How Much Does Newt Gingrich’s Tax Plan Benefit the Wealthiest of the Wealthy (Top 0.1 Percent)?
While Mitt Romney’s plan economic plan — a windfall for the 1 Percent paid for by the 99 Percent — would provide $6.6 TRILLION in budget-busting tax cuts to the wealthiest Americans and corporations, Newt Gingrich’s plan far outdoes him on both scores:
- The average millionaire would get a whopping $615,689 annual tax cut
- Those in the wealthiest top 0.1 percent would receive an annual tax cut of more than $2 MILLION each — on top of what they’re already getting from the Bush tax cuts
- Millionaires would pay a lower tax rate than middle class families making $40-50,000 a year
- In 2015, the tax giveaway to millionaires and billionaire alone would be about the same size as the entire Medicare budget under the Paul Ryan GOP budget plan.
- In the best year of his plan, 2015, the deficit would be a whopping $1.2 TRILLION — even after taking into account the draconian spending cuts imposed by the Paul Ryan GOP budget plan. The publicly held debt would double by 2019 and triple by 2024.
IN ONE SENTENCE: In the race to deliver trillions in tax cuts to the wealthiest Americans, Newt Gingrich is the winner in a landslide.
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