So now that the election is over, Newt Ginrich has made a few appearances again. Most notably, he did not rule out running for president in 2012 on Hannity and Colmes. This is what I was hoping for!
A couple reasons were laid out tonight on the O'Reilly Factor as to why Gingrich knows how to get this economy moving again.
Newt said a couple things I LOVED.
He called for the elimination of the capital gains tax for the next two years. China and Hong Kong have both done this. It results in huge amounts of money being pumped into the market in order to make a profit. This stabilizes the market. Also, it encourages buying and selling of homes, due to lower losses if you look to make a profit on real estate.
Next, he called to cut the corporate tax rate to 12%. I like McCain's idea of cutting it from 35 to 25%, but 12% is even better. Ireland currently has expanded the most in the business world in the past twenty years, and their corporate tax rate is 12%. Huge amounts of corporate growth result in huge amounts of job creation. The benefits are astronomical. This will create a larger tax base to help cover the costs of government programs.
O'Reilly also asked Gingrich how he intended to finance everything will all of these tax cuts. He said exactly what I think! He was talking about being fiscally responsible. Cutting huge amounts of useless government programs. Cutting useless management. He also called for the elimination of the treasury spending. This would save us hundreds of billions a year. (800 billion and counting just from the bailouts, which he is completely against.)
I'd also like to talk a little about the auto industry 25 billion dollar bailout.
I think this entire bailout plan is ridiculous. Paulson and the other Bush cronies need to stop this before it gets any worse. Everyone has their hand out looking for this government handout. AIG received enough to buy their entire company 10 times over. You could buy GM, Ford, and Chrysler for 1/5 of their bailout package. Why should we be paying for 30+ years of mismanagement in these corporations? I say let them go bankrupt, and our county's bankruptcy laws will force them to restructure their management. If I plan poorly, I don't see the government running in to take stake in my assets!