It’s already well established that the tax plans put forward by the 2012 GOP presidential nominees would dramatically lower taxes for the 2012 GOP presidential nominees. Newt Gingrich’s own tax plan, for instance, would give him a tax cut of nearly half a million dollars every year.
The candidates fare so well under their own plans because those plans dramatically slash taxes for the richest one percent of the country. So how would America’s richest family — the Waltons, heirs to the Walmart fortune — make out if one of the GOP’s plans actually came into effect? Quite well, according to an analysis provided to ThinkProgress by the Making Change at Walmart campaign.
The Walton family has a combined wealth of more than $93 billion. Collectively, the Walton family controls nearly half of all Walmart shares, which helped them family receive more than $2 billion in dividends from their Walmart stock alone in 2010.
Since the GOP candidates (with the exception of Mitt Romney) want to lower or, in the case of Newt Gingrich, eliminate the tax on capital gains and dividends, under their plans, the Waltons would receive millions of dollars per year in tax cuts:
While Gingrich and Santorum would give the Waltons huge new tax breaks — and Romney would maintain the status quo — President Obama’s tax plan would cost the Waltons $107 million per year.
As a family, the Walmart heirs have the same net worth as the bottom 30 percent of Americans. And if Gingrich or Santorum had their way, that number would only increase.