RUSH: Now Newt on CNBC Squawk Box today, Joe Kernen interviewed Newt. This is vintage Newt. This the old Newt. This is the Newt that everybody wishes were still around all the time. This is the Newt that everybody asks, what happened, where did he go? First question from Kernen: “I looked through what you want to do for business. It’s a wish list for free market economics. Can you just tell us some of the main keys here?”
GINGRICH: Look, I’m taking directly from the Reagan playbook, and I’d like to point out to everybody that North Dakota has 3% unemployment and has had seven straight tax cuts in state government. Texas in two of the last four years created more jobs than the other 49 states combined. So there are some lessons here. The lessons are taxes, deregulation, an American energy policy, and being in favor of people who are entrepreneurs, who run small businesses, who go to work and create jobs.
RUSH: Newt continued with this.
GINGRICH: No tax increase in 2013, freeze the current tax rate. It is wrong to raise taxes in a recession. Go to zero capital gains. If we abolish the capital gains tax, the volume of money that will flow into the United States will be enormous, will create new companies, create new factories, create new jobs.
RUSH: And finally, he wrapped it up thus.
GINGRICH: Go to the Irish tax rate for corporations of 12.5%. At the 35% tax level, General Electric has 375 tax lawyers. For all practical purposes they pay zero. They’ll actually pay more corporate tax at 12.5% and will have less distortion in their decision making by tax avoidance schemes. Finally, abolish the death tax permanently. These kind of steps would move us towards very dramatic job growth, which is the best way to move towards a balanced budget by getting people off of unemployment, off of Medicaid, off of food stamps, get ’em back into earning a living and paying taxes.
RUSH: There you have it. Vintage Reaganism, in the era of Reagan being over. Vintage Reaganism from Newt Gingrich. This is the Newt that everybody remembers. They wonder where it went, but it’s back. See, it’s there. It’s there. Sometimes a desire is just to get too cute by half. But the instincts are there.
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