House Republicans unveiled a new job creation agenda Thursday that calls for lower tax rates, international trade agreements that spur the sale of American-made products and makes it tougher for the federal government to enact regulations on businesses.
House Republicans have spent the first months of the new session focusing largely on cutting spending: They struck a deal with Democrats to fund the government through the fiscal year that cut billions from the federal budget and passed a House resolution budget that would cut $4.4 trillion over then years. But now, Republicans say, is the time to emphasize the “growth” portion of the “cut and grow” agenda the party outlined last November in their “Pledge to America.”
“We have said all along there are two tracks,” House Majority Leader Eric Cantor said Monday. “This is the other piece of the painting. The one side of the painting is about spending reductions and managing down the debt through expenditure reduction. The other is about growth.”
The initiative would drop the individual corporate and individual top tax rate 10 points to 25 percent, eliminate government regulation on industries that operate in the country, make it more difficult for the government to enact new regulations, initiate tax incentives for domestic energy production and end the double tax on American companies operating overseas.
Meanwhile, Democrats have badgered the GOP on jobs for months, accusing the party of not focusing their legislation on the unemployment rate, which continues to hover around nine percent nationwide.
“At every turn, Republicans have blocked us from creating jobs,” Senate Majority Leader Harry Reid, Democrat of Nevada, said earlier this month, citing a Republican effort to kill a Democratic bill the party said would create jobs. “Republican rhetoric is one thing, but their actions speak louder than words.”
With the plan unveiled, Republicans expect to begin crafting bills that fit the framework over the next few months.
NEXT PAGE — SEE THE FULL RUNDOWN OF THE AGENDA
According to House Republicans, the plan would:
• Require congressional review and approval of any government regulations that have a significant impact on the economy or burden small businesses.
• Audit existing and pending regulations to identify and address those that hinder economic growth.
• Increase American competitiveness to spur investment and create more American jobs by streamlining the tax code and lowering the tax rate for businesses and individuals including small business owners to no more than 25%.
• Reform the tax code to allow American businesses to bring back their overseas profits without having to pay a tax penalty so they can invest in our economy and create American jobs.
• Pass the three pending free trade agreements with Colombia, Panama, and South Korea to create up to 250,000 jobs.
• Continue to open new markets to American made products.
• Modernize our patent system to protect our nation’s innovators, discourage frivolous lawsuits, and expedite patent reviews.
• Re-Authorize and improve federal programs and approval processes to streamline development of new products.
• Remove barriers to building a first class workforce so that the United States can compete in the global marketplace and lead the way in technological development and growth.
• Maximize Domestic Energy Production to Ensure an Energy Policy for the 21st Century:
• Promote lower energy prices through increased domestic production.
• Encourage all forms of energy production.
• Build upon the House Republicans’ Budget by enacting significant spending cuts.