Chart of the Day: Tim Pawlenty’s Millionaire Tax Plan

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Tim Pawlenty might not have made a great impression during Monday’s debate, but actions speak louder than words. And Pawlenty’s actions on the tax front are loud indeed. Just to refresh your memory, here’s his plan:

We should cut the business tax rate by more than half. I propose reducing the current rate from 35% to 15%….On the individual rates we need a simpler, fairer and flatter tax system overall. I propose just two rates, 10% and 25%. Under my plan, those who currently pay no income tax would stay at a zero rate. After that, the first fifty-thousand dollars of income or one-hundred thousand for married couples would be taxed at 10%. Everything above that would be taxed at 25%. That’s it….In addition, we should eliminate all together the capital gains tax, interest income tax, dividends tax and the death tax.

The Tax Policy Center has done its best to turn this into hard numbers, and the chart on the right shows the results. As usual, a bone is thrown to us schmoes making 50 grand or so: our after-tax incomes would go up about 5%. Let’s all go to Disneyland! But the real action is at the high end: income increases of 15-20% for the wealthy. Party time! And the super-rich millionaire class? It’s Katy bar the door: they’ll see their after-tax income go up by a walloping 33%. Time to buy that second yacht!

Say what you want about how boring Pawlenty is, but he knows his audience: scraps for the middle class who aren’t in on the con while the wealthy who understand exactly what’s going on rake in billions. Is that cynical behavior from this son of a milk truck driver? Sure. But hardly a surprise from anyone who knows the Republican Party’s real power base. Pawlenty obviously knows it better than most.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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