The Good 'Ole Days
OUR (Newt's) SOLUTION FOR JOBS
To get our economy back on track and to create jobs now, we must fundamentally shift power from politicians to small business, from lobbyists to entrepreneurs, and from bureaucrats to investors.
Here is our proposal to do just that:
Cut the Payroll Tax by 50% for Two Years. Every single working American pays the payroll tax. In this economy, many people may not get a pay raise, but this would give every working American a take home pay raise, immediately. This would also free up cash for every employer, immediately.
Incentives for Small Business Investment. Allow small businesses to expense 100% of new equipment purchases each year to help them invest in new, more productive technologies.
Abolish Taxes on Capital Gains. If we want to compete with China and have most productive factories in the world, the best jobs, and the highest take home pay, we should match China's capital gains rate of zero. This would dramatically increase investment in America.
Reduce the Corporate Tax Rate. When you combine state and federal taxes, America has the highest corporate tax structure in the world. We believe that by matching the Irish corporate tax rate of 12.5%, America would be the most desirable economy in the world to open a factory, create a new job, and develop a new product.
Abolish the Death Tax. If we want to be pro-work, pro-savings, and pro-family, we should not punish, but instead reward people who have worked, saved and created wealth all their life.
Reduce Spending and Reform Government in order to Balance the Budget. While Newt Gingrich was speaker federal spending rose by an average of 2.9% a year, the lowest increase since Calvin Coolidge in the 1920’s. We can apply the same principles that worked from 1995 to 1998 and create a balanced budget with a smaller government with lower spending, lower interest rates, and less debt.