Newt Gingrich’s ‘mind boggling’ tax plan
Taxes Monday, December 12th, 2011
By Charles Riley, CNN Money
Every Republican presidential hopeful has a plan to cut taxes.
But one candidate’s plan has been described as so aggressive that it would blow a hole in the federal budget, lead to huge deficits and give the richest Americans a gigantic tax break.
That candidate is current frontrunner Newt Gingrich.
According a new analysis, Gingrich’s tax plan would reduce government revenue by a staggering $1.3 trillion — or 35% — in 2015, the first year the plan could be fully implemented.
“It’s mind boggling. It’s a very large tax cut,” said Roberton Williams, a senior fellow at the non-partisan Tax Policy Center, which performed the analysis.
What would Gingrich’s plan do?
Gingrich wants to add to the current tax code by putting an optional 15% flat tax on income in place, with a $12,000 per-person deduction. And Gingrich would like to eliminate the estate and capital gains taxes.
To read more, visit: http://money.cnn.com/2011/12/12/news/economy/newt_gingrich_taxes/
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Why is this so ‘mind boggling”??? Newt will SAY ANYTHING to get votes, then go the other way. That has been his MO for years. Check his record.
http://www.westernjournalism.com/is-newt-gingrich-a-conservative-
you-decide/
On the other hand, Ron Paul suggests cutting significant FEDERAL GOVERNMENT expenditures and giving responsibility back to the STATES, as prescribed in the Constitution.
Ftrankly, I don’t believe anyone who says anything about cutting taxes or uses the term “flat tax”. Firstly, Congress is the body that controls the purse strings. It isn’t the President. Secondly, a flat tax doesn’t get rid of the IRS and does nothing to prevent us from going right back to the convoluted, monumental mess that is our current federal tax system. Until the IRS is completely abolished, nothing will change.