Sen. Rand Paul today unveiled a Republican jobs plan with Sens. John McCain (Ariz.) and Rob Portman (Ohio) and Senate Republican Leader Mitch McConnell (Ky.).
The Republican jobs plan takes a different approach, trying to remove the government-imposed obstacles to job creation this Administration has imposed. Click HERE for an in-depth outline of the Jobs Through Growth Act.
The Jobs Through Growth Act begins with tax reform, producing a plan that will lower both the corporate tax rate and the top income tax rate to 25 percent. It will simplify the codes, eliminate subsidies and close loopholes, and the result will be a simpler, fairer and better tax system for individuals, small business, and corporations.
It includes a moratorium on new regulations, and also a new process for Congressional approval of regulations through the REINS Act (Regulations from the Executive in Need of Scrutiny). The plan repeals burdensome regulations like greenhouse gas emissions and farm dust requirements. It has been estimated that overregulation costs business in excess of a trillion dollars per year to comply. These dollars and efforts should instead be focused on increased competitiveness and job creation.
Our energy needs and jobs are also being blocked through excessive regulations and onerous permitting process. In this bill, Republicans will stand up for more jobs, lower energy costs and increased revenue to state and federal governments by allowing more mining, drilling and production.
In all, credible estimates indicate we could see in excess of millions new jobs from passage of this bill: all without new government spending. In fact, this plan also puts us on a path toward fiscal responsibility through a presidential rescissions bill and a Balanced Budget Amendment.
Because of the inclusion, this Republican jobs plan will not only create jobs, it will be deficit neutral. The entire plan will not add one penny to the federal debt, while creating 5 million new jobs. Passage of this plan would unleash a decade of increased growth, and a new path forward for our struggling economy.
"The President's jobs plan was voted down this week by members of both parties. We simply cannot look to the failed policies of the last two years for an example of how to grow our economy and create jobs. More government spending and excessive regulation are the problem not the solution. We have spent too long increasing the tax and regulatory burdens on job creators, instead of allowing them to operate more freely and create more jobs," Sen. Paul said.
"While President Obama continues to recycle the same failed economic policies that have brought Americans fewer jobs and more debt, Republicans have consistently focused on solutions that will create sustainable private sector jobs that won't disappear when the federal cash spigot runs dry. Sens. McCain, Paul and Portman's Jobs Through Growth Act stands in stark contrast to the tired tax and spend plans put forward by this Administration in that it will take the wet blanket of the federal government off the private sector and allow American entrepreneurs to expand and create jobs," Leader McConnell said.
"This is a pro-growth proposal to create the environment for jobs that stands in contrast to the short term sweetener approach of the Obama administration, an approach that simply hasn't worked," Sen. Portman said. "We need to address this problem in a way that actually puts people back to work by solving some of the structural problems in our economy. That means we need to reform our tax code, provide regulatory relief to our small businesses and do something to ensure that job creators have an incentive to invest and grow jobs. This proposal, if enacted on a bipartisan basis, will help our economy get back on its feet."
"We Republicans understand that it's a growing, dynamic private sector that creates quality jobs for the long term and real prosperity in America, not government spending," Sen. McCain said. "The Jobs Through Growth Act will help give the certainty and confidence that our private sector so badly needs to invest, grow, and create jobs again. By cutting taxes, reforming our broken tax code, reducing spending and getting the burden of overregulation off America's back we can get our economy moving again."