Former house speaker and newly-minted presidential candidate Newt Gingrich jumped right into the policy foray Friday with a major speech outlining his program to create jobs and put the American economy back on track.
1. Stop the 2013 tax increases to promote stability in the economy. Job creation moved from stagnant to improving in the three months after Congress extended tax relief for two years. We should continue what has worked by making the rates permanent. [See political cartoons about the economy.]
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 (the highest in the world) to 12.5 percent; allowing for 100 percent expensing of new equipment to spur innovation and American manufacturing; ending the death tax permanently. [See 11 reasons Newt Gingrich will win the 2012 GOP nomination.]
3. Move toward an optional flat tax of 15 percent that would allow Americans the freedom to choose to file their taxes on a postcard, saving hundreds of billions in unnecessary costs each year.
4. Strengthen the dollar by returning to the Reagan-era monetary policies that stopped runaway inflation and reforming the Federal Reserve to promote transparency. [Check out a roundup of political cartoons on the GOP 2012 candidates.]
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; 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; and modernizing 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. [Read more about energy policy and climate change.]
7. Balance the budget by growing the economy, controlling spending, implementing money saving reforms, and replacing destructive policies and regulatory agencies with new approaches. [Enjoy political cartoons about the budget and deficit.]
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. [See editorial cartoons about healthcare.]
9. Fundamental reform of entitlement programs with the advice and help of the American people.
“I worked with Art Laffer and Jack Kemp on the Reagan economic policies that produced an unprecedented 25 year economic boom of job creation, wealth and prosperity,” Gingrich said in a statement announcing the plan. “This extraordinary success is proof that the right policies lead to the right results.” [Vote now: Who is your pick for the 2012 GOP nomination?]
“We’ve done it before, we can do it again,” Gingrich added. “That’s what the Gingrich Jobs and Prosperity Plan is all about.”