Newt Gingrich's Proposed American Solutions #1: Jobs and the Economy


America only works when Americans are working. Newt has a pro-growth strategy similar to the proven policies used when he was Speaker to balance the budget, pay down the debt, and create jobs. The plan includes:

  1. Stop the 2013 tax increases to promote stability in the economy. Job creation improved after Congress extended tax relief for two years in December. We should make the rates permanent.
     
  2. Make the United States the most desirable location for new business investment through a bold series of tax cuts, including: Eliminating the capital gains tax to make American entrepreneurs more competitive against those in other countries; Dramatically reducing the corporate income tax (among highest in the world) to 12.5%; Allowing for 100% expensing of new equipment to spur innovation and American manufacturing; Ending the death tax permanently.
     
  3. Move toward an optional flat tax of 15% that would allow Americans the freedom to choose to file their taxes on a postcard, saving hundreds of billions in unnecessary costs each year. This optional flat tax system will preserve deductions on charitable giving and home ownership, and create a new personal deduction of $12,000 for every American. This deduction is well above the current poverty level, ensuring that this new system does not unfairly target the poor.
     
  4. Strengthen the dollar by returning to the Reagan-era monetary policies that stopped runaway inflation and reforming the Federal Reserve to promote transparency.
     
  5. Remove obstacles to job creation imposed by destructive and ineffective regulations, programs and bureaucracies. Steps include: Repealing the Sarbanes-Oxley Act, which did nothing to prevent the financial crisis and is holding companies back from making new investments in the U.S; Repealing the Community Reinvestment Act, the abuse of which helped cause the financial crisis; Repealing the Dodd-Frank Law which is killing small independent banks, crippling loans to small businesses and crippling home sales; Breaking up Fannie Mae and Freddie Mac, moving their smaller successors off government guarantees and into the free market;Replacing the Environmental Protection Agency with an Environmental Solutions Agency that works collaboratively with local government and industry to achieve better results; andModernizing the Food and Drug Administration  to get lifesaving medicines and technologies to patients faster.
     
  6. Implement an American energy policy that removes obstacles to responsible energy development and creates jobs in the United States.
     
  7. Balance the budget by growing the economy, controlling spending, implementing money saving reforms, and replacing destructive policies and regulatory agencies with new approaches.
     
  8. Repeal and replace Obamacare with a pro-jobs, pro-responsibility health plan that puts doctors and patients in charge of health decisions instead of bureaucrats.

  9. Fundamental reform of entitlement programs with the advice and help of the American people. Read an extended white paper on this here.

 

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Comment by David W. Dodt Sr. on March 12, 2012 at 2:46pm

Small business is being hurt by small bank over capitalization. This was done by Congress as they wanted to punish the large banks that caused this economic down turn. End this smaal bank punishment.

If you an hourly worker only tax them on 40 hours for the next 5 years. Let them rebuild their savings and re-establish their credit. I talked about this and other things in my run for the u.S. Senate in Ohio. Check out my website www.dodt4ohio.com. I wasn't successful, not because my ideas were out of touch but because Josh Mandel had name recognition. Actually this guy is an empty suit and Sen. Brown will have him breakfast. This guy is 34 and knows nothing on any subject. Can you imagine him actually getting elected, I can't...

Comment by James A. Aspinwall on March 5, 2012 at 5:09pm

When talking about industry-led training Newt should refer to the success of Georgia's "Quick Start" Program.

Comment by John Paul Jones on February 24, 2012 at 4:58pm

Newt is doing a good job on energy but he doesn't go far enough. He needs to look at the whole picture.  

There is a Clear and Present Danger lurking watch this video

http://www.youtube.com/watch?v=VGk5ETyOZVs&feature=g-upl&co...

