The need to restore a growing economy is the most important issue facing Congress right now. In fact for me it has been the most important issue since I arrived in Congress in 2009. Sadly, in 2009 and 2010, the Obama Administration and the Pelosi-Reid led Congress chose to largely ignore the economy and instead focused on passing a massive federal takeover of health care that most Americans did not want, that most now want repealed, and which most economists agree is a serious impediment to economic growth and job creation. In their 2014 report on the law, the Congressional Budget Office said the law would create incentives for Americans to work fewer hours equivalent to over 2 million jobs.
While we were not able to block Obamacare and the failed stimulus plan, we were able to block their proposed “cap and trade” national energy tax. This energy tax scheme – whether hidden or direct – would have imposed a $2 trillion dollar cost to our economy resulting in the loss of even more American jobs and higher prices. The Administration is now attempting to impose these job-killing mandates through EPA regulations and I am supporting efforts to block them and keep American jobs first. Driving up the cost of energy will only cause our economy to suffer more, driving businesses and jobs overseas, making it harder for American-made products to compete, and taking more money out of your wallet to pay for gasoline or electricity leaving less for a necessity, a movie, dinner out, or clothes for the kids.
Businesses large and small face great uncertainty about the potential costs of a mountain of regulations and red tape that has continued to flow at record levels from Washington – from the health care bill, the Dodd-Frank law, and a host of federal bureaucracies that are stuck in Washington and out of touch with main street America.
More than 4,000 regulations are being written right now and many of these new rules will impact those wanting to do business here in America. With these costly and burdensome regulations, it’s not surprising that small businesses can’t expand or hire new workers. To help remedy this problem I voted for a moratorium on new non-safety related regulations so that America’s employers can focus on growing their businesses and hiring new workers rather that trying to figure out how to comply with all this red tape.
Now is the worst time to raise taxes on American businesses. We need to encourage businesses to grow and expand here in America by lowering taxes and creating a more competitive environment. That’s why I supported reducing taxes on small businesses and opposed efforts by the Administration to further increase the tax burden on America’s job creators. It’s wrong to force millions of small businesses to pay higher tax rates than large corporations, which puts small businesses at a competitive disadvantage.
The corporate tax rate in the United States is still the highest in the world. There is bipartisan agreement that we need to lower these rates and eliminate special tax loopholes so that large companies will have an incentive to create jobs right here in America.
With tens of billions of your tax dollars being wasted in Washington, we don’t need any more large government spending programs to “stimulate” the economy. We need to put an end to the cycle of cronyism that funnels billions into the pockets and special projects of the politically connected.
The only way to truly get America back on track is by instituting sound long-term solutions that make our nation a good place to start and build a business today and tomorrow. And that is what’s needed to put our fellow Americans back to work.