The tax plan advanced by Republican presidential candidate Newt Gingrich would have the effect of adding over $1 trillion to the federal deficit in a single year and give the overwhelming share of tax benefits to those at the upper end of the income scale.
A new analysis of Gingrich’s plan, published Tuesday by the Tax Policy Center, found that the top 0.1 percent of taxpayers, those making over $8 million a year, would get an average tax cut of $1.9 million under the plan by 2015. Low-income households, in contrast, would get an average tax cut of $63.
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