Comment by norman brown on February 24, 2012 at 1:08pm

The president out right lied in his speach in florida yesterday when he said there was no sllver bulit to helh bring down gass prices. He also said that we were stupid as a party when all we want to do is dilll,drill, drill. What the president did not say was that with in months we can bring prices down and being imports down. Reasno #1 consumer of imported oil is the RR system.#2 consmumer of oil is the federal goverment #3 the trucking industry #4 our car industry.

To save up 20 20% of oil used each day make the trains change over to using natural gass it's cost is now 1/2 of oil products and the power given off when used gives 1&1/4 times more energy.than present oil product rember just the word the the RR of america will now use naturea gass would stun the oil producing countrys. Then make the federal goverment buy onle cars that reu on Natural gass Have them dilivered to the goverment at cost only intell every dail out doller is returned, Then have the trucking industeruy ginverter to Naturel gess and if necessary help in sure the conversion process is done at cost only for a tax right off. Last have all new cars starting 2015 be sold using Natural gass. These 4 changes would make America free of out side oil. But first the RR must be put on a 24/7 turn over. this is the silver bulit he said no one had. He lied again and those young kides sucked it all in  IT IS TIME FOR NETE AND ALL OUR REPS TO TAKE ON OBAMA AND NOT FIGHT EACH OTHER. ATTACKS FROM 4 SIDES IS BETTER THAN ONE AND THE ON WHO BEATS HIM UP MOST WINS SO GET IT DONE NUTE

Comment by John Paul Jones on February 1, 2012 at 11:33am

Jobs, Jobs, Jobs should be the primary goal to getting this country pointed in the right direction.  Jobs will lift the people and bring in the revenue desperately needed. But there is MORE.

Energy is the key to to whole jobs market.  People what made America great; it was the energy produced from Gas, Coal and Oil.  These fuels allowed America prosper and grow.  Now more than ever we need to drill and mine and build power plants.  The growth in our energy usage has grown 10 fold however Obama has shut off building and drilling. You want to put millions of Americans back to work quickly then drill baby drill.  Do you want to produce American products then build and drill?  People almost everything you touch is energy related think about it!  We need a new mantra "BUILD AND DRILL" 

By putting Newt in office we can put millions to work in less than a year and I will prove in my next post.

Comment by Dave on January 30, 2012 at 6:47am

Mr Gingrich,

 

In all of this infighting on both sides regarding 'Tax Fairness', why has no one suggested shutting down the IRS in its' entirety in favor of a 'Flat Sales Tax'?  Everyone MUST purchase something, the more you spend the more you pay, whether it would be ren, lease or purchase.  Everyone would pay their fair share, from poor to middle class to rich, you would reduce the size of Govt immensely by shutting down IRS, eliminate the wasteful spending to find [read: harass] taxpayers, there'd be no loopholes for the rich [supposedly] to take advantage of, the people on Govt handouts would pay their fair share, there would be no longer a 'marriage penalty', and there'd be no more confusing tax laws and forms to fill out.

If Mr Cain thought that 9-9-9 was a good idea, then a 10% flat tax could generate revenue from everyone, fairly.  People will spend, and those people who want to will start saving without fear of being taxed on taxed income - thus helping banks and lending institutions, and ultimately the economy.

No loopholes, no favors, no waivers - you buy you pay, you rent or lease you pay (homes vehicles, equipment, etc.).  No unfair depreciation, no tax cheats, no tax lawyers getting the Govt 1% of what's owed and large amounts going in their pockets.

Win-WIN - WIN!!

Thank you for listening

Comment by Thomas Andrew Rebenstorf on January 26, 2012 at 1:54pm

Newt, on the housing situation, I am one of those unfortunate people who was out of work for a year and fell behind on my home. Had to file Bankruptcy to stop the sale of my home and after 2 years they decided to do a recapitalization of my loan, but they called it a modification in fact what they did was put approximately 150,000 on the backend of the loan and drop the interest rate.

