Tuesday, June 7, 2011

In which I forgot to post Investor's Business Daily calling Newt's economic plan "one of the most laudable economic plans in memory"

When someone asked me today on Twitter why he should support Newt, I responded that two reasons I was is that Peter Ferrara and Investor's Business Daily have called Newt's economic plan the best among the candidates. When I went to look for the links, however, I realized that while I posted about Ferrara, I had not about IBD. I had simply re-tweeted their article.

So while it is a bit of old news -- all of two weeks old -- here are some excerpts from their editorial titled "A Solid A For Gingrich's Economic Plan":
Still, all of this and more can be forgiven if Newt spends the coming months proving he's serious about the audacious five-point economic plan he has just unveiled — the best reform program of any of the presidential candidates.

Its most important feature is the elimination of -- not just a reduction in -- the capital gains tax. It can't be stressed enough the kind of positive effect such a long-overdue step would have on a battered, post-financial-crisis private sector. This would be a real economic stimulus, costing just a pittance in government revenues and generating millions of new jobs.

Tiny Hong Kong became the economic powerhouse of Asia by recognizing that a zero tax on capital encourages and attracts massive amounts of private investment. Domestic and foreign capital would pour into the U.S. if Gingrich's plan were enacted.

There's also a too-seldom-made moral argument against capital gains taxes. What Americans own — from equities to real estate and everything in between -- is not "income" and should not be taxed when it happens to increase in value.


The rest of the Gingrich economic plan is just as praiseworthy: a no-new-taxes pledge, full deduction of capital expenses, a huge cut in our highest-in-the-world corporate tax and abolition of the estate tax.

Equally bold, he would repeal ObamaCare, scrap the torturous Sarbanes-Oxley corporate regulatory regime, abolish the National Labor Relations Board and "replace" the Environmental Protection Agency -- which hopefully goes well beyond renaming it.

As Gingrich told CNBC, his plan comes straight out of "the Reagan playbook" and "would move us toward a very dramatic job growth," lessening government dependency and practicing fiscal restraint -- exactly what the Tea Party movement demands.
Also, for anyone who has yet to see it, here is the CNBC interview IBD refers to:


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