Thursday, December 15, 2011

Newt Gingrich's Crazily Bad Tax Plan in 10 Graphs; or, "Let Them Eat Cake"

Well, as more details about Newt Gingrich's tax plan dribble out, this blog is starting to reconsider whether its endorsement of him in the Republican primary race might have been a little too hasty. Oh sure, we still think Mitt Romney is a soulless opportunist who will tell you anything you want to hear in order to "earn" your vote and will be forced by the Tea Party to rule as President with a far-right iron fist, but at least Mitt's tax plan isn't "out of this world," "I can't believe this plan comes from a serious Presidential candidate from a major political party" insane.

My favorite detail from the below charts? Under Newt's tax plan, Mitt - who is probably worth more than $200 million and made as much as $40 million dollars last year - would owe exactly $0 in taxes, since Newt's plan would eliminate all taxes on capital gains, dividends, and interest. So, Mitt's tax rate would fall from the [less than] 15% he pays now (compared to the 20%+ that the middle class pays now) to 0%.

If Newt's going to offer Mitt that kind of deal, maybe he can get Mitt to drop out of the race and endorse him for President - after all, the President only earns about $400k/year, and Mitt's tax cut under Newt's plan would be worth waaaaaaaaaay more than that.

As an added bonus, everyone who is not part of the top 1% would have to calculate their taxes twice, in order to see which system is better for them, each year. Delightful.

Again - this plan is so crazy, irresponsible, and dangerous, I can't believe it's coming from a serious Presidential candidate from a major political party - especially from someone who touts his credentials as the "ideas" candidate. But, then again, I guess he never claimed that they would be good ideas.

Check out the infographic from American Progress for all of the crazy:

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