Senate Republicans released their version of a jobs bill today. Is it me or does this look exactly like Jon Huntsman’s “Time To Compete” plan? It reads like Jon’s campaign platform.
1. Lower the corporate tax rate to 25 percent, resulting in an additional 581,000 jobs per year, on average
2. Reduce the tax on foreign earnings brought back to the U.S., resulting in 2.9 million jobs
3. Repeal Dodd-Frank, estimated to cost the U.S. 4.6 million jobs by 2015
4. Repeal ACA, estimated to cost the U.S. economy at least 800,000 jobs
5. Lift the offshore drilling moratoria, resulting in 1.2 million U.S. jobs
6. Prohibit the EPA from regulating greenhouse gases, estimated to cost the economy 1.4 million jobs by 2014
7. Ratify, immediately, the free trade agreements with South Korea, Colombia and Panama, resulting in 250,000 new jobs
It’s not like we didn’t expect that candidates and legislators alike would adopt Jon’s plan as their own. But let’s give credit where it’s due, Senators.
Jon Huntsman’s plan, released on August 31:
Simplify The Personal Income Tax Code And Lower Rates. Rather than nibble around the edges of the existing tax code, Gov. Huntsman will introduce a revenue-neutral tax plan that eliminates all deductions and credits in favor of three drastically lower rates of 8%, 14% and 23%. Eliminating deductions and credits in favor of lower marginal rates will yield a simpler and more efficient tax code, decreasing the burden on taxpayers.
Eliminate The Alternative Minimum Tax. Under the new simplified plan, Gov. Huntsman will eliminate the Alternative Minimum Tax, which is not indexed for inflation and is penalizing an increasing number of families and small businesses.
Eliminate The Taxes On Capital Gains And Dividends In Order To Eliminate The Double Taxation On Investment. Capital gains and dividend taxes amount to a double-taxation on individuals who choose to invest. Because dollars invested had to first be earned, they have already been subject to the income tax. Taxing these same dollars again when capital gains are realized serves to deter productive and much-needed investment in our economy.
Reduce The Corporate Rate From 35% To 25%. The United States cannot compete while burdened with the second-highest corporate tax rate in the developed world; American companies and our workers deserve a level playing field. With high unemployment, it is important that we not push corporations and capital overseas. We need employers to be based in America if they’re going to provide jobs to Americans.
Repeal Existing Regulations, Including Obamacare And Dodd-Frank.Obamacare, a $1 trillion bomb that our nation cannot afford, included more than 40 provisions that require, permit, or contemplate rulemaking by federal agencies and established dozens of new governmental organizations or advisory boards. Dodd-Frank fails to solve “too big to fail” and guarantees slow credit and slow productivity gains for the near future.
Dramatically Rein In The EPA. While the nation struggles to recover from economic turmoil, EPA has imposed vast new rules on the nation’s energy producers, crippling one of the most critically important components of economic recovery: energy supply. Among the rules Gov. Huntsman will oppose is a new ozone rule that would effectively halt new construction.
Curb The Excesses Of “Independent” Agencies. Gov. Huntsman will actively fight to ensure that the NLRB and other agencies abandon their job-destroying policies.
Reform The FDA By Streamlining The Testing And Approval Process. The FDA’s slow-paced approval process puts American companies, including those in the biotech and health sciences industries, at a comparative disadvantage to foreign competitors and imposes unnecessary delays.
Enact Comprehensive Patent Reform. The outstanding backlog at the US Patent Office hurts innovation. The approval process needs to be streamlined to weed out rent seeking and foster invention.
Stabilize The Housing Market. Our country cannot stabilize the economy without stabilizing the housing market. As president, Gov. Huntsman will privatize Fannie Mae and Freddie Mac, and let the housing market settle in order to see sustainable growth.
End OPEC’s Pricing And Supply Power, Promote Jobs, And Increase Overall Domestic Supply. The United States must expedite the process for reviewing and approving safe, environmentally sound energy projects, including the development of North American oil and gas reserves; oil and gas in the Gulf of Mexico and Alaska; shale gas and oil in the U.S.; and Canadian oil sands.
Level The Playing Field And Create A Fully Competitive Market For Cleaner Domestic Alternative Transportation Fuels. The United States must eliminate the subsidies and regulations that support foreign oil and inhibit domestic alternatives such as compressed natural gas (CNG), electricity, biofuels, and coal-to-liquids, which are not price-controlled by OPEC.
Make Free Trade A Priority Again. For 2.5 years, the President has failed to act on three trade agreements with South Korea, Colombia and Panama – Gov. Huntsman would make these agreements a priority. Furthermore, as president, Gov. Huntsman would immediately pursue new trade opportunities with other nations, including Japan, India and Taiwan.