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Special Report

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Gingrich also writes, "[W]e should adopt a tax code which encourages investment, savings and job and productivity growth within the world market." In fact, we should adopt an optional flat tax system which would sharply reduce marginal tax rates for all taxpayers, creating the foundation for an economic boom. We could have one flat 17% rate, or 2 rates of 10% and 25%.

Gingrich also supports personal accounts for Social Security, which could be expanded over time to replace the payroll tax for all workers with a personally owned, family wealth building accumulation of assets. This would be a revolution in the personal prosperity of working people.

Of course, we should immediately end the mark-to-market accounting regulations that are creating a systemic panic in our economy. We should just reestablish the previous market value estimate rules. That would solve the short-term panic without the Paulson, $700 billion bailout package. Gingrich writes, "[I]t is pretty destructive to have artificial accounting rules ruin companies that would have otherwise survived under previous rules."

Gingrich calls as well for an "all sources, all of the above" American energy policy that "combines drilling for oil and gas, oil shale, clean coal, biofuels, flexfuel cars, wind, solar, hydrogen, and nuclear power into a deliberate strategy of creating the most abundant energy economy in the world. Gingrich writes, "The liberals in Congress have responded to the American people's anger over energy prices by trying to pass fundamentally dishonest bills which raise taxes and at the same time limit energy production while pretending to increase it. These dishonest efforts would actually make it permanently illegal to drill for oil and gas in most of the areas offshore."

Indeed, the news media should stop asking Barack Obama if his chair is comfortable and if he would like a glass of water, and ask him what his policy is to reduce gas prices. They would find he doesn't have one because he thinks high gas prices are good for the environment.

Gingrich goes on to propose reforms for health care, education, immigration, litigation costs, financial regulation, infrastructure, and other areas, all of which would further contribute to economic growth and booming prosperity for all. The plan is reminiscent of the Reagan economic recovery program in 1980, which had four components: (1) reduced taxes (2) reduced government spending (3) anti-inflation monetary policy that would restore a sound dollar and (4) regulatory reform.

This is a winning platform for this year as well.

topics:
Taxes, Education, Health Care, John McCain, Barack Obama, Business, Social Security, Environment, Books, Law, NATO, Immigration, Energy, Oil