preserving the american dream: a plan to put connecticut back to work
TRANSCRIPT
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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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A Different Kind of Senator
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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.
A Different Kind of Senator
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
A Different Kind of Senator
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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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A Different Kind of Senator
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.
A Different Kind of Senator
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Linda2010.ITS TIME FOR SOMETHING DIFFERENT.
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