Pawlenty Thinks “Zero” Corporate Taxes is Too High.

See if you can wrap your brain around this conversation between a ThinkProgress writer and former Gov. Tim Pawlenty (R-MN):

FANG: Governor, today liberals are demonstrating all over the country in what CBS has called a liberal version of the Tea Party. Their main complaint is that a lot of corporations aren’t paying their fair share. For example, Bank of America, in 2009 paid nothing in corporate income taxes, same with ExxonMobil, GE, and a lot of other big corporations. Do you think corporations like Bank of America should pay their fair share? What are your thoughts on that?

PAWLENTY: Well actually the corporate tax rate in Minnesota and around the country is too high. And I think one thing we could and should do is–

FANG: You think zero is too high with Bank of America paying nothing?

PAWLENTY: We have the highest corporate tax rate, or one of them, in the world–

FANG: But they use loopholes and offshore bank accounts to pay nothing.

PAWLENTY: The things I’ve called for is reducing tax rates and looking at exemptions or special deals within the tax code that give certain companies privileges or benefits. I can’t speak individually to any country, company would get in that regard, but I think one goal or direction is to simplify and reduce tax rates and clean out as many of the special deals as possible.

FANG: To be clear, do you think Bank of America pays too much in taxes already?

PAWLENTY: I don’t know what Bank of America pays in taxes. I’ll just say, setting aside Bank of America, the corporate tax rate in America is too high compared to our competitor nations.

If I had to choose between having to bleed the educational system dry of funding or getting corporations to pay anincome tax like everyone else, I think I’d choose the children.   Is that unreasonable?


1 Comment

  1. lbwoodgate said,

    March 4, 2011 at 5:44 am

    What a hoot. It’s as if Pawlenty didn’t hear a word Fang was saying. He had his prepared misleading talking points and rambled right through even though Fang’s comments were contradicting him.

    The fact is that the U.S. does have the highest corporate rate at 35% but is seldom, if ever, imposed on any business. It’s never fully realized as Fang pointed out because of loopholes and offshore bank accounts.

    This fact became apparent back in January when the Commerce Dept. released information about corporate profits. “According to a Commerce Dept. report late last year “American businesses earned profits at an annual rate of $1.659 trillion in the third quarter. That is the highest figure recorded since the government began keeping track over 60 years ago.”

    Push Big Business, Not Congress, To Create Jobs

    OUCH! Poor babies. That must’ve really hurt.

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