While I cannot do his 56 minute speech justice in any attempt to summarize, I can outline below what I will call Newt's Stimulus Plan, which all centers around putting money back in the hands of American citizens and businesses, to energize the economy and get it moving back in the right direction.
- A two-year, 50% reduction in Social Security and Medicare tax for both employee and employer match.
- Match the Chinese tax on capital gains: their rate is ZERO.
- Adopt the Irish tax rate on corporations of 12.5%.
- Abolish the death tax.
UPDATE (7/23/09): Here is the official position from AmericanSolutions.com
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.
- 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.