The economic plan unveiled last week by 2012 GOP presidential hopeful Tim Pawlenty included $7.8 trillion in tax cuts, on top of the $2.5 trillion cost of continuing to extend the Bush tax cuts for the next ten years. His tax plan would mean a 41 percent tax cut for millionaires, even as it caused the deficit and debt to explode.
According to the Center on Budget and Policy Priorities, the plan would be really great for the richest one tenth of one percent of Americans, delivering them a tax cut four times as large as the Bush tax cuts:
Specifically, in 2013 the Pawlenty plan would give people in the top one-tenth of 1 percent on the income scale (i.e., people with incomes above $2.7 million) an average annual tax cut of $1.8 million — which is more than four times what they got last year from the Bush tax cuts.
Pawlenty’s economic plan shows that he is willing to more than double-down on the failed economic policies of the Bush administration. Of course, since Pawlenty believes wholeheartedly in the tax fairy, he probably thinks this tax cut will actually boost federal revenue, rather then blow yet another hole in the federal budget.