By US Daily Review staff.
Leaders of Republican conservatives in the U.S. House of Representatives introduced a jobs plan this week that, according to the House Republican Study Committee, “focuses on lowering taxes, cutting burdensome business regulations and getting American energy companies back to work in the United States.”
The Jobs Through Growth plan is being proposed by the Republican Study Committee which includes over 170 conservatives and Tea Party freshmen lawmakers. In contrast to President Obama’s jobs plan which relies on a second round of stimulus spending, the conservatives’ plan focuses on “getting government out of the way of job creators in America.” The House Republican Study Committee is an organization that members of Congress join and share the costs of the group. Unlike the Republican caucus itself, this group is made up of individuals who want to be recognized as supporters of limited government.
“This is about keeping America open for business by cutting red tape, making the tax code simpler, tearing down barriers to more American-made energy and growing the economy – not the government,” said Rep. Kevin Brady of Texas, a long-time member of the House conservatives. Two of Brady’s tax proposals are highlighted in the new plan: abolishing the Death Tax and tax relief to bring profits back from overseas to be invested in the American economy. Although the “Death Tax” elimination has had mixed reviews, there has been considerable interest in providing tax incentives to businesses to give them a reason to move back to the United States.
Brady, a senior member of the tax-writing Ways & Means Committee, is leading the charge in Congress to permanently abolish the estate tax – often called the Death Tax – once and for all. Brady’s bill has bi-partisan support with 72 sponsors in the House.
“The Death Tax remains the number one reason family businesses and farms aren’t passed down to the next generation in America. It’s long past time for this terrible tax to be repealed forever,” he said.
Brady is also promoting the leading free-market alternative to the President’s stimulus spending. His Freedom to Invest Act temporarily lowers the tax gate to allow an estimated $1.2 trillion in U.S. profits stranded overseas to flow back into America within the year to “create jobs, increase research and development, expand facilities and strengthen the U.S. economy.”
A recent study estimates his measure – often termed repatriation – would create up to three million new jobs and increase the U.S. economy by 1 to 4 percent.
“Rather than borrowing money America doesn’t have to create jobs we never see, which is what the President proposes in his second stimulus, why not bring back a trillion dollars of American profits from overseas and invest it now in American jobs and expansion?” asked Brady.