GOP Presidential candidate Newt Gingrich is proposing a massive tax cut aimed at the highest earning American households. Gingrichâs plan would add about $1 trillion to the federal deficit in a single year. And while most of the nationâs lowest income families would get no benefit from these tax cuts, the top 0.1 percent (who make an average of more than $8 million) would get about a quarter of the windfall, according to new estimates by my colleagues at the Tax Policy Center. http://taxvox.taxpolicycenter.org/2011/12/12/gingrich’s-tax-plan-big-tax-cuts-big-deficits/ In just the single year of 2015, Gingrichâs plan would increase the deficit by about $850 billion. Remember, while we are used to seeing numbers such as this describing the 10-year revenue loss of some tax plan, this is just the one-year cost. It is half again as generous as Perry, who would add merely $570 billion to the deficit.