Pawlenty’s Plan: Half Million Dollar Tax Cut per Millionaire

By comparison, people earning $40,000 to $50,000 would get an average tax cut of about $700, or less than 2 percent of after-tax income.

TPC estimates that the proposal would also cut revenues by $7.6 trillion over the next 10 years. Add in additional interest on the debt and the total cost would be more like $9 or $10 trillion. And, as I noted in my post on Wednesday, once the tax lawyers start working with the plan’s giant new tax loopholes, revenues would shrink even more.