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":
Link.
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.Also, for anyone who has yet to see it, here is the CNBC interview IBD refers to:
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.
Link.
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