The conservative group of Republicans that devised Cut, Cap, and Balance rolled out its jobs plan today. They call it the Jobs Through Growth Act because the jobs this county needs will come from growing the economy, not the government.
Please take a look at this short video highlighting members of Congress in “the real world”:
Below is a summary:
A Simpler, Flatter, Fairer Tax Code
- Modeled on the Taxpayer Choice Act of 2007, people can stay with the current income tax code or scrap it and switch to a system with just two rates (the lowest in 80 years), generous deductions for families, and no marriage penalty.
- To keep jobs from moving overseas, the bill cuts the corporate tax rate to 25%, targets loopholes for elimination, and encourages companies to bring money made overseas back into the U.S. economy.
- It helps small businesses, family farms, investors, and other job creators by eliminating the Death Tax, the AMT, and the investment tax on inflation.
Cutting Through Red Tape
- The bill calls a timeout on new regulations that create significant economic costs until the job market bounces back.
- Small businesses will get relief from current regulations with the ability to opt out of red tape imposed since the beginning of the recession. Additionally, the benchmark for exemption from many rules will also increase from 50 to 200 employees.
- Federal bureaucrats will be required to consider a proposed rule’s impact on small businesses and get Congressional approval for “major” regulations.
American Energy Production
- The bill gives Americans better access to their energy resources by curtailing frivolous litigation and unlocking areas for exploration both on and offshore.
- It reduces red tape, mandates, and prohibitions that artificially increase the price of gasoline.
- It green lights the Keystone pipeline and gives a one-year extension to OCS leases affected by the White House’s drilling moratorium.
A longer detailed summary is here. Two pages.
In the words of President Obama: “We have to pass it NOW!”
Crossposted at Conservative Outlooks