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: