Posted on 05/24/2011 6:11:30 PM PDT by Kaslin
Economic Reform: Newt Gingrich may have, to the glee of the left, been written off by everybody who's anybody on the right. But he's put forth one of the most laudable economic plans in memory.
The Wall Street Journal's editorial page says the former House speaker has a big mouth and timid policy instincts, and that his best move right now would be to shut down his presidential campaign and donate the cash he's raised to House Republicans.
Indeed, no one can understand why Gingrich stuck his foot in his mouth and Paul Ryan's hindquarters at the same time, unfairly attacking the House Budget Committee chairman's sensible entitlement plan on NBC's "Meet the Press."
Then there's Gingrich's claim that he and his wife are "very frugal," an assertion that begs for documentation in the wake of hundreds of thousands of dollars in revolving debt from Tiffany's.
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.
(Excerpt) Read more at investors.com ...
Sorry, women will not vote for Newt but there is a place for him in the cabinet or, if my wife had her way, under the sink.
It seems that Newt has picked up a few good ideas. Doesn't make up for the bad ones and lack of conservative principles.
The smartest Pub and the one with the most common sense; except when he has to actually run to win. His ideas might well go to a guy like Paws or Santorum and find a home even with a guy like Mittens and Cain. Or with Bachmann. But, Newt will never be Prez and that is really too bad since the US would be an exciting venture and the nation would not worry about socialist baloney or Islamofascist wins.
“But, Newt will never be Prez and that is really too bad since the US would be an exciting venture and the nation would not worry about socialist baloney or Islamofascist wins.”
No, just unconstitutional baloney Newt’rd offered up when he favored everybody be required to buy health insurance. Or maybe his climate change baloney. My baloney has a first name and it’s not Newt.
Won’t see the light of day, nor will Gingrich in the White House, but yeah, give it an ‘A’ all you want.... =.=
I don’t even agree that a zero capital gains tax rate is a good idea. Buying low and selling high is an income generating activity just as much as working for a wage. It doesn’t make any difference whether it is equities, commodities, or used cars.
If you profit from an investment or your labor, pay 10% flat income tax and be done with it. Save 10% of your income for retirement and we can eliminate SS.
This is not rocket science until you start trying to get other people to pay your way.
>I don’t even agree that a zero capital gains tax rate is a good idea.
LOL! Yeah, no double taxation is outright communist.
What a TERRIBLE idea!
Wrong forum...
How is it double taxation when there is no corporate tax ? Or didn’t you understand that from my post ?
So you think somebody who trades stocks all day long and whose entire income is from capital gains should not have to pay income taxes while his neighbor who does similar work at a desk all day must pay income taxes ?
That seems logical to you ?
His ideas should be part or the GOP plank.
Yes... Newt is baloney when it comes to the Presidency, but correct when it comes to elimination of cap gains tax. (Like your tagline!)
He’s got some very good ideas on how to grow the economy. Unfortunately, he doesn’t seem to have any problem growing the government enough to hoover up all the extra tax revenue a booming economy would generate.
What we need is both to stimulate the economy (a la Gingrich)... and cut the deficit (a la Ryan).
Newt’s stopped clock syndrome strikes again.
Newt, just drop off your good ideas in the GOP marketplace of ideas and leave.
Concurs with much of your earlier analysis.
Did you write it? ;-)
Cheers!
It generates income, but not so much new wealth (de nove goods and services).
Cheers!
Buying and selling creates liquidity in the economy. If somebody wants to sell something and can’t find a ready buyer, then the activity they wanted to pursue with the proceeds doesn’t happen. That next purchase creates wealth for the producer.
Anything that restricts the ability to buy and sell slows the economy. This is why restricting day trading is a bad idea, or adding a transaction tax on buying and selling stocks and commodities would be a bad idea.
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