Study: Gingrich tax plan would provide big breaks for rich, blow huge hole in budget deficit

By artappraiser on Tue, 12/13/2011 - 5:09am |

Associated Press, Dec. 12, 2011

WASHINGTON — The tax plan by GOP presidential hopeful Newt Gingrich would provide big tax breaks to the rich and blow a huge hole in the federal budget deficit, according to an independent study released Monday.

The analysis by the Tax Policy Center says households making more than $1 million a year would see their taxes drop by an average of 62 percent. Overall, federal tax revenues would drop by an estimated $850 billion in 2015, a figure that would dramatically worsen the budget deficit unless it is offset by unprecedented spending cuts, the study said.

“The revenue losses are enormous,” said Roberton Williams, a senior fellow at the Tax Policy Center.

Gingrich proposes [....]

URL:

http://www.washingtonpost.com/business/study-gingrich-tax-plan-would-provide-big-breaks-for-rich-blow-huge-hole-in-budget-deficit/2011/12/12/gIQAfHiJqO_story.html?tid=pm_pop