Posted on 12/12/2011 3:24:47 PM PST by Jim Robinson
NEW YORK (CNNMoney) -- Every Republican presidential hopeful has a plan to cut taxes.
But one candidate's plan has been described as so aggressive that it would blow a hole in the federal budget, lead to huge deficits and give the richest Americans a gigantic tax break.
That candidate is current frontrunner Newt Gingrich.
According a new analysis, Gingrich's tax plan would reduce government revenue by a staggering $1.3 trillion -- or 35% -- in 2015, the first year the plan could be fully implemented.
"It's mind boggling. It's a very large tax cut," said Roberton Williams, a senior fellow at the non-partisan Tax Policy Center, which performed the analysis. What would Gingrich's plan do?
Gingrich wants to add to the current tax code by putting an optional 15% flat tax on income in place, with a $12,000 per-person deduction. And Gingrich would like to eliminate the estate and capital gains taxes.
Swing state economies complicate 2012 picture For businesses, Gingrich wants to reduce the corporate tax rate from 35% to 12.5% -- a move that would take the rate from one of the highest in the industrialized world to one of the lowest.
(Excerpt) Read more at money.cnn.com ...
| when 0bama took office | NOW | |
|---|---|---|
| National Debt | $10.6 trillion | $15.2 trillion |
| Budget Deficit | $444 billion | $1.3 trillion |
| Unemployed | 13.6 million | 23.9 million |
| Food Stamp Recipients | 33.2 million | 47.4 million |
Two words: Bye Mitt...
Dayum, the truth really hurts! Can't repeat that enough, Jim!
You betcha!!!
What was so infuriating at the time was this comment helped undercut a forward thinking budget that removed control from the fed govt and empowered individuals. No one has come up with anything close to what that budget would accomplish and it was presented despite great political risk for it's sponsors. Newt apologized, but he made a bad mistake giving the Rats ammunition.
It's ironic that one of his criticisms of the Ryan Budget was it was too big of a change. Now he's coming out with a major change in tax policy. I agree with him on the tax policy and I don't think it's to big of a change.
Killer!
Rats already hate this!!!
End government dependency!
Look at their accomplishments. Newt allied himself with Ronald Reagan to build the Reagan Coalition, the Religious Right, and the Republican majority (together the Reagan Revolution) which directly led the downfall of the Soviet Union, the Contract with America, government reforms, less government, tax cuts, a balanced budget, and the great, long-standing Reagan economy.
Romney, on the other hand, vehemently denied Ronald Reagan and aligned himself with Ted Kennedy and the left. Romney accomplished installing liberal big government programs, defended and promoted Roe v Wade and legalized abortion as “settled law,” advocated and implemented RomneyCare with its liberty killing government mandates against formerly free citizens and its taxpayer funded or subsidized and mandated abortion procedures. He ran and governed to the left of Ted Kennedy on the “gay agenda” resulting in gay marriage in Massachusetts. He appointed liberal judges and liberal appointees throughout his government. Under his “leadership” conservatism and the Republican party was all but destroyed in Massachusetts.
Romney is one evil liberal progressive. No way in hell will MittBots be allowed to support this abortionist, big government, socialist scumbag on FR!
Guess my message isn’t clear enough. I have to keep repeating it and zotting would be MittBots.
79 posted on Sat Dec 03 2011 19:59:37 GMT-0800 (Pacific Standard Time) by Jim Robinson
Just spreading the wealth around. And if not stopped, he will spread it ALL around to the point there’s none left (in America anyway).
It is OUR money the Government takes to use! The politicians finally need to be reminded of that and need to start making budgets that fit OUR pocket books and not their dreams for reelection and power.
Also, when will they look at history and see that the greatest economic booms, and also the resultant increase in tax revenues, is when taxes are low and when regulations are nil?
Something like the fairtax.
“The only thing I don’t like about it is the 2015 implementation.
Why not full implementation in 2013?”
__________________________________________________
I agree, but i think even the possibility would produce immediate results as it would increase confidence amongst investors.
Yup. And Newt wants to streamline and cut government spending as well. Cut budgets, cut unnecessary and wasteful programs, even entitlements. Use the tenth amendment to return functions like medicare to the states and the people. Privatize social security for the younger generations. Return education to the states and localities. Reduce healthcare costs by making insurance portable across state lines, tort reform, returning the functions to the states and people where they can control costs for covering the poor locally. Make health insurance tax deductible and privatize and encourage private health accounts, etc.
He has a recorded history of successfully cutting taxes, cutting welfare programs, cutting spending, cutting deficits and balancing the budget.
sfl
In the meantime, Newt has a recorded history of successfully cutting taxes, cutting welfare programs, cutting spending, cutting deficits and balancing the budget
"Gingrich wants to add to the current tax code by putting an optional 15% flat tax on income in place, with a $12,000 per-person deduction. And Gingrich would like to eliminate the estate and capital gains taxes.
For businesses, Gingrich wants to reduce the corporate tax rate from 35% to 12.5% -- a move that would take the rate from one of the highest in the industrialized world to one of the lowest."
Every time I see the "non-partisan" lie I want to scream. This "Non-partisan" organization is the product of Brookings and Urban Institutes, well known lefty orgs.
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