Modern Republican tax policy is magical enough outside of election season. Election promises are unrealistic enough even when they have nothing to do with modern Republican tax policy. But when you combine modern Republican tax policy with election season promises, you wind up with some real humdingers.

Take Tim Pawlenty's new economic plan. The Center on Budget and Policy Priorities ran the numbers on his tax reform ideas, which cut rates for individual income taxes, shave some expenditures, and eliminate taxes on capital gains and dividends. This is what happens.


Ezra Klein says Pawlenty makes Bush look like Robin Hood. T-Paw's plan would also make Obama deficits look like Chinese surpluses. A 40% tax cut for the top 0.1% amounts to a $1 to $2 million bonus for the richest 160,000 families at the same time his party says we can't afford another dollar for new infrastructure. But who's surprised? Electionomics is the mortal nemesis of all reasonable ideas.