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?
George W. Bush giving Mitt Romney advice on how to destroy the economy of the world's only remaining superpower.
In a blatant attempt to beat Obama to the punch, Mitt Romney today provided a 59-point jobs plan for America. Bully for him!! The man who led Massachusetts to the wonderful ranking of 47th of all states in job creation during his time in office has a plan to pull America out of our unemployment rut!
Even better are the masterminds helping him with the plan. Two of the four geniuses are former chairmen of Bush’s Council of Economic Advisors…Glenn Hubbard from Columbia University and Greg Mankiw from Harvard. Brilliant! Just what we need…a return to the Bush economic policies that worked SO well in turning around a budget surplus, and dragging the country into economic ruin. Another member of the four, Vin Weber, is a former lobbyist for Freddie Mac, the WILDLY successful housing giant that also has, well, helped plunge us into economic ruin. The fourth is former Senator from Missouri, Jim Talent. Talent has been working with a lobbying firm in Missouri…but he himself hasn’t registered himself as a lobbyist, which conveniently allows him to avoid divulging his clients or his economic interests. Sounds above-board to me!!
THIS is the group Romney plans on using to turn our economic problems around? The sad thing is…by most accounts, Romney’s economic plans are the LEAST right-wing of all the GOP candidates.
God help us all. Especially since it appears increasingly likely that Obama, or as I now like to refer to him, Obama-the-wimp or Obama-the-turncoat, now seems to be an underdog to win a 2nd term.