Preserving The American Dream: A Plan To Put Connecticut Back To Work

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    Instead of empowering

    the small businesses that create

    70% of Americas jobs, Washingtonis pouring trillions of dollars into more

    government and more bureaucracy.

    Endless government expansion is not the

    key to economic growth and job creation.

    Connecticuts small businesses are.

    Table of ConTenTs

    Lessons Learned:

    Back to Basics

    Step 1: Reduce Tax Rates

    Step 2: Reduce Regulations

    Step 3: Restore Sound

    Government Finances

    Step 4: Restore Sound Money

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    l lrd:

    When Ronald Reagan became President

    in 1981, he inherited an economy with nogrowth, high unemployment, high ination

    and high interest rates. He did not propose

    a stimulus plan o the sort we have seen

    coming out o Washington lately. His plan was

    to restore incentives or building businesses.

    He wanted to get the government out o the

    way o private-sector job creators.

    The Reagan Plan had

    our principal initiatives:

    Reduce tax rates across the board.1.

    Reduce regulations and mandates2.

    on businesses.

    Sound government fnances. Dont3.spend more than you can pay or.

    Sound money. Keep ination low;4.

    keep the dollar strong.

    Together, these policies increased growth,

    created jobs, and brought Americas fnancial

    markets back to lie, creating the greatesteconomic expansion in American history.

    Its time to move away rom artifcial

    stimulus plans and move back to basics

    by doing the things that will help private

    business owners and workers grow

    their businesses.

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    A Different Kind of Senator

    Framework forCreating

    JobsPeople create jobs, not governments. The bestway for the government to help create jobs is

    to give people incentives to work, save and

    invest by keeping tax rates and regulations

    low. The governments job is to promote a

    stable environment in which citizens can care

    for their families, build businesses and create

    wealth. It does this by ensuring rule of law,

    protecting property rights, enforcing contracts,

    maintaining the infrastructure, keeping prices

    level and the dollar stable and keeping people

    safe. Above all, the government should avoid

    doing harm by being a burden on people who

    want to build businesses and create jobs.

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    Step1:Rduc tax Ras.Reduce Anti-Growth Tax Rates Across the Board.

    Prevent scheduled income taxrate increases and move to

    reducing the corporate tax rate.

    Huge personal income tax rates

    are already baked into the budget.

    Congress wants to raise them

    even higher to pay or ObamaCare,Cap-and-Trade and other costly new

    programs. Lets hold rates at their

    2003-2010 levels (35% top rate)

    and make them permanent. And no

    surcharges above the statutory rate.

    Congress and the White House want

    to increase taxes. No school oeconomics supports increasing taxes

    during a recession.

    When you combine state and ederal

    taxes, America has the highest

    corporate tax structure in the world.

    We should work to reduce the

    corporate income tax rate to be morecompetitive with the rest o the world.

    Stop the capital gains tax rate

    rom going up.

    On January 1, 2011, the top rate on

    capital gains will go rom 15% to 20%.

    This will drive capital oshore andcost jobs.

    According to the Congressional Budget

    Ofce, the last time the capital gains

    tax rate increased (1987), capital

    gains tax collections ell by 54% in the

    frst fve years and took a ull decade

    to recover.1

    Stop the dividend tax rate

    rom going up.

    On January 1, 2011, the top dividends

    tax rate will almost triple rom 15%to 39.6%. This will sharply reduce the

    ater-tax return on capital invested

    in America, reducing the value o

    American businesses and driving

    capital oshore. This means lower

    productivity, reduced take-home pay

    and lost jobs or American workers.

    Not preserving the 15% rate

    will decrease returns, decrease

    investment, lower productivity, lower

    workers pay, and destroy jobs.Allow ull same-year deductions

    or capital losses.Today, people pay taxes on all net

    investment gains in years when they

    have gains but can only declare losses

    up to $1500 ($3000 or married

    couples) in years when they have net

    losses. This is unair, it discourages

    people rom saving and investing,

    reduces the value o American

    companies, and kills jobs. Allowing ull

    deductions o net losses is air, makes

    sense and will help people recover

    rom the devastating losses in real

    estate and stock markets during the

    fnancial crisis.