The problem is that I purchased my home at 630,000 the homes in my neighorhood are now worth 225,000. I now owe 649,000.  and my payment went from 2,500 a month to 3,500 a month. What our wonderful President does not understand is that it does not matter how much the banks drop the interest rates on a loan it does not help the borrower with his loan because we do not pay in interest rates we pay in hard dollars and unless the government  make the Banks bring down the capital on these loans we will never clean these loans up.

Comment by Thomas Andrew Rebenstorf on January 26, 2012 at 1:40pm

Newt, If we really want to bring jobs and industry back to the U.S. then we need to change the tarriff that are charged between countries. For example a manufacture can ship goods from China to The U.S. at 4% tarriff charge but if we sell goods to China a U.S. Manufacture would pay 20% in tarriffs.  We need to tell the rest of the world that whatever tarriff they charge us is the tarriffs we charge them, why must we always have to take it in the pants

Comment by susan rathfon on January 21, 2012 at 11:52pm

Newt..I beg... put side reins on the new Fed after you shoot the old!  Next do an autopsy on anything or anyone having to do with real estate...from agent, appraiser, bank lender, buyer, 2nd-23 loaner, packaged products with junk...we certainly have the technology and paper trail far and beyond...and keep it separate from our deficit until audit complete.  Those who destroyed (lost) records should be held responsible and criminally charged.

Comment by lesia Shevchenko on January 20, 2012 at 6:45pm

How will Gingrich win back the 10 mill. jobs lost to China.. Also, will he press the Treasury to stop China from manipulating currency

Comment by GERRY BURETTA on January 16, 2012 at 2:07pm

The platform seems good although I am not in favor of eliminating the tax on capital gains. In reviewing the 2009 IRS stats on capital gains, about two thirds of the capital gains were from taxpayers who had an income of over $500,000. As an investor, if I buy a stock in a company and sell the stock two years later then I would pay zero taxes on the capital gain. However, if I invest the same amount of money in the same company. but buy a bond, then I would pay taxes on the interest? However, if I was George Soros and take a gain as carried interest, I pay no tax since this is a capital gain. An investment is an investment and both create jobs and there should be no difference in the way it is taxed. If it was my choice, I would make no distinction in types of investment income and tax it at a nominal rate.

Comment by Ray C. De Meo on January 11, 2012 at 11:18pm

Fox News: Right to Work at the U.S. Supreme Court

Yesterday, National Right to Work Foundation staff attorney W. James Young went toe-to-toe with a Service Employees International Union (SEIU) lawyer at the United States Supreme Court.

In the class-action lawsuit covering tens of thousands of employees, Foundation attorneys are providing free legal aid to eight California government workers, including two former union members, challenging a corrupt SEIU political fundraising scheme.

Comment by Ray C. De Meo on January 11, 2012 at 11:12pm

I don't believe I ever herd Newts Stance on RIGHT TO WORK STATES.

Fox News Reports on Right to Work's Supreme Court Challenge to Illegal Union Fundraising Scheme !

Comment by Tanya Nelson on December 31, 2011 at 7:06am

You have a great solution in this area, if it worked properly & fairly for " We the people " because we American's need to provide shelter for our own family & not lose title of the home, because you can not afford the payments, for one reason or another. In example I know someone who did this with their home, a family member fell ill & had a historical house valued way above what they purchased it for She had 10 kids & many grandchildren. At the time of her death, I thought we as a family could purchase it back for our grand children & leav it in the family for them. However, bad times economically have left me jobless now, & I could not come up with the money to save her home for us. I thought this was the idea behind reverse mortage program, but I was misinformed I think.

Comment by Carlos Cantu on December 28, 2011 at 11:32am

I suggest to apply REVERSE INTEREST mortgage payments to home equity. In other words, start paying the home equity first and have the last mortgage payments pay exclusively the interest. Thousands of mortgage holders would benefit because they could build up equity faster on their homes and be motivated to continue paying their mortgage, and the sense of maintaining their wealth, home value, purchasing power and savings. I believe this could be a strong contribution to rebuild the American economy.

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