Reaganomics Redux 2010 – Newt’s Prosperity Plan

The Designated Conservative has been enjoying a little light bedtime reading this evening from Newt Gingrich:  

12 American Solutions for Jobs and Prosperity

Washington solutions of more money for more government, more power for politicians, more debt, and more bureaucrats will not lead to real growth in jobs and prosperity.

We need a clear and decisive alternative that creates jobs and rewards work, saving, and investment.

Payroll Tax Stimulus.

  • With a temporary new tax credit to offset 50% of the payroll tax, every small business would have more money, and all Americans would take home more of what they earn.
  • A tax credit that offsets 50% of the payroll tax would put close to $1,500 in the pocket of the typical worker making $50,000, with the same amount going to the employer.

Real Middle-Income Tax Relief.

  • Reduce the marginal tax rate of 25% down to 15%, in effect establishing a flat-rate tax of 15% for close to 9 out of 10 American workers.
  • Reducing the marginal tax rates for these middle-income earners would lead to income increases for middle-income workers, just as reducing excessive marginal tax rates for higher-income workers did, going all the way back to the Kennedy tax cuts of the 1960s.

Reduce the Business Tax Rate.

  • Match Ireland’s rate of 12.5% to keep more jobs in America.
  • Owning or operating a business is hard and expensive. Our government should not make it harder and more expensive. Lowering the business tax rate would create and keep more jobs in America, instead of exporting them to other countries.

Homeowner’s Assistance.

  • The housing crisis stems from the fact that there is an excess supply of housing. This abundance of houses on the market significantly decreased demand for housing and caused defaults to rise sharply.
  • Reducing the existing supply of housing by providing a tax credit to responsible home buyers, reduces defaults by slowing price decline.

Control Spending So We Can Move to a Balanced Budget.

  • A government of the people, by the people, and for the people is one that is responsible with the people’s money.
  • Restoring fiscal sanity and accountability to Washington also means eliminating wasteful pork-barrel spending. The budget process must be both honest and transparent, and spending should never be a result of insider connections in Washington.

No State Aid Without Protection From Fraud.

  • The Government Accountability Office recently released a report that shows over 10 percent of Medicaid payments were improper in 2007, or $32.7 billion in one year. In just New York along, over $5 billion a year is wasted as a result of fraud.
  • When government decides to spend our tax-dollars, we must demand honesty, transparency and accountability. Therefore, states must be required to adopt best practices, such as moving to electronic records, if they are to receive any taxpayer money.

More American Energy Now.

  • We have more energy resources than any country in the world, yet we are sending billions of dollars every year to foreign dictators to meet our energy needs. That is bad for both our economy and our national security.
  • We can begin to solve this problem by drilling for more of our own oil and gas.
  • By making the transition to clean coal technology, we can utilize our vast resources of coal (27 percent of the world’s reserves), dramatically reduce carbon emissions, and become a worldwide leader in green technology.
  • A Manhattan project to stimulate advances in renewable fuels and alternative energies will allow us to eventually produce safe, clean, efficient and inexpensive fuels here at home.

Abolish Taxes on Capital Gains.

  • Match China, Singapore and many other competitors. More investment in America means more jobs in America.
  • The current tax on capital gains constitutes double taxation, to which no American should be subjected. Already taxed on income, if an individual decides to save or invest his or her money then the government taxes it again.

Protect the Rights of American Workers.

  • We must protect a worker’s right to decide by secret ballot whether to join a union, and the worker’s right to freely negotiate. Forced unionism will kill jobs in America at a time when we can’t afford to lose them.
  • Workers have had the right to a secret ballot since 1935, to ensure that they would have a vote free of coercive pressure.

Repeal Sarbanes-Oxley.

  • This failed law is crippling entrepreneurial startups.  Replace it with affordable rules that help create jobs, not destroy them.
  • It has been six years since Congress passed the Sarbanes-Oxley Act after the devastating accounting irregularities of Enron and WorldCom. While the intent of the law was to prevent corporate fraud, there is growing evidence that it has done more harm than good, and is undermining the venture-capital industry in Silicon Valley.

Abolish the Death Tax.

  • The “Death Tax” is an unfair double taxation that hurts working families. The assets that working Americans earn or produce over their lifetime have already been taxed once.
  • Not only does the “Death Tax” undermine savings and investment needed for small business growth, these taxes undermine the promise that hard, honest work will be rewarded.

Invest in Energy and Transportation Infrastructure.

  • This includes a new, expanded electric power grid and a 21st century air traffic control system that will reduce delays in air travel and save passengers, employees and airlines billions of dollars per year.
  • Though we often take modern transportation systems for granted, the development of effective transportation technology and infrastructure is one of the prime factors behind our individual and national prosperity.

In the midst of the news cycle filled with Obamanation and Noovoodoo Obamanomics, I’m grateful for a buoyancy of experience moment from an experienced Washington politician – reminding us designated conservatives about what actually has worked and will work again for our economy.  If you need more sanity, click here or get it directly from Newt’s mouth below:

Need more? Click here to get access to all future updates from the Designated Conservative.

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