Michele Bachmann has made a name for herself by saying outrageously crazy things.
Bachmann has pledged that if elected President she would make the deficit her priority, and that she would reduce the national debt.In an effort to confuse the issues of the debt ceiling and the national debt, or perhaps because she was confused, Bachmann refused to vote to raise the debt ceiling.
Bachmann has taken the absurdity of her positions on the economy to a whole new level. On Saturday she declared that if elected President she would turn the economy around within three months, and she would cut corporate taxes, and eliminate capital gains and inheritance taxes. The absurdity of her position on cutting taxes is obvious.
1. Even if elected President she would not be in a position to eliminate any taxes. Congress sets the budget, and as a member of the House of Representatives she currently has a vote on the budget that she would not have as President.
2. Elimination of inheritance taxes would only decrease revenue, and would not increase jobs or help the economy. Under current law, inheritance tax only applies in the case of an individual inheriting more than $5,000,000.00. Thus the inheritance tax, as it currently exists, only applies to the wealthiest people in the country. Any amount of money inherited above the $5,000,000.00 would be taxed but reducing an inheritance by a % of any amounts inherited in excess of 5 Million dollars would surely not make a difference in the decision to create a new business or not. Inheritance taxes would be of no consequence to the decision to invest in a company which would create more jobs.
3. The extension of the Bush tax cuts is the single fiscal consideration that is most likely to increase the national debt. The Bush tax cuts are estimated to have put us further in debt by $1.5 trillion, Because Congress men and women like Bachmann refused allow the Bush tax cuts to expire, the Bush tax cuts are now estimated to cost the United States $2.8 Trillion dollars. To suggest that she could balance the budget, and at the same time cut taxes, is just another example of Bachmann’s lack o f intellect.
4. To turn the economy around in “three months” is absurd. No matter how good a plan is, it will inevitably take much more than three months to turn around the U.S. Economy.
Bachmann is crazy to suggest she could balance the budget, cut taxes, and do it in three months.