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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 This material may not be published, broadcast, rewritten or redistributed.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 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 2 8,305 8,305
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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