Rep. Scott Garrett (R-NJ), Chairman of the Budget and Spending Task Force for the Republican Study Committee (RSC), today joined RSC Chairman Jim Jordan (R-OH) and other members of the RSC at a press conference to unveil the RSC's Jobs Through Growth Act. The Jobs Through Growth Act, which builds upon the work already completed by House Republicans to boost job creation, is about keeping America open for business. It cuts through the red tape of job-killing regulations; makes the tax code simpler, flatter and fairer; and tears down barriers to domestic energy production.
"This robust jobs proposal is the right prescription for our ailing economy," said Garrett after the press conference. "Rather than relying on more government spending that would put American taxpayers deeper into debt, our plan creates jobs by growing the economy. Through the right mix of regulatory reform, tax cuts and domestic energy production, this jobs plan will bring immediate relief to our struggling economy."
"For the past two months, President Obama has barnstormed the country in a desperate attempt to build support for his so-called "jobs plan,' which is nothing more than a rehash of his failed 2009 stimulus package," added Garrett. "While he won't admit it, President Obama has no real plan to put the American people back to work. The only thing he knows is spend, spend and spend. We at the RSC disagree with that proposition. Contrary to what the president believes, we know we can create jobs for Americans without going even further into debt. We know the private sector creates jobs, not the government."
The Jobs Through Growth Act is based on three basic tenants:
1. A Simpler, Flatter, Fairer Tax Code
* 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.
* Helps small businesses, family farms, investors, and other job creators by eliminating the Death Tax, the AMT, and the investment tax on inflation.
2. Reduce Regulatory Burdens
* 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.
3. American Energy Production
* Gives Americans better access to their energy resources by curtailing frivolous litigation and unlocking areas for exploration both on and offshore.
* Reduces red tape, mandates and prohibitions that artificially increase the price of gasoline.
* Green lights the Keystone pipeline and gives a one-year extension to outer continental shelf (OCS) leases affected by the White House's drilling moratorium.
Click here for more information on the Jobs Through Growth Act.