The Jobs through Growth Act
Earlier this month, the conservative Republican Study Committee (RSC) unveiled a jobs plan called the Jobs Through Growth Act (H.R.3400). It is a conservative plan focused on getting our economy moving without imposing new taxes on job creators.
The Jobs Through Growth Act simplifies the tax code, reduces red tape and regulations, and increases domestic energy production by tapping domestic resources. Compare this approach to President Obama’s plan, which makes the tax code even more complex, increases government control of the market, and ensures that we won’t tap our abundant domestic energy reserves, opting instead to wait until the next great fuel is invented (who knows when that will be).
Whereas President Obama’s “jobs” plan is a rehash of ideas his administration has already tried and have either failed or been rejected by a Democrat-controlled Congress, the RSC’s plan is a compilation of proposals conservatives have been advocating, but that have gone nowhere thanks to an obstinate Democrat-led Senate. There are also some proposals that have actually passed and worked in the past, like lowering taxes and reducing regulation.
- Allows Americans to stay on the current income tax code or to switch to a new system, which has two tax rates: 15% income tax rate for individuals making $50,000 and below and couples earning $100,000 and below; and then a 25% tax rate for taxable income above those levels;
- Replaces deductions, personal exemptions, and credits with a $12,500 standard deduction per filer and independent;
- Cuts the corporate tax rate to 25% and introduces a territorial tax system that taxes only income earned in America, which would encourage businesses to bring their overseas earnings back to America without incurring high taxes;
- Removes loopholes; and,
- Eliminates the Death Tax, and the AMT.
- Halts new regulations until unemployment falls below 7.7%;
- Gives small businesses the ability to opt out of regulations imposed since the start of the recession in 2007;
- Regulations would only effect businesses with more than 200 employees, up from 50; and,
- Bureaucrats would need congressional approval for any regulation which has an economic impact of over $100 million (following the REINS Act).
- Unlocks areas for exploration both on and offshore;
- Encourages drilling in theGulf of Mexico, once again;
- Extends OCS (spell out) leases affected by this administration’s offshore drilling moratorium by one year;
- Opens upAlaska’s ANWR region;
- Approves the Keystone pipeline; and,
- Reduces the “red tape, mandates, and prohibitions that artificially increase the price of gasoline.”
Many of these proposals have been passed individually by the House of Representatives, but have languished in the Senate. Despite having no real plan of their own, Senate Majority Leader Harry Reid (D-NV) refuses to bring them forward in an attempt to preserve President Obama’s false claim that Republicans have no plan.
While President Obama’s plan centers around government control and centralized power (i.e. the government is the only one with the ability to create jobs and know what’s best for the American citizens), the RSC’s plan encourages the private sector to invest in America and jumpstart the economy, which will in turn create jobs and increase federal revenues which have fallen significantly because of our prolonged economic downturn.
The RSC jobs plan is a bold step in the right direction. It’s a pro-growth plan that simplifies the tax code and lowers rates on businesses and investment, removes onerous regulatory burdens from businesses, and unleashes vast domestic energy potential, all in order to create jobs. The choice is now in the hands of Congress: do we give more control to the government, or do we allow the free market to thrive and rescue the economy.