Thursday, December 15, 2011

Gingrich Tax Plan - Gift to the 1%, Explodes the Deficit

Think Progress lays out the damage that Gingrich's tax plan would do the federal budget - and the huge gift that it is to the 600,000 households making more than $1 million a year in income.

In an era with the greatest wealth disparity between rich and poor America has ever seen, Gingrich wants to make the gap even wider. As much as I am annoyed, frustrated, and disappointed with Obama, our country cannot withstand the class warfare that someone like Gingrich would bring tro the office of the President.

CHARTS: The 10 Craziest Facts About Newt Gingrich’s Tax Plan

2012 GOP presidential contender Newt Gingrich — who has surged to the front of the polls — released a tax plan that calls for an optional 15 percent personal income tax and the complete elimination of investment taxes. As we’ve been reporting, the plan would blow a huge hole in the federal budget, causing perpetual trillion dollar deficits even assuming that Gingrich was able to get spending down to new, completely unreasonable lows for the modern era.

Most of the cost of the plan goes to lavishing tax breaks on the very wealthiest Americans. In fact, half of the benefit of Gingrich’s plan goes to the richest one percent of Americans, giving them more in tax cuts than the other 99 percent combined. Millionaires would receive a tax cut of more than $600,000 every year compared to current law.

And those are hardly the only facts about Gingrich’s plan that are worth mentioning. Center for American Progress Director of Tax and Budget Policy Michael Linden and Director of Fiscal Reform Seth Hanlon have put together ten charts highlighting the absurdity of Gingrich’s proposals.
Here are a couple:

See the rest of the charts here.
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