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    A Different Kind of Senator

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    Abolish both the estate tax

    and the git tax.The death tax is the most unair o

    all taxes. Eliminating the death

    tax will:

    Create 1.5 million jobs in theU.S.2, 19,600 jobs in Connecticut

    Lower the unemployment rate byalmost one ull point.

    People should be able to give their

    own ater-tax money to their children

    without talking to anyone in the

    government and without paying taxes

    on the same money again.

    Together, this will end thegrowth-killing triple taxation o

    income: frst as profts, then as

    capital gains or dividends, and

    fnally as estate or git taxes.

    Repeal the limits on

    tax-deerred retirementaccount contributions.

    We should not limit the amount o

    money people can save.

    Allow greater deductions or

    educational expenses.

    The unemployment rate or collegegraduates is 4% compared to 15%

    or those without a high school

    degree. We should increase the tax

    deduction on student loans and on

    qualifed higher education expenses.

    Continued Rduc tax Ras.Reduce Anti-Growth Tax Rates Across the Board.

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    Restore and make permanent

    the Research and Developmenttax credit to promote innovation.

    Allow businesses to deduct100% o the cost o any capitalexpenses or equipment,technology, sotware, orbuildings rom their taxableincome in the year they buythe asset.

    This stimulates investment in American

    businesses and increases the

    productivity o American workers.

    Eliminate the employer portion

    o the payroll tax or one year.Expand recent proposals in Congress

    to all current employees and new hires

    legally authorized to work in the United

    States. Allow the reduced rate or one

    year rom the date o enactment or

    small businesses as defned by the

    Small Business Administration.

    A Different Kind of Senator

    Continued Rduc tax Ras.Create A Business Friendly Tax Policy

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    Step2:Rduc Rgulaions.Eliminate Anti-Growth Legislation and Policies.

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    Reduce burdensomeregulations and mandateson businesses.

    Review and repeal all regulations

    and mandates that inhibit growth.

    Do not pass urther burdensome

    regulations.

    These regulatory taxes do not

    appear on any balance sheet, yet

    cost Americans about $1 trillion

    every year.3

    During fscal year 2009, regulations

    costing some $14 billion were

    adopted, more than in any year

    since 1992.3

    Stop Cap-and-Trade legislation,which could be the mostantigrowth legislation o all.

    Cap-and-Trade would destroy onaverage 13,649 jobs in CT and

    raise electricity prices by $927.55

    per household.4

    Stop Card Check legislation.

    Free and secret-ballot elections are

    a basic American right.

    A conservative estimate is that i

    Congress passed card-check, it

    would reduce jobs by 765,000

    within two years.5

    Resist protectionist policies,

    that hamper global tradeand investment.

    The President has said that

    increasing U.S. exports by just 1%

    would create over 250,000 jobs.

    And the International Trade

    Commission (ITC) estimates that

    implementation o the Columbia,Panama, and Korea Free Trade

    Agreements would increase U.S.

    exports by more than 1%. Despite

    this, Congress is ailing to act. We

    should pass the pending trade

    agreements immediately and start

    creating jobs.

    Increase energy supplies.Increase oshore drilling and

    production. Oshore drilling will

    create jobs and increase energy

    supply without cost to the taxpayer.

    It will create revenues or fnancially

    strapped state governments

    and increase revenues or

    ederal governments.6

    A Different Kind of Senator

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    According to an American Energy

    Alliance report, drilling in the Outer

    Continental Shel (OCS)

    would generate7:

    $8 trillion in economic outputto the GDP$2.2 trillion in total tax receipts

    1.2 million jobs annually across

    the country

    $70 billion in additional wages

    each year

    Increase Alaska drillingand production.

    The Coastal Plain o ANWR could

    produce up to 1.5 million barrels per

    day or at least 25 years, nearly 25%

    o current daily U.S. production.8

    The U.S. would save $14 billion per

    year in oil imports.8

    Between 250,000 and 735,000

    jobs are estimated to be created by

    development o the Coastal Plain.8

    Prudhoe Bay, located 60 miles to the

    west o ANWR, has been operating

    or nearly 20 years and has produced

    in excess o 10 billion barrels o oil

    during that time. It is among themost environmentally sensitive oil

    operations in the world.8

    Increase oil explorationelsewhere within our ownborders, e.g. the Green

    River ormation and theBakken Shale deposit.

