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Why Gingrich's Tax Plan Beats Romney's - Laffer

Why Gingrich's Tax Plan Beats Romney's - Laffer

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Published by PRMurphy
"Mr. Gingrich's flat tax proposals—along with his proposed balanced budget amendment—would put a quick stop to overspending and return America to fiscal soundness. No other candidate comes close to doing this."
"Mr. Gingrich's flat tax proposals—along with his proposed balanced budget amendment—would put a quick stop to overspending and return America to fiscal soundness. No other candidate comes close to doing this."

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Published by: PRMurphy on Feb 02, 2012
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02/04/2012

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Why Gingrich's Tax Plan Beats Romney's
Newt's flat tax would do a lot more to attract capital, spur growth and reducecompliance costs.By ARTHUR B. LAFFER 
Source:http://online.wsj.com/article/SB10001424052970204652904577192660439187438.html?mod=googlenews_wsj If we judge both leading contenders in the Republican primary, Newt Gingrich and Mitt Romney, by what they've done in life and by what they propose to do if elected, eitherone could be an excellent president. But when it comes to the election's core issuerestoring a healthy economythe key is a good tax plan and the ability to implement it.Mr. Gingrich has a significantly better plan than does Mr. Romney, and he has twicebefore been instrumental in implementing a successful tax plan on a national levelonce when he served in Congress as a Reagan supporter in the 1980s and again whenhe was President Clinton's partner as speaker of the House of Representatives in the1990s. During both of these periods the economy prospered incrediblyin good part because of Mr. Gingrich.Jobs and wealth are created by those who are taxed, not by those who do the taxing.Government, by its very nature, doesn't create resources but redistributes resources. Tominimize the damages taxes cause the economy, the best way for government to raiserevenue is a broad-based, low-rate flat tax that provides people and businesses withthe fewest incentives to avoid or otherwise not report taxable income, and the least number of places where they can escape taxation. On these counts it doesn't get anybetter than Mr. Gingrich's optional 15% flat tax for individuals and his 12.5% flat tax forbusiness. Each of these taxes has been tried and tested and found to be enormouslysuccessful.Hong Kong, where there has been a 15% flat income tax on individuals since 1947, istruly a shining city on the hill and one of the most prosperous cities in history. Ireland's12.5% flat business income tax propelled the Emerald Isle out of two and a half centuries of poverty. Mr. Romney's tax proposalsincluding eliminating the death tax,reducing the corporate tax rate to 25%, and extending the current tax rates onpersonal income, interest, dividends and capital gainswould be an improvement overthose of President Obama, but they don't have the boldness or internal integrity of Mr.Gingrich's personal and business flat taxes.Imagine what would happen to international capital flows if the U.S. went from thesecond highest business tax country in the world to one of the lowest. Low taxes alongwith all of America's other great attributes would precipitate a flood of new investment 
 
in this country as well as a quick repatriation of American funds held abroad. We wouldcreate more jobs than you could shake a stick at. And those jobs would be productive jobs, not make-work jobs like so many of Mr. Obama's stimulus jobs.Chad CroweTax codes, in order to work well, require widespread voluntary compliance fromtaxpayers. And for taxpayers to voluntarily comply with a tax code they have to believethat it is both fair and efficient.Fairness in taxation means that people and businesses in like circumstances havesimilar tax burdens. A flat tax, whether on business or individuals, achieves fairness inspades. A person who makes 10 times as much as another person should pay 10 timesmore in taxes. It is also patently obvious that it is unfair to tax some people's incometwice, three times or more after it has been earned, as is the case with the death tax.The current administration's notion of fairnesstaxing high-income earners at highrates and not taxing other income earners at allis totally unfair. It is also anathema toprosperity and ultimately leads to the situation we have in our nation today.In 2012, those least capable of navigating complex government-created economicenvironments find themselves in their worst economic circumstances in generations. And the reason minority, lesser-educated and younger members of our society arestruggling so greatly is not because we have too few redistributionist, class-warfarepolicies but because we have too many. Overtaxing people who work and overpayingpeople not to work has its consequences.

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Mr. Gingrich's flat tax proposals—along with his proposed balanced budget amendment—would put a quick stop to overspending and return America to fiscal soundness. No other candidate comes close to doing this. ~ Art Laffer
PRMurphy added this note
"Mr. Gingrich's flat tax proposals—along with his proposed balanced budget amendment—would put a quick stop to overspending and return America to fiscal soundness. No other candidate comes close to doing this."
PRMurphy added this note
Mr. Gingrich's flat tax proposals—along with his proposed balanced budget amendment—would put a quick stop to overspending and return America to fiscal soundness. No other candidate comes close to doing this.
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