America Can Only Work if Americans Are Working
For the first time in 26 years, we have reached 10% unemployment. In fact, we've surpassed it.
Back in June the Federal Reserve predicted that it would likely take 5 years before we're creating a substantial number of net new jobs. That could mean 9-10% unemployment for the next 5 years.
We have a severe jobs crisis in America. If we are to get back on the right track in America, we must concentrate on Jobs First.
Presidents Bush and Obama tried to fix our economy through bailouts of big companies and big government stimulus packages. This approach has failed.
We must propose a plan for job creation aimed specifically at those who create jobs - small businesses and entrepreneurs.
Click here to download a copy of the plan.
A Jobs First Approach: 3 Key Steps We Can Take Right Now
1. Reduce Spending and Reform Government to Achieve a Balanced Budget.
While Newt Gingrich was Speaker, federal spending rose by an average of 2.9% per year, the lowest increase since the 1920s. We can apply the same principles that worked from 1995 to 1998 to create jobs and four straight balanced budgets through smaller government, less spending, lower interest rates, and less debt.
2. Five Tax Reforms to Reward Job Creation, Entrepreneurship, Savings, and Investment.
a. Immediate Payroll Tax Relief. Allow workers and employers to keep more of their hard earned money through an immediate, two-year, 50% reduction of the payroll tax. This step would immediately boost the take home pay of every worker, and dramatically free up cash for every employer to hire and invest. This tax relief could be paid for with unspent stimulus money. (Calculate how much money you would save).
b. Incentives for Small Business Investment. Allow small businesses to expense 100% of new equipment purchases each year to help them invest in new, more productive technologies.
c. Abolish Taxes on Capital Gains. Match the Chinese capital gains rate of zero. Federal Reserve Chairman Alan Greenspan testified in the 1990s that this was the best rate for economic growth.
d. Reduce the Business Tax Rate. America has the second highest business tax rate in the world. We should match the Irish business tax rate of 12.5%. Combined with a zero rate of taxation on capital gains, America would become the most desirable country in the world in which to invest and start a business.
e. Abolish the Death Tax. Inheritance is the most powerful accumulator of capital. Studies show that eliminating the death tax would create hundreds of thousands of new jobs.
3. American Energy Plan to Create American Jobs and Keep American Money at Home.
Developing more American energy while protecting the environment would mean the creation of millions of new American jobs and the generation of billions of dollars in new federal tax revenues, largely without the need for any new federal spending.
• More Oil and Natural Gas
• Oil Shale Development
• More Nuclear
• Less Frivolous Litigation
• More Science for Alternatives
• More Prizes for Breakthroughs
• 21st Century Electric Grid
• More Clean Coal Projects
• Incentives, Not Taxes
For the first time in 26 years, we have reached 10% unemployment. In fact, we've surpassed it. Back in June the Federal Reserve predicted that it would likely take 5 years before we're creating a substantial number of net new jobs. That could mean 9-10% unemployment for the next 5 years.
We have a severe jobs crisis in America. If we are to get back on the right track in America, we must concentrate on Jobs First.
Presidents Bush and Obama tried to fix our economy through bailouts of big companies and big government stimulus packages. This approach has failed.
We must propose a plan for job creation aimed specifically at those who create jobs - small businesses and entrepreneurs.
Click here to download a copy of the plan.
A Jobs First Approach: 3 Key Steps We Can Take Right Now
1. Reduce Spending and Reform Government to Achieve a Balanced Budget. While Newt Gingrich was Speaker, federal spending rose by an average of 2.9% per year, the lowest increase since the 1920s. We can apply the same principles that worked from 1995 to 1998 to create jobs and four straight balanced budgets through smaller government, less spending, lower interest rates, and less debt.
2. Five Tax Reforms to Reward Job Creation, Entrepreneurship, Savings, and Investment.
a. Immediate Payroll Tax Relief. Allow workers and employers to keep more of their hard earned money through an immediate, two-year, 50% reduction of the payroll tax. This step would immediately boost the take home pay of every worker, and dramatically free up cash for every employer to hire and invest. This tax relief could be paid for with unspent stimulus money. (Calculate how much money you would save).
b. Incentives for Small Business Investment. Allow small businesses to expense 100% of new equipment purchases each year to help them invest in new, more productive technologies.
c. Abolish Taxes on Capital Gains. Match the Chinese capital gains rate of zero. Federal Reserve Chairman Alan Greenspan testified in the 1990s that this was the best rate for economic growth.
d. Reduce the Business Tax Rate. America has the second highest business tax rate in the world. We should match the Irish business tax rate of 12.5%. Combined with a zero rate of taxation on capital gains, America would become the most desirable country in the world in which to invest and start a business.
e. Abolish the Death Tax. Inheritance is the most powerful accumulator of capital. Studies show that eliminating the death tax would create hundreds of thousands of new jobs.
3. American Energy Plan to Create American Jobs and Keep American Money at Home.
Developing more American energy while protecting the environment would mean the creation of millions of new American jobs and the generation of billions of dollars in new federal tax revenues, largely without the need for any new federal spending.
• More Oil and Natural Gas
• Oil Shale Development
• More Nuclear
• Less Frivolous Litigation
• More Science for Alternatives
• More Prizes for Breakthroughs
• 21st Century Electric Grid
• More Clean Coal Projects
• Incentives, Not Taxes
