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Newt Gingrich: Growth and Prosperity Rather Than Austerity
CNBC.com | March 05, 2012 | 02:41 PM EST

The best and most effective way to balance the budget is through booming economic growth and prosperity. I know. That is how we did it the last time we balanced the budget, when I was Speaker of the House, and it stayed balanced for four straight years.

We produced, in fact, four straight record budget surpluses, totaling $560 billion over those 4 years. You can check the historical record yourself at omb.gov .

We achieved that not by raising taxes in return for supposed spending cuts, but by cutting tax rates to create booming growth, and cutting spending. The growth then booms tax revenues past the level of reduced spending.

And that is how we would do it again if I am elected President. I have already proposed the most aggressive, pro-growth, supply side tax reform agenda, which Ronald Reagan’s chief economist Art Laffer has endorsed as the best of any candidate’s tax reform plans. That includes an optional 15% flat tax for individuals, a 12.5% corporate tax rate, zero capital gains, zero death tax, and immediate expensing for new investment in plant and equipment.

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