Newt's Tax Plan, and Why His Polls Rise the More Outrageous He Becomes

[Flaylo]

Robert Reich: Newt's Tax Plan, and Why His Polls Rise the More Outrageous He Becomes

Newt Gingrich has done it again. With his new tax plan he has raised the bar from irresponsibility to recklessness.

Every dollar estimate I'm about to share with you comes from the independent, non-partisan Tax Policy Center -- a group whose estimates are used by almost everyone in Washington regardless of political persuasion.

First off, Newt's plan increases the federal budget deficit by about $850 billion -- in a single year!

To put this in perspective, most forecasts of the budget deficit cover ten years. The elusive goal of the White House and many on both sides of the aisle in Congress is to reduce that ten-year deficit by 3 to 4 trillion dollars.

Newt goes in the other direction, with gusto. Increasing the deficit by $850 billion in a single year is beyond the wildest imaginings of the least responsible budget mavens within a radius of three thousand miles from Washington.

Imagine what Standard & Poor's or Moody's or Fitch would do if it became law. We'd go directly from a triple-A credit rating to triple X -- the veritable porn star of fiscal mayhem. Interest on our debt would become larger than most of the rest of the budget.

Most of this explosion of debt in Newt's plan occurs because he slashes taxes. But not just anyone's taxes. The lion's share of Newt's tax cuts benefit the very, very rich.

GOP lemmings will follow wherever their new flavor of the month leads them.