Gingrich says Obama tax proposal appears "stupid"

U.S. Republican presidential candidate and former Speaker of the House Newt Gingrich speaks during a campaign event in Coral Springs, Florida January 25, 2012. REUTERS/Shannon Stapleton

U.S. Republican presidential candidate and former Speaker of the House Newt Gingrich speaks during a campaign event in Coral Springs, Florida January 25, 2012.

Credit: Reuters/Shannon Stapleton

CORAL SPRINGS, Florida | Wed Jan 25, 2012 4:22pm EST

CORAL SPRINGS, Florida (Reuters) - Republican presidential candidate Newt Gingrich, leading the race for next week's Florida primary, on Tuesday slammed President Barack Obama's millionaire's tax plan as "stupid."

Obama proposed in his State of the Union speech on Tuesday that those making more than $1 million a year would pay an effective tax rate of at least 30 percent and lose their tax deductions.

Gingrich, the former Speaker of the House of Representatives, said Obama did not appear to realize the extent of his proposal.

"I'm not sure he understood what he was saying," said Gingrich. He said the plan would mean doubling the capital gains tax from 15 percent for millionaires.

Gingrich said he was expecting clarification from the White House because if it did hike the capital gains rate, "that'd be so stupid even they couldn't defend it."

The issue of taxes has become a flash point in the presidential race after Republican candidate Mitt Romney disclosed this week he paid about 13.9 percent of $42 million in taxes.

Gingrich is leading Romney in opinion polls for the Florida primary vote on Tuesday.

(Editing by Cynthia Osterman)
Politics
Barack Obama
Election 2012
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Comments (5)
Troisquatre wrote:
Gingrich & Santorum voted for the “Bush-Tax-Cut” which benefited Romney, The Upper 10% Rich which includes Warren Buffett.
Gingrich & Santorum are the “Washington Insiders”

Jan 24, 2012 8:45pm EST  --  Report as abuse
Ralphooo wrote:
It is hard to imagine anyone believes Newt Gingrich could defeat Barack Obama. This could be the work of certain wealthy religious bigots who don’t want to see a Mormon in the White House.

Jan 24, 2012 10:05pm EST  --  Report as abuse
Troisquatre wrote:
Open Marriage, 2nd Mistress, 3rd Wife, so far, this is what we know about Calista Gingrich. First Lady, I don’t think so.

Jan 24, 2012 10:44pm EST  --  Report as abuse
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