name of his group to Assholes For Tax Reform.

Posted by: Max | Nov 19, 2008 11:06:27 AM

Tell Mr. Norquist to put on cement shoes and jump into the Pacific Ocean!

Oh yeah, great idea Poindexter, let us create a larger wealth gap. Who makes out with these "wonderful" cuts???? Trickle down economics does not work because of greed inherent with human nature.

Posted by: Are you kidding? | Nov 19, 2008 1:11:40 PM

How about elimiating income tax on every working person making less than 100K and doubling it for everyone making over 100K. And instead of lowering corporate taxes double them. And double capital gains and dividends for those people making over 100K, and halving it for those making less than 100K. Oh and lets not cap Social security taxes at all.

Certainly less rediculus than cutting taxes again for the richest 10%

Posted by: DDearborn | Nov 19, 2008 6:10:31 PM

This guy only sees the upper middle class and below as expendable sheep, or quite possibly a useful slave or two.

Unfortunately, he has more political ears and eyes opened to him than 250,000,000 americans. That's called power.

We have none. That's called...you're F#$KED!

Posted by: dogismyth | Nov 19, 2008 6:37:33 PM

OK fine. If you want more tax cuts for the greedy then there must be strings attached.

1. All manufacturing that has been offshored must be brought back to America so as to provide Americans with good paying jobs that will enrich and expand our middle class. Lets face it the middle class is what has made this country great.

2. No H1-B, L-1 visas or any other visa that the greedy have been using to replace American Citizens with foreign nationals will be allowed. Regardless of what the likes of Bill Gates and Andy Grove say there are plenty of American Engineers and Scientist in this country looking for jobs. This would also spur enrollment of our best and brightest into Engineering and Science programs since there will be good job prospects there since outsourcing and offshoring would be illegal.

3. For those Citizens who qualify, and want one, a college education will be paid for.

4. Executive pay will be capped at no more than 4 times that of the rank and file worker. No golden parachutes if they screw up or get whacked. They get unemployment like the rest of us. I know....the greedy rat bastards are not worth that much but I want to be fair. So go ahead and give them the tax cuts. At least with the above stipulations we the middle class will get something other than a screw job.

Posted by: Starfishprime | Nov 20, 2008 7:33:09 AM

I have a better idea, make the income tax zero and the Inheritance Tax also known as the Spoiled Mama's Boys Handout Tax 100 percent. Let everyone go to work or school on their own resources at 18 with no handouts or support from Mommy and Daddy. I madeit on my own. Let the trust fund babies support themselves.

Posted by: brs | Nov 20, 2008 11:18:02 PM