I like the 50% research bonus always.
The rest of my points I'll adjust depending on what strategy I think I'll use
So far in GC2 I've put points into morale bonus (+20%)
I think there's a point left over that I generally choose economy or something
Then I play the party that gives a +20% to social and military production (Federalists?).

To play this way, you kind of have to build economic improvements to stay competitive, but you will always be ahead in techs.

So far I have just been playing as Human. I spend the spare 4 credits on getting a 50% boost to military production. I choose the technology party for the research and sensor boost. I played and won the first part of the campain on level tough.

I set my spending at 100% and leave my tax rate at 33%. I focus on building up my infastructure (researching teches for advanced factories, lab, trade centers, and farms and building them on my planets), expanding, and getting warp tech (this gives a 2 sector/turn boost to all your ships, even those without engines), and colonizing the best planets. Then I start researching weapons/defenses; when I reach a given point I start building my fleet and switch to researching planetary invasion. When my starting war chest is exhausted I up my tax rate to around 40-50% and cut back on my spending so that I'm break even or at a small surplus.