Senator Rob Portman (R-OH) has released the Jobs for America proposal, which is designed to “create jobs and promote economic growth for all Americans.”
Portman said, “The Jobs for America proposal is designed to bring back opportunity, spark an economic recovery and make it possible again for every citizen to have a shot at the American Dream. President Obama and congressional Democrats have tried to tax, spend and regulate American prosperity, but those ideas haven't worked. We know we can do better, and it starts by putting our trust back in the American people.”
The tax provisions in Portman’s plan include:
“Simplify and Reduce Business and Individual Tax Rates. High marginal tax rates discourage work, savings, and investment, and reduce incentives for businesses—small and large—to grow and invest. The U.S. can’t be competitive with the highest business tax rate in the world. We should reform both the individual and corporate tax systems in a comprehensive manner to provide lower rates with fewer deductions and credits and transition towards a territorial system for international businesses. These changes would encourage growth and job creation. For example, reducing corporate and individual tax rates to 25% would create millions of private-sector jobs and increase wages for American workers.
- Make the Research and Development Tax Credit Permanent. This would support innovation in the United States by providing the assurance and certainty that the temporary nature of the credit currently does not provide.
- Extend and Make Permanent the Small Business Investment Tax Incentive. Small businesses should be able to immediately write off equipment purchases as tax deductions.
- Keep Lower Taxes on Capital Gains and Dividends. Low rates should be pursued because capital taxation harms economic growth and productivity, and ultimately lowers wages for workers.
- Death Tax Repeal. Layering a second tax on earnings and wealth that has already been taxed previously punishes savings and investment, destroying family farms, ranches, businesses, and the jobs they create.”
The Jobs for America plan can be found here.