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Press Release - Investor's Business Daily Editorial: A Solid A For Gingrich's Economic Plan

May 25, 2011

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

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