Post by Damen on Dec 12, 2011 14:06:35 GMT -5
Ha, no, it's not 999, but it's fucking close.
And worse.
news.yahoo.com/blogs/lookout/gingrich-end-fed-focus-jobs-focus-only-inflation-141508938.html
I have to sit in awe of how bad an idea this is. I won't say he flunked Economics 101.
He didn't even take it.
And worse.
news.yahoo.com/blogs/lookout/gingrich-end-fed-focus-jobs-focus-only-inflation-141508938.html
Changing the Fed's Mission
The Federal Reserve has two tasks under the law: to keep inflation low, and to achieve maximum employment. Gingrich wants to end that "dual mandate," so that the central bank would focus solely on inflation.
[...]
Eliminating the Capital Gains Tax
Like several of his rivals, Gingrich would eliminate the tax on capital gains--profits from trading on the stock market, essentially. Doing so, the campaign says on its website, will "make American entrepreneurs more competitive against those in other countries."
The move would be a boon to the managers of private equity funds--one of Wall Street's most lucrative financial structures. Private-equity managers make around one-third of their money from the firm's profits, which are reported as "carried interest," meaning they count as capital gains. Currently, capital gains are taxed at a rate of 15 percent. Warren Buffett, who also reports much of his income as capital gains, would benefit too.
[...]
A Flat Tax on Income
Gingrich wants a system in which taxpayers could choose between their current income tax rate, and a flat tax of 15 percent. (A similar plan offered by Texas governor Rick Perry would create an optional 20 percent flat rate.) The plan would cut income taxes by more than half for high earners, who currently pay a rate of 35 percent.
[...]
Cutting the Corporate Tax Rate
Gingrich would cut the corporate tax rate from 35 percent to 12.5 percent--meaning it would go from being one of the highest in the industrialized world to one of the lowest.
The goal is to encourage investment in the United States. But it also would drastically reduce the amount of money that the government collects in taxes, at a time when the budget deficit is growing rapidly. A recent report by the non-partisan Joint Committee on Taxation found that lowering the rate below 28 percent would reduce revenue, even if you closed every existing loophole.
[...]
The Federal Reserve has two tasks under the law: to keep inflation low, and to achieve maximum employment. Gingrich wants to end that "dual mandate," so that the central bank would focus solely on inflation.
[...]
Eliminating the Capital Gains Tax
Like several of his rivals, Gingrich would eliminate the tax on capital gains--profits from trading on the stock market, essentially. Doing so, the campaign says on its website, will "make American entrepreneurs more competitive against those in other countries."
The move would be a boon to the managers of private equity funds--one of Wall Street's most lucrative financial structures. Private-equity managers make around one-third of their money from the firm's profits, which are reported as "carried interest," meaning they count as capital gains. Currently, capital gains are taxed at a rate of 15 percent. Warren Buffett, who also reports much of his income as capital gains, would benefit too.
[...]
A Flat Tax on Income
Gingrich wants a system in which taxpayers could choose between their current income tax rate, and a flat tax of 15 percent. (A similar plan offered by Texas governor Rick Perry would create an optional 20 percent flat rate.) The plan would cut income taxes by more than half for high earners, who currently pay a rate of 35 percent.
[...]
Cutting the Corporate Tax Rate
Gingrich would cut the corporate tax rate from 35 percent to 12.5 percent--meaning it would go from being one of the highest in the industrialized world to one of the lowest.
The goal is to encourage investment in the United States. But it also would drastically reduce the amount of money that the government collects in taxes, at a time when the budget deficit is growing rapidly. A recent report by the non-partisan Joint Committee on Taxation found that lowering the rate below 28 percent would reduce revenue, even if you closed every existing loophole.
[...]
I have to sit in awe of how bad an idea this is. I won't say he flunked Economics 101.
He didn't even take it.
