{"id":5045,"date":"2011-06-08T03:14:04","date_gmt":"2011-06-08T10:14:04","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=5045"},"modified":"2011-06-08T03:14:04","modified_gmt":"2011-06-08T10:14:04","slug":"bend-over-for-the-pawlenty-tax-plan","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/06\/08\/bend-over-for-the-pawlenty-tax-plan\/","title":{"rendered":"Bend Over for the Pawlenty Tax Plan"},"content":{"rendered":"

If Tim Pawlenty\u2019s tax plan becomes law, which I strongly doubt, it will be time to for us to get the Vaseline and grab our ankles.  It\u2019s going to hurt bad.  In short, it amounts to a tax increase on America\u2019s most needy citizens, a huge tax cut for millionaires, billionaires and criminal corporations, a big increase in the debt, and a poison pill for America\u2019s economy.<\/font><\/p>\n

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\"8PawlentyHat\"Earlier today, presidential candidate and former governor Tim Pawlenty (R-MN) outlined his economic policy \u201cvision,\u201d which included several major proposals to cut taxes<\/a><\/font>. Pawlenty called for:<\/font><\/p>\n

\u2013 Cutting the top individual income tax rate down to 25 percent;<\/font><\/p>\n

\u2013 Having just two income tax brackets, 10 percent and 25 percent;<\/font><\/p>\n

\u2013 Eliminating all taxation on capital gains, dividends, and estates;<\/font><\/p>\n

\u2013 Cutting the corporate tax rate down to 15 percent<\/font><\/p>\n

These proposals, taken together would bestow a massive tax cut on the wealthiest people in the country. They would also reduce overall federal revenues to a such a low level that even if Pawlenty\u2019s draconian, radical spending targets were achieved, deficits and debt would still soar out of control.<\/font><\/p>\n

All together, Pawlenty\u2019s tax proposal would generate an average revenue level of just 13.6 percent of GDP from 2013-2021. That translates to a tax cut of $7.8 trillion, and that\u2019s on top of $2.5 trillion cost of extending all of the Bush tax cuts<\/strong><\/span> (see below for details on how this estimate was calculated).<\/font><\/p>\n

Pawlenty also says that he will balance the budget, and cap spending at 18 percent of GDP<\/a><\/font>. Unfortunately for Pawlenty, his tax plan leaves him about $8.4 trillion short\u2026 [emphasis original<\/em><\/span>]<\/font><\/p>\n<\/blockquote>\n

Inserted from <Think Progress<\/a>><\/p>\n

What this does is puts an additional ten percent tax on those who are currently too poor to pay federal income taxes and cannot make ends meet now.<\/font><\/p>\n

Lawrence O’Donnell exposes the Pawlenty plan as the misbegotten lie that it is.<\/font><\/p>\n

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Visit msnbc.com for breaking news<\/a>, world news<\/a>, and news about the economy<\/a><\/p>\n

The Fairness in Taxation Act is a clearly better Alternative.<\/font><\/p>\n

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\u2026The Fairness in Taxation Act would add new tax brackets for income starting at $1 million and ends with a $1 billion bracket. The new brackets would be:<\/font><\/p>\n