House Republicans unveil their vision of an agenda that promotes economic growth today, combining old prescriptions for lowering taxes, deregulating industry and boosting trade into a package they say complements their strategy to cut spending.
At a time of high unemployment, the proposal signals an acknowledgment from Republicans that they have to communicate to the public about how they would create jobs, not just how they would shrink government.
The plan calls for cutting taxes on corporations, individuals and small businesses to no more than 25 percent; allowing companies to repatriate foreign profits without being taxed; approving trade agreements with Colombia, Panama and South Korea; expanding domestic oil drilling; rewiring the patent process; requiring congressional approval of executive branch regulations that have a significant impact on the economy; and continuing to slash spending.
None of these proposals and none of the handful of others in the plan qualify as new ideas. Some were embedded in the GOP’s ‘Pledge to America’ last year.
But for a Republican Party that has spent much of the year talking about, and defending, bold proposals to slash popular entitlement programs, returning to a debate more sharply focused on taxation, regulation and trade would provide a welcome respite.
It also signals a seriousness of purpose in sending a message to the public that Republicans have a plan to create jobs.