Are you frustrated by Donald Trump's evasive attitude about releasing his tax returns? Were you […]
To get himself psyched up for tonight’s Republican presidential candidate debate, Rand Paul exercised his […]
Grover Norquist May Have Given the GOP Presidential Candidates a Pep Talk Prior to Last Night’s Debate
The most noteworthy and damning moment of the GOP debate in Iowa Thursday was when the moderators asked the candidates to raise their hands if they would walk away from a deal that cut ten dollars from the deficit for every one dollar in tax increases. Every last person on stage said they’d reject that deal. [Atlantic]
And you can bet that it’s going to straight to the vault.
In a political move akin to etching your name in to the conservative, low government Book of Life, GOP Presidential nominee Mitt Romney has signed the Grover Norquist’s sacred Taxpayer Protection Pledge.
It’s not a terribly surprising move, as this play will cater to the tax-hating Tea Party crowd as well as the tax-hating-rich-people-not-so-unlike-Mitt Romney crowd.
“By signing the Pledge, Governor Romney keeps the faith of the American taxpayer by taking tax hikes off the table as President,” said Grover Norquist, president of Americans for Tax Reform. “Politicians in Washington should be focused on reducing government spending.”
Of course what this move also does is protect Romney from any sternly worded letters or other communication from Americans for Tax Reform that would place him the squarely in the camp of that taxpayer Judas, Tom Coburn. Regardless of some people having the audacity to deem the Pledge meaningless.
Thanks to the IRS, Republican Presidential Candidate Herman Cain Only Made Enough Money to ‘Buy New Golf Clubs and Move to Atlanta’
Soon-to-be failed Presidential candidate Herman Cain is best known for being the former CEO of Godfather’s Pizza. When he took the job in 1986, the Journal reports “Mr. Cain cut costs and closed unprofitable locations and said that he returned the business to profitability in just 14 months.” An impressive feat to be sure and he continued to sling pie as the CEO until 1996 when he presumably figured he could cash in nicely.
Unfortch for Cain things didn’t really work out. And whose fault would that be? The IRS, of course!
Mr. Cain said that in 1996 he struck a deal to sell his stake in Godfather’s to his partners. That’s when the IRS showed up and commenced an audit of his tax return for the year 1994, coincidentally the year he publicly challenged President Clinton on the impact of his health-care reform plan. Simultaneous audits of Godfather’s and Mr. Cain’s partners were quickly concluded, but Mr. Cain said that the audit of his personal finances dragged on until 1999.
When he finally concluded the sale of his Godfather’s stake, Mr. Cain said that its value had fallen by 75% and yielded only enough money for him to “buy new golf clubs and move to Atlanta.” As for the IRS, they claimed he owed $1.8 million in back taxes, but he said that as soon as he appealed this decision, they immediately dropped the claim and asked only for $40,000 to cover interest on “the money I didn’t owe.” Outraged, he nevertheless paid the bill to resolve the matter. He said that such treatment at the hands of the IRS happens all the time.
Godfather vs. Tax Man [WSJ]
Presidential Candidate Tim Pawlenty Doesn’t Want to Bore You with the Gory Details About How He’ll Pay for His Proposed Tax Cuts
Former Minnesota Governor Tim Pawlenty wants to cut taxes. He’s a Republican after all and Grover Norquist probably has lewd photos and several sternly-worded letters waiting in the wings should TP give the impression that he’ll do anything but slash rates.
Pawlenty’s plan calls for two rates, 10% for on the first $50k/$100k (single, married) earned and 25% for anything above that. He’s also proposing a flat 15% corporate tax rate. He would eliminate the capital gains, dividends, interest and estate taxes.
Pretty expensive proposition so it’s got to be paid for, right? Pawlenty’s got a plan for that too:
To pay for the tax cuts, Pawlenty said he would eliminate unspecified tax loopholes and subsidies. “The Tax Code is littered with special interest handouts, carve-outs, subsidies and loopholes,” he said. “That should be eliminated.”
This is one of those instances where a reporter may ask the follow-up question, “Governor, which tax credits would you eliminate?” To which Pawlenty answers, “Yes.”
To trigger job growth, Gingrich proposed to cut the U.S. corporate tax rate from 35 percent to 12.5 percent, a deeper cut than some other Republican politicians have offered. He would extend income tax cuts that expire in 2013, which were the subject of a pitched battle late last year when President Barack Obama tried to let tax reductions for wealthier Americans expire. And he would completely eliminate the capital gains tax on stock profits. Gingrich, proposed that the country move toward an optional flat tax for Americans of 15 percent, and strengthen the dollar by returning to “Reagan-era monetary policies,” and reform the Federal Reserve to promote transparency. [Reuters]