"Face the Nation" transcript: September 4, 2011

What is destabilizing as a private businessperson like myself, if you don't have permanent fixes. I want to see permanency in the tax code. That's what will change and make dynamic job creation and pro- growth policies.

SCHIEFFER: But congresswoman what I asked you was, would you go as far as Sarah Palin and eliminate all corporate income taxes?

BACHMANN: Well, of course to do that we'd have to have a fundamental restructuring of the tax code. What we would have to do then is rejigger other elements to define revenue and what revenues would be needed to the economy. We could go that route. If we went that route, then we'd have to have a fundamental restructuring of the tax code.

I'm open to having that debate. And as a former federal tax lawyer, I've dealt with whether it's a national consumption tax, a flat tax or some variation on the current system.

This is what I do know. It needs to be simplified. It needs to be fair and it needs to be reduced. What we do know is that the current corporate tax rate is killing job creation.

SCHIEFFER: So you could see a way to do that? You're not ready to just say, yes, I'll do that, but you could see by making other adjustments a way to eliminate corporate taxes?

BACHMANN: It would be possible if we have a fundamental restructuring of the tax code, but immediately what we could do is repatriation of bringing this money in from American companies that are earning the money overseas. But second I do believe that the president at minimum should lower the corporate tax rate to 20% so that businesses can see that they will have a more competitive rate.

We certainly could get down to a 0 percent corporate tax rate, but it would mean a fundamental restructuring of the tax code.

SCHIEFFER: All right, speaking of the president -- and I expect you'll be speaking of him several times during our broadcast -- you've been beating him up pretty bad for not creating jobs and they dismal unemployment figures. It's certainly a fair comment in the presidential campaign to be doing that. But you have not given very many details besides saying we have to restructure the tax system and eliminate some deductions and loopholes.

The main part of your plan to bring down taxes and get people back to work seems to be, number one, repeal the president's health care plan and number two defeat President Obama at the polls. Aren't you going to have to do a little more, give a few more details than that?

BACHMANN: Well, I've been on the campaign trail regularly. And I've been giving quite a few details out as a matter of fact, because I've lived this life both as a tax lawyer and as a job creator. And when I talk to business people all across the United States, they agree with me.

The principles that I adopt are permanent fixes rather than temporary gimmicks like we've seen from the president. And also private-sector solutions versus government solutions which the president has put forward. That's a very -- that's a large distinction in principle. And operating from permanency, that would deal again with repatriation of income earned overseas and also reductions in the corporate tax rates, but also permanency in dealing with the EPA, putting on hold as the president wisely did on Friday, the EPA rules.

The president recognized that that would bring about more job losses at a time when we could ill afford them. But if the president would also announce a moratorium on implementation of Obamacare, Bob, I'm just telling you all across America that would just have a sigh of relief for businesses because Obamacare quite literally is killing jobs all across the country even today.

SCHIEFFER: All right. Let me just play for you something, because you guaranteed something that really set people back on their heels last week I think it was in South Carolina. Here's what you said. Here's what you guaranteed under a Bachmann administration.

(BEGIN VIDEO CLIP)

BACHMANN: The day that the president became president gasoline was $1.79 a gallon. Look at what it is today. Under President Bachmann, you will see gasoline come down below $2 a gallon again. That will happen.

(END VIDEO CLIP)

SCHIEFFER: Now congresswoman, I think that's a great idea. And I think everybody hopes that. But who would you propose to do that?

BACHMANN: Well, by embarking on an all of the above energy strategy. What the president has been doing is strangling the United States energy sector. The good news is, Bob, that many Americans still don't know is that the United States is the number one energy resource rich nation in the world. We have 25 percent of all the coal in the world. One of the largest natural gas finds, trillions of cubic feet of natural gas was recently discovered in Pennsylvania. And of course from ANWR, to the east Gulf region to the Atlantic, to the Pacific, to the Bakken oil fields, we also have billions of barrels of oil.