Newt Gingrich's tax plan does give almost everyone a tax break, but some more than others. Can you guess which ones?
People earning more than $1 million a year would receive an average tax cut of $613,689 in 2015, compared with what they pay now. That change would boost their after-tax income by 28.7 percent and put their average tax rate at 11.9 percent.
Gingrich’s plan would cut taxes for people in all income groups and raise them for no one. For households earning between $50,000 and $75,000 a year, 91.3 percent would receive tax cuts averaging $1,847, boosting their after-tax income by 3.1 percent.
So those who have flourished by what America offers get a savings of almost 10 times that over the families that are barely living in a comfortable margin? That really doesn't seem all that fair - does it?
And the millionaires aren't the only big winners here:
He would drop the corporate tax rate to 12.5 percent from 35 percent, allow businesses to write off capital expenses and eliminate taxes on capital gains and estates, according to his website.
How can our country survive by such a huge decrease in income? The answer is simple - it can't!
The economic plan proposed by Republican presidential candidate Newt Gingrich would add $1.3 trillion to the U.S. budget deficit in 2015 alone, according to an analysis by the nonpartisan Tax Policy Center.
$1.3 trillion added to the deficit in one year alone? What happened to all these budget hawks on the right?