To Save America, by Newt Gingrich: on Corporations

John Hoeven: 2003: overhauled corporate tax from 10.5% to 7%

With the economy growing quickly and government spending remaining frugal, the state began considering a big tax cut that would boost the economy even more.

Enacted the following month, the tax cuts sent a welcoming message to entrepreneurs looking to start or expand businesses. Note that the government has not created jobs in North Dakota, but its pro-growth policies have created a virtuous cycle that stimulates the private sector.

Newt Gingrich: Chrysler bankruptcy bailout was politically rigged

In return, the federal government disregarded bankruptcy law & the unions were made the primary beneficiaries of the Chrysler bankruptcy. The Obama Treasury Department strong-armed Chrysler's creditors into a deal in which the UAW was given 55% ownership of the company.

As rotten as it was, the Chrysler bankruptcy was just a prelude to the General Motors bankruptcy, again brokered by the Obama administration. And once again, the big losers were the bondholders.

According to a Barrons's magazine analysis, while the bondholders will be lucky to recover 15 cents on the dollar, the UAW can expect to recover up to 6-70 cents on the dollar--four to five times what the bondholders will receive. As the magazine noted, "Never has an American union done so well at the expense of shareholders and creditors."

Newt Gingrich: Big business uses government to protect itself from rivals

The Left's message to business is simple: support our regulatory schemes or get crushed. And they know that big business--the only ones that can afford a seat at the table--will pay whatever it takes to join them.

This is nothing new. As the regulatory state has grown, big business has learned to use big government to protect itself from small business rivals. The Left can often easily pass new regulations when they get big business on board, and these laws help both parties: the Left create the illusions they're standing up for the little guy, and big business gets laws that damage their small competitors.

Newt Gingrich: Cut corporate taxes to 12.5%

First, we should cut corporate taxes. American suffers from the second highest business tax rate in the industrialized world, with a federal rate of 35 percent, and states pushing it close to 40 percent. Much of the rest of the world, ironically, has learned the lessons of Reaganomics. Ireland has a corporate tax rate of 12.4 percent, which has caused per capita income to soar from the second lowest in the EU twenty years ago to the second highest today.

We should restore America's competitiveness in the world by reducing the federal business tax rate to match Ireland's rate of 12.5 percent.