The 60 Second Update

with Newt Gingrich

5. Finally, can you recommend 3 economic reforms that should be enacted as part of this package that will help grow the economy?

I would like to see us go to zero capital gains, which is the rate in China and Singapore, because I think if you had a zero capital gains tax you would see a flood of private money mopping up most of the bad paper. 

In 2004, we had a Repatriation Act and charged 5.5 percent tax to bring the money back home.  We got $389 billion pouring back into the U.S. last time, so what if that brought in $200 million or more in the next two years?

And I like Martin Feldstein’s idea for using a tax credit offset on your mortgage in order to rebalance the value of housing in America and to keep people in their homes.  He believes that this one change in the tax code, applied to every single American equally, enables you to rebalance the housing market substantially and encourages people to stay in their homes rather than giving them up. 

 Question 1. While Congress debates, what can the President do today?