Republican presidential contender Newt Gingrich will officially release his 21st Century Contract with America this afternoon. The former Speaker of the House says the plan to "fundamentally change the trajectory of America" would most likely take a President Gingrich two full terms to implement and includes new choices in how Americans would buy health insurance, pay their income taxes and save for retirement.

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Here's a summary of the plan:

Health Care Reform: Repeal Obamacare and replace it with a system with no individual or employer mandate of any kind. Instead, Americans would get to choose between a tax credit or the ability to deduct the value of their health insurance up to a certain amount.

Tax Reform" All tax filers would have a choice to either use the current provisions or pay under a lower single rate with limited deductions. Additionally reduce the corporate tax rate, abolish the capital gains tax, abolish the 'death tax' and allow companies to write off 100 percent of the expense of new equipment in one year.

Energy Production: Replace the Environmental Protection Agency with an Environmental Solutions Agency which would allow development in places currently blocked by the federal government such as the Atlantic and eastern Gulf of Mexico. Also end restrictions on oil shale development in the western United States and authorize the Keystone XL pipeline.

Medicare & Social Security: Seniors could choose to remain in the existing Medicare program or they could select their own health insurance provider and get government help covering the premiums. With Social Security, younger Americans would have the option to put a portion of their contributions into personal savings accounts.

The Budget: Gain federal revenue through development of federally owned land. Use credit card companies’ fraud detection techniques and industry waste-cutting techniques. Don’t raise taxes. Pass a balanced-budget amendment.

Immigration: Control the border with Mexico by January 2014. Reform the legal visa system to make it much easier to deport criminals and gang members while making it easier for law-abiding visitors to come to the US, go to college and do business.

National Security: Restructure and adequately fund our security agencies. Update dangerously outdated military infrastructure and prepare to deal with technologies such as electromagnetic pulse weapons and cyberwar.

Diseases of the Brain: Transform the Food and Drug Administration, whose regulatory guidelines are scaring off new investment. Invest in brain science to help people who struggle with Alzheimer's, Autism, Parkinson's and mental health trouble.

Judges: Rein in lawless judges, re-establish a constitutional balance among the three branches of government and bring the courts back under the Constitution.

States' Powers: Over the next year, ask state and local officials and citizens to identify areas of the federal government that can be transferred "back home." There are 184 means-tested entitlement programs that states could handle on their own with block grants from the federal government, Mr. Gingrich said.

According to Gingrich campaign spokesman R.C. Hammond, the 21st Century Contract with America differs from 1994's Contract with America in that this one is not in its final form. It is just the beginning of a conversation that won’t be finished for a year.

It certainly looks like a promising start.