We can and must do betterPosted on May 07, 2010
The U.S. Labor Department today reported that the national unemployment rate has remained near 10 percent. This is far from the 8 percent unemployment rate that President Barack Obama promised when he promoted his trillion-dollar, big-government stimulus last February. Since the big government stimulus has failed to live up to its many promises, it’s time to incentivize growth in the private sector. As Michael Boskin wrote in The Wall Street Journal yesterday, “President Obama has put tax reform on the agenda, but surprisingly little attention is being paid to fixing the most growth-inhibiting, anticompetitive tax of all: the corporate income tax. Reducing or eliminating the corporate tax would curtail numerous wasteful tax distortions, boost growth in both the short and long run, increase America's global competitiveness, and raise future wages.”
I introduced the JOBS Act, H.R. 4100, which would drastically cut corporate and investment taxes – taxes that are currently the second highest in the developed world. By doing this, Congress would ensure that every small business would have more money to hire new employees and create lasting careers. As Boskin explained, “Reducing taxes on new investment could help strengthen what is a historically slow recovery from such a deep recession. It would also strengthen the economy long-term. American workers would benefit from more jobs in the short run and higher wages in the long run.”
The opinions expressed below are those of their respective authors and do not necessarily represent those of this office.
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