Pronk Pops Show 52, November 2, 2011: Segment 1: Newt Gingrich’s Optional 15% Flat Tax Plus 15.3% Social SecurityTax–More Taxes Than Cain’s-9-9-9 (27%) Tax Plan But Less Than Perry’s Optional 20% Flat Tax Plus 15.3% Social SecurityTax–Videos

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Pronk Pops Show 52:November 2, 2011

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Segment 1: Newt Gingrich’s Optional 15% Flat Tax Plus 15.3% Social SecurityTax–More Taxes Than Cain’s-9-9-9 (27%) Tax Plan But Less Than Perry’s Optional 20% Flat Tax Plus 15.3% Social SecurityTax–Videos

2012 Republican Presidential Nomination

Date Sample Cain Romney Perry Gingrich Paul Bachmann Santorum Huntsman Spread
RCP Average 10/13 – 10/31 26.0 24.0 10.0 9.4 8.2 3.8 1.8 1.2 Cain +2.0
Quinnipiac 10/25 – 10/31 869 RV 30 23 8 10 7 4 1 2 Cain +7
FOX News 10/23 – 10/25 328 RV 24 20 10 12 9 3 3 0 Cain +4
CBS News/NY Times 10/19 – 10/24 455 RV 25 21 6 10 8 2 1 1 Cain +4
CNN/Opinion Research 10/14 – 10/16 416 A 25 26 13 8 9 6 2 1 Romney +1
Associated Press/GfK 10/13 – 10/17 431 A 26 30 13 7 8 4 2 2 Romney +4

See All 2012 Republican Presidential Nomination Polling Data

Presidential Candidate Newt Gingrich: My Opponent is Barack Obama

Newt Gingrich on the Fair Tax

21st Century Contract with America

PART 1: LEGISLATIVE PROPOSALS

Executive Summary

  1. Repeal Obamacare and pass a replacement that saves lives and money by empowering patients and doctors, not bureaucrats and politicians.
  2. Return to robust job creation with a bold set of tax cuts and regulatory reforms that will free American entrepreneurs to invest and hire, as well as by reforming the Federal Reserve and creating a training requirement for extended federal unemployment benefits to encourage work and improve the quality of our workforce.
  3. Unleash America’s full energy production potential in oil, natural gas, coal, biofuels, wind, nuclear oil shale and more, creating jobs, stimulating a sustainable manufacturing boom, lowering gasoline and other energy prices, increasing government revenues, and bolstering national security.
  4. Save Medicare and Social Security by giving Americans more choices and tools to live longer, healthier lives with greater financial independence.
  5. Balance the federal budget by freeing job-creators to grow the economy, reforming entitlements, and implementing waste cutting and productivity improvement systems such as Lean Six Sigma to eliminate waste and fraud. Pass a balanced budget amendment to keep it balanced.
  6. Control the border by January 1, 2014 and establish English as the official language of government; reform the legal visa system, and make it much easier to deport criminals and gang members while making it easier for law abiding visitors to come to the US.
  7. Revitalize our national security system to meet 21st century threats by restructuring and adequately funding our security agencies to function within a grand strategy for victory over those who seek to kill us or limit American power.
  8. Maximize the speed and impact of medical breakthroughs by removing unnecessary obstacles that block new treatments from reaching patients and emphasizing research spending towards urgent national priorities, like brain science with its impact on Alzheimer’s, autism, Parkinson’s, mental health and other conditions knowledge of the brain will help solve.
  9. Restore the proper role of the judicial branch by using the clearly delineated powers available to the president and Congress to correct, limit, or replace judges who violate the Constitution.
  10. Enforce the Tenth Amendment by starting an orderly transfer of power and responsibility from the federal government back “to the states, respectively, or to the people,” as the Constitution requires. Over the next year, state and local officials and citizens will be asked to identify the areas which can be transferred back home.

2. Return to robust job creation with a bold set of tax cuts and regulatory reforms that will free American entrepreneurs to invest and hire, as well as by reforming the Federal Reserve and creating a training requirement for extended federal unemployment benefits to encourage work and improve the quality of our workforce.

Government does not create jobs. The American people create jobs.

Ronald Reagan understood this truth. His bold series of tax cuts and deregulatory measures upon taking office ended the economic stagnation of the 1970s for good by freeing American businesses to create nearly 20 million new jobs in less than a decade. In September 1983 alone the Reagan recovery led the American people to create 1,100,000 new jobs, more jobs than the first eight months of 2011 combined.

We understood these principles when we won the first Republican majority in the House in 40 years in 1994. Balanced budgets, streamlined government and the biggest capital gains tax cut in history led to unemployment falling to under 4% by 2000.

My administration will build on this time-tested model: A profound restructuring and reduction of the tax and regulatory burden on Americans, with the very achievable goal of 4% unemployment and millions of new jobs within only a few years.

JOBS AND PROSPERITY PLAN: LOWERING TAXES

First, I pledge to veto any tax increase. American families and businesses deserve certainty and predictability, and I will work to make permanent all current rates of taxation that would otherwise increase automatically in 2013.

