Press Release - Investor's Business Daily Editorial: A Solid A For Gingrich's Economic Plan
Investor's Business Daily had this to say about "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.
There's also a too-seldom-made moral argument against capital gains taxes. What Americans own — from equities to real estate and everything in between — is not "income" and should not be taxed when it happens to increase in value. The rest of the Gingrich economic plan is just as praiseworthy: a no-new-taxes pledge, full deduction of capital expenses, a huge cut in our highest-in-the-world corporate tax and abolition of the estate tax. Equally bold, he would repeal ObamaCare, scrap the torturous Sarbanes-Oxley corporate regulatory regime, abolish the National Labor Relations Board and "replace" the Environmental Protection Agency — which hopefully goes well beyond renaming it.
As Gingrich told CNBC, his plan comes straight out of "the Reagan playbook" and "would move us toward a very dramatic job growth," lessening government dependency and practicing fiscal restraint — exactly what the Tea Party movement demands. Pair it with Ryan's blueprint and you have a pretty good program for, dare we say, "winning the future."
Read the full editorial here.
Newt Gingrich, Press Release - Investor's Business Daily Editorial: A Solid A For Gingrich's Economic Plan Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/297693