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Gingrich Criticizes Forbes' Flat-Tax Plan

February 09, 1996| Associated Press

WASHINGTON — House Speaker Newt Gingrich (R-Ga.) took a swipe Thursday at the flat-tax proposal touted by GOP presidential hopeful Steve Forbes.

The multimillionaire publisher backs a 17% flat tax that would eliminate deductions for mortgage interest and charitable giving.

Gingrich singled out the part of the Forbes proposal that would tax earned income but not income from investments and savings.

"The idea that you get your interest on savings and investment income and pay no taxes on it, while the person next to you is paying taxes on their income, that's nonsense. That's not going to happen," he said.

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