Gingrich Tax Plan Would Add $1.3 Trillion To Deficit In 2015

The nonpartisan Tax Policy Center compares Newt Gingrich’s proposals with current law.

The study found that Gingrich’s plan to lower the top individual rate to 15 percent and eliminate taxes on capital gains and estates would push federal revenue for 2015 below the government’s fiscal 2011 collections as a share of the economy. Federal revenue is near postwar lows because of the economic downturn…

Gingrich’s plan would create an optional 15 percent flat tax with a per-person deduction of $12,000. He would drop the corporate tax rate to 12.5 percent from 35 percent and allow businesses to write off capital expenses. Gingrich also proposes removing the tax increases enacted in the 2010 health-care law and eliminating levies on capital gains and estates, according to his website.

By: Alan

Alan Colmes is the publisher of Liberaland.