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VOL. 126 | NO. 242 | Tuesday, December 13, 2011

Independent Study: Gingrich Tax Plan Would Worsen Deficit

STEPHEN OHLEMACHER | Associated Press

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WASHINGTON (AP) – A new independent study says the tax plan by GOP presidential hopeful Newt Gingrich would provide big tax breaks to the rich and blow a huge hole in the federal budget deficit.

The analysis by the Tax Policy Center says households making more than $1 million a year would see their taxes drop by an average of 62 percent. The study says federal tax revenues would drop by an estimated $850 billion in 2015 and worsen the budget deficit unless it is offset by unprecedented spending cuts.

Under Gingrich's plan, taxpayers could stay in the current system or switch to a 15 percent flat tax on income. Gingrich also wants to eliminate taxes on capital gains, dividends and interest.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 63 269 16,682
MORTGAGES 85 313 21,745
FORECLOSURE NOTICES 0 56 4,322
BUILDING PERMITS 0 209 39,587
BANKRUPTCIES 65 287 15,829
BUSINESS LICENSES 16 67 5,558
UTILITY CONNECTIONS 126 413 23,986
MARRIAGE LICENSES 22 94 5,129

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