BiggnightsBreaking Down the Proposed Pawlenty Tax Cuts
June 12th 2011 20:53
Tim Pawlenty, the ex-governor of Minnesota and Republican presidential candidate for 2012, has made headlines recently for his proposed tax cuts.
Left-wing democrats were never exactly pleased with the Bush tax cuts to begin with, and the Pawlenty proposal is even more extreme. According to a Bloomberg article by Richard Rubin, the top 0.1 percent of the American tax bracket would save an average of $1.4 million under Pawlenty's plan.
The vast majority of the benefits would go towards the top 1 percent of U.S. taxpayers. The Tax Policy Center, a non-partisan research organization, conducted an investigation that concluded that the plan would cost the federal government up to $7.6 trillion in revenue over the next ten years.
Pawlenty's proposal asks for cutting the top tax rates for individuals from 35 to 25 percent, while the corporate rate would fall from 25 to 15 percent. To put it mildly, this proposal is essentially like putting the Bush tax cuts through an intense workout program with daily dietary supplements and HGH injections until it comes out five times bigger with ten times the hitting power.
The cuts are justified in a sense because nearly 64 percent of households would receive a tax break. Of course, Pawlenty and his camp projects numbers differently than the TPC, so it may be unfair to assume the TPC's assumptions are definite.
For further information, check out the Tax Policy Center's interpretation of the tax cuts.
Left-wing democrats were never exactly pleased with the Bush tax cuts to begin with, and the Pawlenty proposal is even more extreme. According to a Bloomberg article by Richard Rubin, the top 0.1 percent of the American tax bracket would save an average of $1.4 million under Pawlenty's plan.
The vast majority of the benefits would go towards the top 1 percent of U.S. taxpayers. The Tax Policy Center, a non-partisan research organization, conducted an investigation that concluded that the plan would cost the federal government up to $7.6 trillion in revenue over the next ten years.
Pawlenty's proposal asks for cutting the top tax rates for individuals from 35 to 25 percent, while the corporate rate would fall from 25 to 15 percent. To put it mildly, this proposal is essentially like putting the Bush tax cuts through an intense workout program with daily dietary supplements and HGH injections until it comes out five times bigger with ten times the hitting power.
The cuts are justified in a sense because nearly 64 percent of households would receive a tax break. Of course, Pawlenty and his camp projects numbers differently than the TPC, so it may be unfair to assume the TPC's assumptions are definite.
For further information, check out the Tax Policy Center's interpretation of the tax cuts.
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