According to an official scoring by Fiscal Associates lead economist Gary Robbins released earlier this week, Newt’s Jobs and Economy Recovery Plan would create 6.6 million new jobs in two years and balance the budget within his first term. The Wall Street Journal’s Stephen Moore wrote about this news in his column, saying Newt “arguably has the boldest tax plan.”
http://online.wsj.com/article/SB10001424052970203960804577243314236012998.html
“Mr. Gingrich has announced he will use dynamic, not static, scoring to demonstrate his plan’s potential to jumpstart growth. The former House speaker arguably has the boldest tax plan, which includes a 15% optional flat tax. He would also allow young workers to take a share of their payroll tax dollars and divert the funds into a personal IRA.
Mr. Gingrich showed that using this dynamic scoring — which takes into account the extra economic steroid effect of the plan — there would be six million new jobs in two years.
The new economic numbers, from former Reagan economists Peter Ferrara and Gary Robbins, also show that the Gingrich policies would balance the budget within the first term of his presidency.”
“Mr. Gingrich has announced he will use dynamic, not static, scoring to demonstrate his plan’s potential to jumpstart growth. The former House speaker arguably has the boldest tax plan, which includes a 15% optional flat tax. He would also allow young workers to take a share of their payroll tax dollars and divert the funds into a personal IRA.”
“Gingrich announced that, if elected, he would abolish the “death tax.” Meaning, he would offer legislation repealing the estate tax. The logic is that heavily taxing estates, eviscerates family wealth and forces more people into the public welfare system.
Take, for example, a family that has fifty-thousand dollars in savings and owns a small electrical business valued at 1.7 million dollars. If the business is owned in the father’s name, upon his death, the family will owe three-hundred and fifty thousand dollars in estate taxes. Only having fifty-thousand dollars in savings, the family will be forced to liquidate their business.
This removes their income and forces both the family and the employees into unemployment. The government is no longer receiving tax revenue from their business and paying more people unemployment checks. In short, everyone loses.”