House Republicans unveiled a new job creation agenda Thursday that calls for lower tax rates, international trade agreements that spur the sale of American-made products and makes it tougher for the federal government to enact regulations on businesses.
House Republicans have spent the first months of the new session focusing largely on cutting spending: They struck a deal with Democrats to fund the government through the fiscal year that cut billions from the federal budget and passed a House resolution budget that would cut $4.4 trillion over then years. But now, Republicans say, is the time to emphasize the “growth” portion of the “cut and grow” agenda the party outlined last November in their “Pledge to America.”
“We have said all along there are two tracks,” House Majority Leader Eric Cantor said Monday. “This is the other piece of the painting. The one side of the painting is about spending reductions and managing down the debt through expenditure reduction. The other is about growth.”
The initiative would drop the individual corporate and individual top tax rate 10 points to 25 percent, eliminate government regulation on industries that operate in the country, make it more difficult for the government to enact new regulations, initiate tax incentives for domestic energy production and end the double tax on American companies operating overseas.