    The Green River ormation

    could contain 800 billion

    barrels o recoverable oil rom

    oil shale, which is three times greater

    than the proven oil reserves o Saudi

    Arabia.9 The Bakken Shale could

    contain up to 4.3 billion barrels o

    recoverable oil, according to the U.S.

    Geological Survey.

    Increase nuclear power.

    The ederal government should

    allow the industry to operate under

    ree market principles and establish

    predictable, eective regulation that

    will ensure saety and security.10

    Over 75% o Frances power comesrom nuclear as opposed to only

    around 20% in the United States.

    Support the developmento promising renewableenergy sources.

    Federal tax policy should beocused on aggressively supporting

    private sector exploration and

    innovation o promising renewable

    energy technologies.

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    A Different Kind of Senator

    Incentives or renewable energy

    technology development would be

    especially signifcant or Connecticut,

    which has considerable privatesector initiatives underway in the

    areas o wind, solar, and geothermal

    energy, as well as the development o

    synthetic uels. Connecticut is already

    recognized as the uel cell capital

    o the world.

    Stop prolieration o ExecutiveOrders in place o legislation.

    Executive Orders do not require

    Congressional approval to take

    eect but they essentially have the

    same legal weight as laws passed

    by Congress. President Obama has

    issued 47 Executive Orders sincetaking ofce.11

    Restore constitutionallydetermined balance o power.

    Restore the checks and balances

    put in place by our ounding athers

    ensuring no branch o governmentbecomes more powerul than

    another and protect the states

    rom overreaching by the

    ederal government.

    Continued Rduc Rgulaions.End the Use of Policy Czars to Evade Congressional Oversight.

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    Step3:Rsor Sound Govrnmn Financs.Control Government Spending.

    Bring government spendingback under control.

    Government must live within

    its means just as amilies and

    businesses do.

    Our national debt is $12.8 trillion.

    The projected budget defcit or fscalyear 2011 is a record $1.55 trillion.End o-budget expenditures.

    Include the receipts and

    disbursements o the Social Security

    trust unds (Old-Age and Survivors

    Insurance Fund and DisabilityInsurance Fund) as well as Fannie

    Mae and Freddie Mac in the budget.

    Institute a BalancedBudget Amendment.

    Prevent defcit spending except

    during emergencies, such as war or

    natural catastrophes.

    All the states except Vermont

    have a legal requirement o abalanced budget.12Take back unspent undsrom TARP, other stimulusprograms to repay debt.

    Congress has the power to do this

    today, but the Democrats will not letit happen.

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    Support measures to makecredit available to smallbusinesses and to end theroller coaster o booms andcredit crunches that make itso difcult to run and grow

    a business and hire people.

    Banks have stopped lending to small

    businesses as a result o current

    monetary policy. Banks have loaned

    businesses $300 billion dollars less

    since this time last year, the biggest

    drop in lending (-7.4%) since 1942,

    67 years ago.

    Capital is being rationed on

    availability and connections, not

    on price or the credit quality o

    the borrower or interest rates.

    End the practice o government

    micromanaging banks through

    subsidies and stimulus programs.

    Regulators are a big part o the

    problem - they must stop using

    mark-to-market accounting to

    regulate bank capital adequacy.

    When asset prices all or any

    reason, banks are automatically

    orced to reduce lending.

    The Fed must end the roller coaster

    o booms, bubbles and busts that

    happens when they drive interest

    rates up and down.

    Re-establish strict

    congressional oversight oFed activities.

    Clariy that the Feds job is to provide

    stable prices and a stable dollar.

    Get the Fed out o the bailout

    business as soon as is practicable.

    Reduce their balance sheet back

    to pre-crisis levels. Never againdelegate unsupervised authority over

    trillions o dollars o taxpayer undsto appointed ofcials.

    Step4:Rsor Sound Mony.Stabilize the Price Level and the Dollarso Businesses Can Get Back to Work.

    A Different Kind of Senator

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