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.