My Jobs and Prosperity plan will then make four major tax cuts:

    • Reduce the Corporate Tax to 12.5%. Reducing the corporate income tax, currently the second highest in the developed world, will make America the number one destination in the world for foreign investment and the millions of jobs that will accompany this designation. Most of the $1.4 trillion in profits locked up overseas by the current 35% tax rate will come home to be reinvested and distributed at a 12.5% rate.
    • Abolish the Capital Gains Tax. Lowering the cost of investment means hundreds of thousands of more jobs will be created. It happens every time we lower the capital gains tax. At a zero percent rate, hundreds of billions of dollars in new investments will pour into the United States to create new firms and build new factories.
    • Abolish the Death Tax. This law is economically misguided and morally indefensible, and it is time for the government to stop destroying family wealth. Abolishing the death tax ensures family-owned businesses can focus on creating jobs and growing rather than on dealing with tax law.
    • 100% Expensing. We want American workers to have the most modern and most productive equipment in the world, and we can encourage this development by allowing companies to write off all their new equipment in one year.

JOBS AND PROSPERITY PLAN: TAX SIMPLIFICATION WITH AN OPTIONAL FLAT TAX

My legislation will also include an optional flat tax of 15% or less. All tax filers would be given the option to pay their income taxes subject to current income tax provisions or to pay under a lower single rate of taxation with limited deductions. A revenue neutral flat tax reform would save hundreds of billions of dollars in compliance costs each year and would eliminate the need for taxes on savings, dividends, and capital gains.

This optional flat tax system will create a new personal deduction of $12,000 for every American. This deduction is well above the current poverty level, ensuring that this new system does not unfairly target the poor. The current $1,000 tax credit for each child aged sixteen or younger would also apply, as would the current earned income tax credit (EITC).

An optional flat tax reform will be simple: tax returns can be done on one sheet of paper. Subtract from income a standard deduction and deductions for charity and home ownership, multiply the result by the fixed single rate of taxation of at most 15%, and the process is over.

Gone will be the stressful hours spent figuring out whether your military service or marital status will adversely affect your return. No more headaches trying to determine where estimated tax payments go. Tax preparation fees could be money spent on something more rewarding.

Such an optional flat tax system would create a new standard deduction, which would be above the established poverty level, meaning an optional flat tax would not unfairly target the poor.

An optional flat tax would eliminate the Alternative Minimum Tax. And if a person had twice as much income as another, he or she would be taxed twice as much. Furthermore, a single rate tax structure would eliminate taxes on savings, capital gains, and dividends. Saving would increase and businesses would expand to create new jobs.

This concept of an optional flat tax would give American taxpayers an opportunity to choose simplicity versus complexity and a single rate over a lot of deductions.

Because the flat tax is optional, it does not raise taxes on a single person or unfairly impact seniors, lower income workers, or the poor.

http://www.newt.org/contract/legislative-proposals#Two

Let’s Bump Plans: A Comparison of Gingrich and Perry’s Flat Tax Plans

http://www.newt.org/news/lets-bump-plans-comparison-gingrich-and-perrys-flat-tax-plans

Gingrich’s Plan Far Bolder than Perry’s Plan and Will Lead to Far More Robust Job Creation and Capital Investment in United States

Gingrich Perry Verdict: Gingrich Plan Better
Rate 15% 20% Gingrich has advocated for several years an optional flat tax rate of 15%, which when coupled with Gingrich’s bold entitlement and regulatory reforms, will usher in another era of booming economic growth and new, higher-paying jobs. The Perry rate of 20% is higher than the 17% that Steve Forbes proposed in his 1996 and 2000 presidential campaign.
Who Gets to Make Deductions for Charitable Giving and Home Ownership?? Everyone Families making less than $500,000/year By creating two separate classes of taxpayers, the Perry plan buys into the same class warfare that characterizes the Obama and Romney economic plans. The fact that there are still two brackets – even under a supposed “flat tax” plan – calls into question whether this is really a flat tax at all.
State and Local Tax Deductions Not deductible in optional flat tax plan Deductible in optional flat tax plan The Gingrich plan has a lower rate so less need for state and local deductions. The deduction is a federal subsidy for states to adopt higher state and local taxes. Removing the subsidy would lead states to reduce state and local taxes, or adopt their own flat tax reforms. The Perry plan erodes states’ competitive advantages by making state and local taxes deductible in his optional flat tax plan.
Who Benefits from Elimination of Capital Gains Tax? Everyone Depends whether capital gains is long term or short term. Perry’s plan eliminates cap gains only for long term. The Gingrich plan maximizes the capital investment and job creation that will accompany the elimination of this tax. The Perry plan only goes halfway, and by levying up to 35% tax on short-term capital gains, it will discourage investment, venture capital, and new jobs creation.
Corporate Income Tax 12.5% 20% The Gingrich plan will create a boom of new American entrepreneurship by dramatically cutting the corporate tax rate to one of the lowest in the developed world. The Perry plan relies upon a short term “tax holiday,” then only drops the corporate tax rate to 20% — only average in the developed world, and still over 20% higher than our closest economic competitor Canada, which has a rate of only 16.5%. Gingrich rate makes U.S. more competitive than Canada.
Payroll Taxes Eventually replace payroll tax with personal accounts, financing better results No change in existing payroll tax Gingrich supports personal savings investment and insurance accounts that would eventually be expanded to finance all of the benefits now financed by the payroll tax, allowing that tax ultimately to be phased out altogether.
Family Deductions Under Flat Tax Plan $12,000 personal deduction for every individual. Both the EITC and the Child Tax Credit are preserved in Gingrich’s optional flat tax system. $12,500 personal deduction for every individual. No information provided. Preserving the EITC and Child Tax Credit are critical to ensure that the optional flat tax system does not unfairly target low-income Americans. Gingrich passed the first child tax credit as Speaker in 1997, and will preserve this credit and the EITC under his optional flat tax system.
Record in Achieving Dramatic Jobs and Economic Recovery at the National Level? Yes. Substantial. See record at right. None. Speaker Gingrich’s Record (1995-1999):• Eleven Million New Jobs
• Four Straight Balanced Budgets for the First Time Since the 1920s.
• Unemployment rate of 4.2%.
• Federal Spending Held to the Slowest Growth Rate Since the Early 1950s (avg. of 2.9% a year).
• Venture capital investments grew 500% in three years and manufacturing sector grew to 17.43 million jobs.
• Bipartisan Welfare Reform that Lifted Millions from Poverty.
• Over $400 Billion of National Debt Paid Down

