Senate GOP Unveils Jobs Plan, Tax Cuts

Portman plan would slash corporate tax to 25 percent, kill Obamacare.

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Senate Republicans today will unveil their highly-anticipated new jobs program the relies heavily on corporate tax cuts, energy exploration, spending cuts, and a simpler version to the president's healthcare program, which the GOP wants to kill.

"It has been more than two years since President Obama's massive stimulus plan was signed into law, yet businesses are still reluctant to hire, families are hurting from job loss and our country is losing its competitive edge," says a copy of the plan authored by new Ohio Sen. Rob Portman. "The government should not try to create jobs by growing the size of government: spending our way to prosperity has not worked. It's time for a new approach. Government should create an environment for private sector growth through fiscal discipline and pro-growth economic policies that will turn things around and add jobs."

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Portman was tasked to draw up the jobs and tax plan because he had success in his 2010 Senate campaign on the issues. He is also a former Bush-era budget chief.

Key to his plan is bolstering the GOP war chant that the federal government is spending too much, instituting too many business-killing regulations, and pursuing an antigrowth agenda that is choking job creation.

The new Senate GOP plan, to be unveiled at the weekly Tuesday GOP caucus lunch, calls for spending cuts, new tax policies, job training, a new energy policy, and bolstered trade agenda. It is a seven-part plan that is more an economic white paper. The title: "Senate Republican Jobs Plan. An outline for creating American jobs and prosperity."

[Check out editorial cartoons about the budget and deficit.]

Sections titles include "Begin living within our means," "Reform tax code to spur economic growth," "Increase exports to create more jobs," and "Adopt common sense health care solutions."

A full copy of the plan can be viewed here.

Below is the one page summary:

Senate Republican Jobs Plan

An outline for creating American jobs and prosperity

Begin Living Within Our Means

  • Require a Balanced Budget Amendment to the Constitution.
  • Require a Statutory Spending Limit.
  • Cut Spending to Immediately and Substantially Reduce Deficits.

Reform Tax Code To Spur Economic Growth

  • Simplify and Reduce Business and Individual Tax Rates.
  • Make Research and Development Tax Credit Permanent.
  • Extend and Make Permanent the Small Business Investment Tax Incentive.
  • Reduce Taxes on Capital Gains and Dividends.

Unburden The Economy From Washington Regulations

  • Codify the President's Proposal to Require Cost Benefit Analysis in the Formulation of Regulations.
  • Support passage of S.299 REINS Act.
  • Prohibit EPA from Regulating Greenhouse Gases under the Clean Air Act.

Create Competitive Workforce

  • Reform Federal Retraining Programs.
  • Stop Card-Check.

Increase Exports To Create More Jobs

  • Ratify Three Pending Export-Opening Agreements.
  • Provide Trade Promotion Authority for the President.

Power America's Economy

  • Lift the Outer Continental Shelf Prohibitions.
  • Increase Federal Loan Guarantee Authority for Nuclear Power.
  • Require Greater Access to Federal Lands for Exploration of Resources.

Adopt Common Sense Health Care Solutions

  • Repeal ObamaCare.
  • Enact Meaningful Medical Malpractice Reform.
  • Allow for Purchases of Insurance Across State Lines.
  • Provide Additional Risk Pools for Small Business.
  • Strengthen Health Savings Accounts and Patient-Centric Health Care.