U.S. Senator Orrin Hatch, Ranking Member of the Senate Finance Committee, Wednesday unveiled a comprehensive, 10-point jobs plan to help strengthen our economy and get UtahnвЂ™s and Americans everywhere back to work.
According to Hatch, the proposal is the result of countless meetings he has had with Utahns and business and community leaders who share his goal to get restore AmericaвЂ™s promise and create jobs for both the short- and long-term.
вЂњThe plan is a comprehensive, common-sense approach to restore our nationвЂ™s promise,вЂќ Hatch said. вЂњUtahns and Americans everywhere are sick and tired of Washington spending their hard-earned tax dollars in the name of jobs that never seem to come. This proposal requires Congress to recognize some hard truths and make some difficult decisions, but IвЂ™m hopeful we can move this plan forward and get Americans back to work.вЂќ
HatchвЂ™s plan is a combination of ideas and pending legislation that are focused on growing the economy and creating jobs.
Summary of the proposal:
Restore Fiscal Sanity in Washington
* Find real savings and spending cuts in the short-term via the Joint Select Committee on Deficit Reduction.
* Ensure greater fiscal discipline in the long-term by passing and ratifying a Balanced Budget Amendment to the Constitution.
Expand U.S. Export Markets
* Approve pending trade agreements with Colombia, South Korea, and Panama.
* Renew Trade Promotion Authority to facilitate new free trade agreements in the future.
Reform the U.S. Tax Code
* Simplify the code and lower rates in order to allow American companies to compete with foreign competitors on a level playing field.
* Eliminate harmful and heavy-handed mandates as well as new taxes to relieve burdens on individuals, employers, and state governments.
* Eliminate excessive and misguided regulations and mandates to unfreeze credit and allow businesses to expand and create jobs.
Make Our Regulatory System More Jobs-Friendly
* Require by statute that all federal agencies perform a cost-benefit analysis when drafting new regulations.
* Pass the REINS Act (S. 299) to give Congress more authority and oversight in the drafting of major regulations.
Develop AmericaвЂ™s Energy Resources
* End the Obama AdministrationвЂ™s stall tactics on domestic energy projects.
* Pass the 3-D Domestic Jobs, Domestic Energy, and Deficit Reduction Act (S. 706) and the American Energy and Western Jobs Act (S. 1027) to reverse the PresidentвЂ™s attacks on domestic energy production.
Help America Compete
* Modernize and make permanent the research and development tax credit to incentivize more innovation in the U.S. economy.
* Ensure our trade partners recognize and enforce U.S. intellectual property rights.
Allow Small Businesses to Create Jobs
* Provide a 20 percent tax deduction for small businesses on their income.
* Repeal the three percent withholding requirement for federal contractors.
Reform AmericaвЂ™s Labor Laws and Reign in the National Labor Relations Board (NLRB)
* Pass legislation to give more oversight, accountability, and judicial review of the NLRBвЂ™s decisions.
* Pass the Employee Rights Act (S. 1507) to protect the rights of workers.
* Repeal the prevailing-wage requirements in the Davis-Bacon Act.