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Public Statements

3% Withholding Repeal and Job Creation Act

Floor Speech

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. PAUL. Mr. President, I rise in support of the Republican jobs plan. I think it is very important that the American people know there are different visions about how we would create jobs in this country, whether the jobs should be created by the private sector or the jobs should be created by borrowing money from China, taxing us more, and then redistributing that money into government-created jobs.

There are different visions in this country about how we create jobs. The one thing we know is, we need millions of jobs--not tens of thousands of jobs but millions of jobs.

What I ask the President to do is to come in from the campaign trail and talk to us. I think he needs to be here, not raising money, not out fundraising for his campaign, not bashing Republicans on the campaign trail. He needs to be in Washington. He needs to be engaged with the committee, the supercommittee. He needs to be engaged with Republican counterparts.

I have told the President, personally, I will work with him. I will come from the Republican side of the aisle, and we can figure out areas in which we agree. There are many aspects of the Republican jobs plan that some Democrats have said they might support: Reducing the corporate income tax, lowering the rates, and eliminating loopholes.

The thing is, on the campaign trail, we are told Republicans are unwilling to eliminate loopholes for millionaires who don't pay taxes. The truth is, we are very willing. This has been offered in the supercommittee. It has been offered by our side. It is offered in the Republican jobs plan. We are willing to eliminate loopholes that make the Tax Code unfair, that allow either millionaires or corporations to pay no taxes. But we want to do it in the context of tax reform.

There are a couple things historically that government has done that has created jobs. In the 1960s, President Kennedy reduced the top rate from 90 to 70.

Unemployment was cut in half. In the 1980s, Reagan lowered the top rate from 70 to 50. Unemployment was cut in half. Reagan again lowered the top rate from 50 to 28, and unemployment was cut in half.

Interestingly, through all these rate cuts of the top taxpayers, as we cut the rates, tax revenue didn't go down. Tax revenue has stayed about 18 percent of GDP no matter what the rates are. But what lowering the top rates does is it spawns economic activity.

So I ask the President to come in from the campaign trail, to come in from his Canadian bus tour, and talk to us on the Hill--talk to us about ways we could create jobs again. We need millions of jobs. Fourteen million Americans are out of work. Two million Americans have lost their jobs since this President came into the White House.

They say the definition of ``insanity'' is doing the same thing over and over and expecting a different result. We need conversation on Capitol Hill between Republicans and Democrats, but we also need leadership from the White House. Continuing to bash us on the campaign trail is getting us nowhere as a country.

A couple things I have heard from the President as he has campaigned around the country: One, he said Republicans are too stupid to understand his plan, so he is going to break up his jobs plan and give it to us in pieces because we can't understand the whole thing.

In diplomacy, they sometimes talk about the stick and the carrot. I am sure feeling the stick from the President, but I am not seeing a carrot. What we need to have is conversation where we can bridge these differences and find some common ground.

We have a corporate income tax higher than anybody in the world. We keep heaping new regulations onto our businesses. We need to lower our corporate income tax. How can they compete? We worry about jobs going overseas?

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