House Republican Plan for America's Job Creators

8/4/2019 House Republican Plan for America's Job Creators

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THE HOUSE REPUBLICAN PLAN FOR

AMERICAS

JOB CREATORS

JOBS.GOP.GOV

Empowering Families, Small Businesses and Entrepreneurs


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Free markets, ree enterprise, innovation and entrepreneurship are

the oundation or economic growth and job creation in America.For the past our years, Democrats in Washington have enactedpolicies that undermine these basic concepts which have historicallyplaced America at the oreront o the global marketplace. As aresult, most Americans know someone who has recently lost a job,and small businesses and entrepreneurs lack the condence neededto invest in our economy. Not since the Great Depression has ournations unemployment rate been this high this long.

Enough is enough. More taxation, regulation, and litigation willnot create more jobs. Government takeovers o the economyhave ailed while the size and the scope o the ederal governmenthas exploded. Washington has tied the hands o small businessowners and job creators with onerous regulations and backwardscal policies that have stalled the economy, slowed innovationand destroyed jobs. We need common sense, pro-growth policies

to give small businesses and entrepreneurs renewed condence inour economy and to remove Washington as the roadblock to jobcreation.

America is at a crossroads and House Republicans are committed totaking every possible step to spur job creation and get our economyback on track so that Americans can do what they do best: create,innovate and lead. The pro-growth agenda detailed below builds

on the GOP Pledge to America, our governing agenda ocused onjob creation and economic growth. It will address our economicchallenges, oster innovation and investment, and help job creatorswithout raising taxes on working amilies and small business owners.

INTRODUCTION


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Empower Small Business Ownersand Reduce Regulatory BurdensJob creators are being bogged down by burdensome regulations rom Washingtonthat prevent job creation and hinder economic growth. These regulations areparticularly damaging or the real job creators in the country: small business owners.We must remove onerous ederal regulations that are redundant, harmul to smallbusinesses, and impede private sector investment and job creation.

PROBLEM: BURDENSOME REGULATIONSThe Small Business Administration has reported that government regulations areestimated to cost our economy over $1.75 trillion a year. To make matters worse, in2009, the Administration had under various stages o consideration another 184regulations that are estimated to cost the economy in excess o $100 million each,and likely to cause more Americans to lose jobs.

REPUBLICAN SOLUTION

While such legislation will impact uture regulations, House Committeesare actively conducting an audit o existing and pending regulations toidentiy and address those that are hindering economic growth.

Background: The House has already acted on several regulations thathurt job creators both large and small including: The EPAs regulationo greenhouse gases, the Federal Communications Commissionsnet neutrality proposal, and duplicative and burdensome pesticideregulations.

In order to ease the regulatory burden on the economy and to promote jobcreation, we will approve legislation that requires a congressional review andapproval o any proposed ederal government regulation that will have a signicant

impact on the economy.


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Fix the Tax Code to Help Job CreatorsAmericas tax code has grown too complicated and cumbersome, and it isundamentally unair. It is lled with loopholes and giveaways. Congress shouldeliminate the special interest tax breaks that litter the code and reduce the overall

tax rate to no more than 25% or businesses and individuals including small businessowners. This would make the tax code atter, airer, and simpler. Common sensechanges to the tax code will ensure that everyone pays their air share, lessen theburden on amilies, generate economic expansion, and create jobs by makingAmerica more competitive.

PROBLEM: AMERICAS GLOBAL COMPETITIVENESSAt a combined state and ederal rate o just over 39%, the U.S. currently has thesecond-highest corporate tax rate among the developed nations o the world (thosein the OECD). The U.S. ederal rate o 35% is nearly 10 percentage points higherthan the average o our competitors. This wasnt always the case. In 1990, the U.S.corporate tax rate was below the average o our competitors. As a result o todayshigh U.S. tax rates and other antiquated eatures o our tax rules, U.S. based rms areplaced at a competitive disadvantage against their oreign counterparts when tryingto sell their goods and services around the world.

REPUBLICAN SOLUTION

Congress should also reorm the tax code to allow worldwide Americancompanies to bring back their overseas prots without being subject todouble taxation so they can invest in our economy.

Background: Unlike almost all o our major trading partners, the UnitedStates taxes its companies on their oreign income when that income isbrought back to the United States, even though that income has alreadybeen taxed in a oreign country. This discourages our companies rom

bringing prots back to the United States to invest at home.

In 2004, Congress allowed companies a limited time to bringmoneearned overseas into the United States and pay a reduced tax rateo 5.25%. The policy resulted in more than $300 billion dollars o protsbeing returned to the U.S.

We will set the top tax rates at no more than 25% or job creating businesses. Thiswould level the playing eld with our competitors and would help to generate

investments and create American jobs allowing the U.S. to be more competitive inthe global marketplace and attract business.


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Increase Competitiveness for

American ManufacturersThe more that businesses export, the more they produce. The more businesses

produce, the more workers they need. This means job creation.

PROBLEM: IDLE TRADE AGREEMENTSFor more than three years ree trade agreements with Colombia, Panama, and SouthKorea have sat idle, blocked by House Democrats political posturing. As PresidentObama said on January 27, 2010, I America sits on the sidelines while other nationssign trade deals, we will lose the opportunity to create jobs on our shores.

REPUBLICAN SOLUTION

Background: The independent International Trade Commissionhas estimated that implementation o the three pending ree tradeagreements would increase U.S. exports by more than $10 billion -- anincrease that according to the Obama Administration, would create over250,000 jobs.

