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

8/9/2019 Preserving The American Dream: A Plan To Put Connecticut Back To Work

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www.Linda2010.com

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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8/16

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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.


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



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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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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.



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

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