If Tim Pawlenty’s tax plan becomes law, which I strongly doubt, it will be time to for us to get the Vaseline and grab our ankles. It’s going to hurt bad. In short, it amounts to a tax increase on America’s 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’s economy.

Earlier today, presidential candidate and former governor Tim Pawlenty (R-MN) outlined his economic policy “vision,” which included several major proposals to cut taxes . Pawlenty called for:

– Cutting the top individual income tax rate down to 25 percent;

– Having just two income tax brackets, 10 percent and 25 percent;

– Eliminating all taxation on capital gains, dividends, and estates;

– Cutting the corporate tax rate down to 15 percent

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’s draconian, radical spending targets were achieved, deficits and debt would still soar out of control.

All together, Pawlenty’s 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’s on top of $2.5 trillion cost of extending all of the Bush tax cuts (see below for details on how this estimate was calculated).