Dec. 12 (Bloomberg) -- The economic plan proposed by Republican presidential candidate Newt Gingrich would cut taxes for 70 percent of households and lower tax rates for the highest earners, according to an analysis released today by the nonpartisan Tax Policy Center.

People earning more than $1 million would receive an average tax cut of $613,689 in 2015, compared with what they pay now. That change would boost their after-tax income by 28.7 percent and put their average tax rate at 11.9 percent.

Gingrich’s plan would create an optional 15 percent flat tax, drop the corporate tax rate to 12.5 percent from 35 percent and eliminate taxes on capital gains and estates.

--Editors: Jodi Schneider, Bob Drummond

To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net