Newt Gingrich's 'mind boggling' tax plan

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Newt Gingrich's 'mind boggling' tax plan

NEW YORK (CNNMoney) -- Every Republican presidential hopeful has a plan to cut taxes.

But one candidate's plan has been described as so aggressive that it would blow a hole in the federal budget, lead to huge deficits and give the richest Americans a gigantic tax break.

That candidate is current frontrunner Newt Gingrich.

According a new analysis, Gingrich's tax plan would reduce government revenue by a staggering $1.3 trillion -- or 35% -- in 2015, the first year the plan could be fully implemented.

"It's mind boggling. It's a very large tax cut," said Roberton Williams, a senior fellow at the non-partisan Tax Policy Center, which performed the analysis.

Newt Gingrich's 'mind boggling' tax plan - Dec. 12, 2011

We already have the lowest tax rates in over 60 years, and the worst economy in over 60 years, and yes, the two are related. And the Republicans continue to come up with the same lame answer that cutting taxes even more is the way out of this mess.

The good thing is that all the Dems need do is play to the average American's sensibilities. Other than the true lunatic nutjobs on the right who think you can constantly increase government revenues by decreasing taxes, the majority of Americans understand that only works when tax rates are already very high, not when they are at their lowest level in over 60 years.

I honestly think we are looking at another 1984 type of election, where the incumbent wins by a landslide. The question is whether or not Dems will ride Obama's coattails to take back the House and extend their majority in the Senate.