http://www.newt.org/news/lets-bump-plans-comparison-gingrich-and-perrys-flat-tax-plans

Let’s Bump Plans: A Comparison of Gingrich and Romney’s Tax Plans

http://www.newt.org/news/lets-bump-plans-comparison-gingrich-and-romneys-tax-plans

Gingrich Romney Verdict: Gingrich Plan Better
Personal Income Tax Choice of current system or 15% flat tax with personal, homeowner, and charitable deductions Maintain current tax rates The Gingrich plan gives Americans a choice to continue to file under the existing system, or to eliminate compliance costs and hours of paperwork by filing with a flat rate of 15%. The Romney plan hopes to make taxes “flatter” in the future, but offers no immediate choice and no immediate relief.
Capital Gains Tax for Individuals Eliminate tax completely Depends how much money the taxpayer makes. Romney’s plan eliminates capital gains taxes for those making less than $200,000/year, but maintains the current system, with rates of up to 35%, for the rest. The Gingrich plan maximizes the capital investment and job creation that will accompany the elimination of this tax, and acknowledges that a tax reform is only fair if all Americans receive relief. The Romney plan determines that some Americans should pay no taxes on a particular investment, while other Americans should pay taxes of up to 35% on the same investment.
Capital Gains Tax for Corporations Eliminate tax completely Maintain current system The Gingrich plan is modeled on the success of the 1997 capital gains cut, which spurred job creation and a 500% increase in venture capital in just 3 years. The Romney plan maintains the corporate capital gains tax, an unequivocal burden on American job-creators who need to be freed to grow, prosper, and compete in a 21st century global economy.
Corporate Income Tax 12.5% 25% The Gingrich plan will create a boom of new American entrepreneurship by dramatically cutting the corporate tax rate to one of the lowest in the developed world. The Romney plan will still be average-to-high compared to the rest of the developed world, and still over 50% higher than our closest economic competitor Canada, which has a rate of only 16.5%. Gingrich rate makes U.S. more competitive than Canada.
Payroll Tax Eventually replace payroll tax with personal accounts, financing better results No information Gingrich supports personal savings investment and insurance accounts that would eventually be expanded to finance all of the benefits now financed by the payroll tax, allowing that tax ultimately to be phased out altogether.
Medicare reform Choice between the traditional system or opportunity to purchase private insurance with premium support No information Under the Gingrich Plan, any American who wants to enjoy the existing Medicare system will be able to do so. Americans can also opt to transition to a more personalized system in the private sector with greater options for better care, where they would receive premium support to purchase private insurance.

http://www.newt.org/news/lets-bump-plans-comparison-gingrich-and-romneys-tax-plans

Related Posts On Pronk Palisades

Pronk Pops Show 52, November 2, 2011: Segment 0: 50 Year American Tax Revolution: When The Impossible Became The Inevitable–Flat Tax or FairTax–Videos

Pronk Pops Show 52, November 2, 2011: Segment 1: Newt Gingrich’s Optional 15% Flat Tax Plus 15.3% Social SecurityTax–More Taxes Than Cain’s-9-9-9 (27%) Tax Plan But Less Than Perry’s Optional 20% Flat Tax Plus 15.3% Social SecurityTax–Videos

Pronk Pops Show 52, November 2, 2011: Segment: 2: Herman Cain’s 9-9-9 Plan: 9% Business Income Flat Tax, 9% Personal Income Flat Tax, 9% National Retail Consumption Tax–Videos

Pronk Pops Show 52, November 2, 2011: Segment 3: Perry proposes optional flat 20 percent income tax and cap on government spending–Videos

Pronk Pops Show 52, November 2, 2011: Segment 4: A Ron Paul tax reform plan: no income taxes or IRS — FairTax Less!–”When The Impossible Became The Inevitable”–Videos

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