During his speech introducing the plan, Pawlenty excoriated President Obama as “a champion practitioner of class warfare.” “I come from a working class background. I didn’t grow up with wealth. But I’ve never resented those who have it,” Pawlenty said. But as a new analysis from Citizens for Tax Justice shows, in addition to being outrageously expensive, Pawlenty’s tax plan is based on the Republican brand of class warfare — giving millionaires huge tax breaks:
– Taxpayers with incomes in excess of $1 million would enjoy an average cut in personal income taxes of $288,822, a 41.4 percent cut.
– Taxpayers with incomes in excess of $10 million would enjoy an average cut in personal income taxes of $2.4 million, a 46.3 percent cut.
– The cost of the personal income tax cuts just for taxpayers with incomes in excess of $1 million would be $141.8 billion.
Pawlenty likes to point to his middle-class background while giving his economic pitch, but his tax plan implies either a huge tax shift, requiring the middle-class to pay for his massive tax cuts for the wealthy, or sky-high deficits in perpetuity. As part of the plan he introduced yesterday, Pawlenty also endorsed a spending cap that would require deeper cuts than the radical House Republican budget, as well as a cockamamie “Google test” that, if taken literally, implies that Pawlenty would be okay with eliminating the Pentagon.