We will pass three pending ree trade agreements with Colombia, Panama, and

South Korea. This will be a shot in the arm or businesses small and large and willcreate jobs. We will build on those successes by looking or other ways to expandmarket access or U.S. made products while vigorously enorcing our rights toprotect American jobs rom unair practices by other countries.


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Encourage Entrepreneurship

and GrowthAmerica has historically been on the cutting edge o innovation and technological

development, but we are increasingly alling behind our global competitors.Stronger protections or new ideas and products, greater access to a well-educatedworkorce, and a more ecient and predictable government approval process willempower American business owners to compete in the 21st Century economy.We will make it easier or existing businesses to grow and allow more start-upcompanies to ourish.

PROBLEM: PATENT BACKLOGSOur patent system protects American ideas and products. It has historically been theenvy o the world, but today it is ailing to meet the challenges o the 21st Century.Under our current patent system there is a backlog o 700,000 patent applications.

The current system o ling, challenging, and litigating patents can also lead to costlyand unnecessary delays.

REPUBLICAN SOLUTIONWe will modernize and improve the patent system to discourage rivolous lawsuits,expedite reviews, and provide better protection or job creating entrepreneurs.Streamlining the system will make it easier or existing businesses to grow and allowmore start-up companies to ourish. The House Judiciary Committee voted toapprove a bipartisan patent reorm bill to address these challenges.


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PROBLEM: VISA SYSTEM FOR HIGHLY SKILLEDOur current visa system is ailing job creators who need access to a skilled andspecialized workorce. America has always stood as a beacon o opportunity to the

best and brightest rom around the world and the nation has benetted rom theircontributions. Yet today, our visa system is not addressing our economic needs.Leading high-tech companies in America are struggling to hire qualied employeeswhile the government visa system sends home highly skilled workers educated inAmericas universities.

REPUBLICAN SOLUTIONAter a systematic review o our visa system, the Congress should undertakeprudent reorms. The House Judiciary Committee is reviewing our visa system todetermine the needs o American employers and the reorms necessary to ensure

that American businesses maintain their leading edge in innovation and technologydevelopment. Possible solutions include keeping the most accomplished graduatesin math, science and other critical elds here in America as well as making it easieror start-up entrepreneurs to obtain visas.

PROBLEM: FDA PRODUCT APPROVAL PROCESSInnovators need certainty and timeliness rom the governments product approvalprocess in order to create and sustain jobs. While some have reerred to the U.S.

Food and Drug Administrations approval process as the gold standard or theworld, the lie sciences and medical device approval process lacks transparencyand consistency. This delays access to potentially liesaving treatments, hinders

job creation in this critical growth sector o our economy, cripples the ability ocompanies to make major investment decisions about new research projects, andsometimes bankrupts promising opportunities with millions o dollars in unexpectedcosts.

REPUBLICAN SOLUTIONThere are two major programs that must be reauthorized next year by Congress

to improve the FDA approval process: the prescription drug user ee program andthe medical device user ee program. Under these two programs, the FDA collectsunds rom industry to help expedite the drug and device approval process. Thesetwo reauthorizations present an opportunity to bring transparency and consistencyto the FDA approval process, and with that, more eciency, growth, and American

jobs.


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Maximize Domestic Energy

Production to Ensure An Energy

Policy for the Twenty-First CenturyThe energy sector is crucial to our economic growth, and high energy costs have amajor impact on job creation. We have an abundant supply o natural resources in

America that we must use to meet our nations energy needs. We need policies thatallow us to harness our own resources, develop new sources o energy, and create

jobs here at home.

PROBLEM: RISING ENERGY COSTSSince President Obama has taken oce, American energy production has beenhalted and the average national price o gasoline has doubled. The rising cost ogasoline and dependence on oreign oil mean less money or amilies struggling tomake ends meet and or business owner who are trying to get our economy movingagain.

REPUBLICAN SOLUTIONOver the past 220 years, America has created the greatest economic successstory in the history o the world. Our innovative society has dramatically improvedthe length and quality o lie or billions o people around the globe. This sameingenuity must be unleashed to meet our energy and employment needs. HouseRepublicans are taking immediate action through our American Energy Initiative bypassing bipartisan legislation to expand energy exploration and production. This willhelp create American jobs, grow our economy, and enhance our security.


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Pay Down Americas Unsustainable

Debt Burden and Start Living Within

Our MeansThe ederal government is spending and borrowing so much that the United Stateswill soon go broke. Washingtons spending binge has put our nation in debt,

eroded economic condence, and caused massive uncertainty or private sector jobcreators.

PROBLEM: THE NATIONAL DEBTPresident Obama and congressional Democrats have overseen the largest budgetdecits in the history o the U.S. In the last two years, non-deense discretionaryspending has increased by over 80%. Theyve maxed out our nations credit cardsand are asking us to increase their credit limit so they can spend more. To create

jobs and save our country rom national bankruptcy, we must stop spending moneywe dont have.

REPUBLICAN SOLUTIONWe will work to control the ederal decit to assure investors and entrepreneurs thatour nations elected leaders are nally getting serious about paying of the debt overtime and will bring back condence by supporting long-term economic growth.

House Republicans have already begun to reduce spending in a meaningul way byapproving legislation to decrease spending or the rest o the year and adopting abudget that reduces government spending by almost $6 trillion over the next tenyears.

Documents

House Republican Plan for America's Job Creators