Newt Gingrich and the rest of his rich buddies would be laughing all the way to the bank, under Gingrich's proposed new tax system.
Newt Gingrich has been criticized by many in the Tea party, and by conservatives in general, for being too moderate. With the analysis of Gingrich’s proposed tax plan, conservative wackos have nothing to worry about. Gingrich is showing he’s just like the rest of the completely unrealistic GOP candidates, and will do anything to pander to the wacko right who believes taxes and government are the root of all evil.
Gingrich’s plan would allow you to keep your current taxes, or, take a flat 15% tax. So in theory, nobody’s taxes go up!! Consider, however, that the richest Americans currently have a tax rate of 35%. That would go down to 15%! Plus, Gingrich proposes no taxes on capital gains, and no estate taxes, two taxes that currently largely affect the wealthy. The net result? MASSIVE tax cuts for the rich, far beyond what even most other wacko Republican candidates are offering. The richest 0.1%? They would receive an AVERAGE of a $2 million cut in their taxes!!
The poorest people in America? ONLY 20% would receive ANY kind of tax benefit!!! And the average tax benefit for those few, lucky poor folks who WOULD get a tax cut under Gingrich? A whopping $63 a year!!
There is just one SLIGHT problem with Gingrich’s plan. Under the plan, tax revenues would drop by at least 35%, adding at least $1 TRILLION a year to the deficit!! Considering the debt-reduction committee couldn’t agree on that much savings over TEN years, adding a trillion a year to the deficit doesn’t seem too smart now, does it?
But then again…who ever accused the GOP of being smart?
