Post by the sandman on Dec 12, 2011 14:24:06 GMT -5
He released his economic plan back in May, but no one gave a damn because his chances of the nomination were considered so laughable. but check out these gems from it:
He would change the mission of the Fed, entirely eliminating any focus on job creation, restricting the Fed to only attempting to monitor and control inflation. So much for caring about jobs.
He wants to eliminate ENTIRELY the capital Gains Tax. Which would not only be the biggest revenue cut in recent history, but would also be a cash windfall for the wealthiest Americans on a scale comparable to a SECOND round of Bush era tax cuts. In order to do this, the cuts required in social programs would be so massive that the USA would overnight transform into pre-revolutionary France.
He would then institute an "optional" 15% flat tax rate. A move that would then further cut the average taxes of the wealthy in half again.
He would then cut the corporate tax rate to 12.5%
He would then repeal Dodd-Frank, gutting the regulations on banks and investment firms. Because, you know, it was too much regulation that allowed the Wall Street to implode and screw us all.
The only way you could pay for all this revenue reduction would be to cut Federal spending by 40%-50%. And since they aren't going to cut military spending, that means the rest of us are officially fucked. Say goodbye to Medicare, Medicade, Social Security, the FDA, the departments of Energy, Education, Interior, say "so long" to unemployment benefits, housing assistance, food stamps, highway repairs, infrastructure work, and everything else they can think of. Government will finally be what the Repubs have wanted for a while: nothing but foreign policy and defense.
In short, Newt's economic plan is an even bigger hand job for the wealthy and corporate America than Bush ever dreamed could be delivered. It makes the Bush era tax cuts look downright unambitious. Newt would basically try to restructure the US economy into a New Gilded Age, with the elite wealthy living in unbelievable luxury while the rest of us survive on whatever scraps might fall from their tables.
He would change the mission of the Fed, entirely eliminating any focus on job creation, restricting the Fed to only attempting to monitor and control inflation. So much for caring about jobs.
He wants to eliminate ENTIRELY the capital Gains Tax. Which would not only be the biggest revenue cut in recent history, but would also be a cash windfall for the wealthiest Americans on a scale comparable to a SECOND round of Bush era tax cuts. In order to do this, the cuts required in social programs would be so massive that the USA would overnight transform into pre-revolutionary France.
He would then institute an "optional" 15% flat tax rate. A move that would then further cut the average taxes of the wealthy in half again.
He would then cut the corporate tax rate to 12.5%
He would then repeal Dodd-Frank, gutting the regulations on banks and investment firms. Because, you know, it was too much regulation that allowed the Wall Street to implode and screw us all.
The only way you could pay for all this revenue reduction would be to cut Federal spending by 40%-50%. And since they aren't going to cut military spending, that means the rest of us are officially fucked. Say goodbye to Medicare, Medicade, Social Security, the FDA, the departments of Energy, Education, Interior, say "so long" to unemployment benefits, housing assistance, food stamps, highway repairs, infrastructure work, and everything else they can think of. Government will finally be what the Repubs have wanted for a while: nothing but foreign policy and defense.
In short, Newt's economic plan is an even bigger hand job for the wealthy and corporate America than Bush ever dreamed could be delivered. It makes the Bush era tax cuts look downright unambitious. Newt would basically try to restructure the US economy into a New Gilded Age, with the elite wealthy living in unbelievable luxury while the rest of us survive on whatever scraps might fall from their tables.