Bachmann Says She Would Eliminate Minimum Wage to Spur Growth [View All]

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Bachmann Says She Would Eliminate Minimum Wage to Spur Growth

June 26 (Bloomberg) -- Representative Michele Bachmann, a Minnesota Republican planning to seek the party's presidential nomination, said she would stoke U.S. economic growth by cutting taxes on corporate income and capital gains and considering elimination of the minimum wage.

Corporate tax rates should be significantly reduced from a maximum 35 percent and capital gains taxes should be eliminated, Bachmann said in an interview on CBS's "Face the Nation" today. Congress should also reevaluate the federal minimum wage of $7.25 per hour, she said.

"Whatever it takes, that's what we need to do for job creation," said Bachmann. She said President Barack Obama "doesn't seem to have an understanding of how to do the job."

Bachmann, who plans to formally announce her campaign tomorrow at an event in her hometown of Waterloo, Iowa, is nearly tied with former Massachusetts governor Mitt Romney among prospective Republican challengers in a poll of likely Iowa caucus voters published today by the Des Moines Register...