With the political conversation increasingly focused on what Washington should do to create jobs, Constitution Daily recently visited the websites of each of the eight GOP presidential candidates to learn what they are proposing to put Americans back to work.
Nearly all the candidates (Ron Paul is the one exception) state that creating jobs is their top priority. Although some proposals are more succinct than others, we have abstracted for your assessment the most essential points of each candidate’s plan (verbatim wherever possible). Handy links to the candidates’ campaign websites are included for you to learn more.
Will these plans work? Which one has the best chance to create American jobs? Please leave a comment below.
On her campaign website, Representative Bachman says, “As a first order of business, I will direct the elimination of counterproductive regulations, repeal Obamacare and stop cap-and-trade in its tracks so companies can operate again. And a Bachmann Administration will create the climate of sound currency and certainty employers needed to start hiring again.”
On his campaign website, Herman Cain says, “The federal government taxes too much and too often. Meaningful tax reform should be implemented immediately to alleviate that suffocating tax burden placed on businesses and individuals in America. This means across-the-board tax cuts to provide long-term relief, including reducing the capital gains tax, suspending taxes on repatriated profits and permanently eliminating the death tax.” The Cain campaign argues that the “9-9-9 Plan will expand GDP by $2 trillion, create 6 million new jobs, increase business investment by one third, and increase wages by 10%.”
Gingrich offers a nine point jobs plan including tax cuts for businesses and individuals and repealing the Patient Protection and Affordable Care Act. Highlights from his campaign website include: Remove obstacles to job creation imposed by destructive and ineffective regulations, programs and bureaucracies. Steps include: repealing the Sarbanes-Oxley Act; repealing the Community Reinvestment Act; repealing the Dodd-Frank Law which is killing small independent banks, crippling loans to small businesses and crippling home sales; breaking up Fannie Mae and Freddie Mac; replacing the Environmental Protection Agency with an Environmental Solutions Agency that works collaboratively with local government and industry to achieve better results. Gingrich also wants to implement an American energy policy that removes obstacles to responsible energy development and creates jobs in the United States.
Governor Huntsman’s jobs plan has four pillars: tax reform, regulatory reform, energy independence and trade. He calls for sweeping tax changes and new trade agreements to help revitalize the nation’s manufacturing sector and create jobs. Huntsman believes in eliminating taxes on capital gains and reducing the corporate tax rate from 35 percent to 25 percent. His plan significantly lowers personal income tax rates, while ending popular tax credits and deductions that affect the middle class, such as the mortgage interest deduction and child tax credit.
When introducing his economic and jobs plan in Nevada, Representative Paul said, “If we want jobs we have to get the government out of our way.” His plan lowers the corporate tax rate to 15%, allows American companies to repatriate capital without additional taxation which he believes will spur trillions in new investment. Paul’s plan also extends all Bush tax cuts, abolishes the estate tax, and ends taxes on personal savings. Whereas his opponents state that job creation is their top priority, Paul’s first goal is reducing the size of the federal government and balancing the budget, which includes eliminating five cabinet departments and gutting funding to many others.
Governor Perry’s plan, named the “Energizing American Jobs and Security” aims to create 1.2 million new jobs. He promises new drilling across the country, curbing environmental regulations and “dismantling” the Environmental Protection Agency in “its current state.” On his website, Perry sums up his plan by looking at what he has done in Texas and saying his “support for low taxes, reasonable regulations, a predictable civil litigation system and an educated workforce has produced a job climate consistently ranked the best in the nation. Perry’s pro-growth agenda, combined with real spending reductions, will lead to a new era of economic growth and the creation of millions of American jobs.”
Governor Romney’s has a 59-point plan to create 11.5 million jobs. His plan seeks to reduce taxes, spending, regulation, and government programs. It seeks to increase trade, energy production, human capital, and labor flexibility. It relinquishes power to the states instead of claiming to have the solution to every problem. Romney has five executive orders and a jobs package consisting of four bills that he plans to submit to Congress on his first day in office. They include: a reduction of the corporate tax rate to 25%, 5 percent cuts to non-security discretionary spending, and directing all agencies to immediately initiate the elimination of Obama-era regulations.
Senator Santorum says federal tax and regulatory burdens are “stifling American innovation and economic growth.” He would cut the corporate tax rate for domestic manufacturers from 35% to 0%; repatriate foreign income at a 5% tax rate rather than the current 35%; increase the R&D Tax Credit from 14% to 20% and make it permanent; reduce the regulatory burden, including complete repeals of the Patient Protection and Affordable Care Act, Sarbanes-Oxley, and Dodd-Frank; and, expand domestic energy exploration.
Robin Morris is National Programs Manager at the National Constitution Center.