The Gingrich’s plan:
The top 1 percent of taxpayers, who earn more than $629,809, would receive an average tax cut of $343,993 in 2015. That change would boost their after-tax income by 25.5 percent and put their average federal tax rate at 12.8 percent. The top 0.1 percent, or households with incomes exceeding $2.9 million, would get an average tax cut of $1.9 million.
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.
http://www.washingtonpost.com/...
So the middle class will get a 3% raise in income after the Newt tax cuts- but the rich will get anywhere from 25% to a 100% increase in income. Yes, you read that right, the rich that generate their wealth from capital gains and dividends will be taxed at zero percent- they won't pay one single cent to the federal government.
If we are going to create a class of people that don't pay any tax at all- Shouldn't that be the middle class? If you are going to cut tax rates to zero on somebody, why not give us the larger tax cut. Even A 30% increase income for the middle class is a better use of a tax cut, than giving it the rich.
I mean, If you are already a multimillionaire you don't need a 30% increase in income- but the middle class sure does.
Just so no one gets the wrong idea, what i just wrote is snark. Everyone that can, should pay taxes. But, if you are going to give a huge tax cut to someone, better it be the middle class than the rich.
Not only is his plan unconscionable, and it will increase the debt and the deficit.