Michele Bachmann Is No Dumbass
June 12, 2011 5 Comments
The Wall Street Journal has a great piece on Michele Bachmann.
She also bristles at the idea, pushed of late by the White House, that the auto bailouts were a big success for workers and taxpayers. “We’ll probably be out $15 billion. What was galling to so many investors was that Chrysler’s secured creditors were supposed to receive 100% payout of the first money. We essentially watched over 100 years of bankruptcy law thrown out the window and President Obama eviscerated the private property interests of the secured creditors. He called them ‘greedy’ for enforcing their own legal rights….”
And the unions made out like bandits. A complete abrogation of the rule of law, property rights, and the Constitution. Little wonder that businesses and investors are hedging their bets until some degree of certainty as to the rules of the game is regained.
The 3.8 million-word U.S. tax code may be irreparable, she says, a view she’s held since working as a tax attorney at the IRS 20 years ago. “I love the FAIR tax. If we were starting over from scratch, I would favor a national sales tax.” But she’s not a sponsor of the FAIR tax bill because she fears that enacting it won’t end the income tax, and “we would end up with a dual tax, a national sales tax and an income tax….”
Although I’m not a fan of the Fair Tax for various additional reasons, Ms. Bachmann correctly identifies the biggest problem with the idea. The idea that the income tax will be repealed is laughable and naive.
Her big challenge is whether the country is ready to support deep spending cuts. On this issue, she carries a sharper blade than everyone except Ron Paul. She voted for the Paul Ryan budget—but “with an asterisk.” Why? “The asterisk is that we’ve got a huge messaging problem [on Medicare]. It needs to be called the 55-and-Under Plan. I can’t tell you the number of 78-year-old women who think we’re going to pull the rug out from under them.”
Read the whole article here.