Janet Burman’s Plan for a Better Economy
Unfetter Our Markets by Reducing Regulations

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for a Better Economy '

for a Better Economy '

Federal bureaucrats who impose rules and regulations do not have to answer to voters, but their actions cost the U.S. economy more than 1.8 trillion dollars per year. It’s time they answer to those we elect. All regulations and rules that would impose a significant cost to our economy should be subject to congressional review and approval. The House committees that deal with the markets impacted by those regulations should evaluate existing regulations for continuation or cessation.

Replace the Affordable Care Act (ObamaCare)
Provide immediate emergency funding to reinstate lost services for severely ill individuals who have lost access to their health care providers as a result of ObamaCare. Coverage for pre-existing conditions should be continued, individual and employer mandates removed, and coverage requirements should be changed to allow consumers to choose from a full range of options in health care services. Health Savings Accounts should be funded for the indigent and incentivized for those that can afford to pay into them. Support for Community Health Centers should be expanded to prevent inappropriate visits to emergency rooms and improve health maintenance services.

Maximum Wage
Every adult should be able to earn sufficient wages to support themselves and their families. So-called minimum wage jobs were never intended to do that. Instead of mandating that low-skill, entry-level jobs pay more, we should be increasing human capital through better education and job training, allowing workers to obtain higher paying and more fulfilling careers. This would also improve opportunities for teenagers to find jobs, as adults move beyond entry-level positions.

Simplify Income Taxes
Reduce the number of tax rates to two or three. Eliminate the distinction between earned and unearned income, encouraging saving and investment. Provide true support to middle class families with a tax credit of $2500 per child. I would support a proposal such as Senator Mike Lee’s that would tax individuals at 15% up to an income of $87,850 and couples up to a joint income of $175,700.

Community-Based Job Training
Most adults seeking employment cannot afford to move cross-country. Labor markets are local in the short run. Therefore, opportunities must be indentified and trained for within our communities. More than 50 taxpayer-funded Federal job-training programs exist and not one has ever been evaluated for its effectiveness. Washington bureaucrats are incapable of determining our job training needs. This must be accomplished through local collaboration between employers, educational institutions and local government.

Greater Accountability of Taxpayer-Funded Programs
We cannot keep throwing our money at problems without regard to whether it is remedying them. As in the example of job training mentioned above, government programs are seldom evaluated for their effectiveness. Legislation creating these programs never specified performance goals. It has been too easy for bureaucrats to substitute processing for performance. The number of people who go through a program does not reflect the number of people actually helped by a program.

Free Markets & Energy Independence
It was the deregulation of crude oil and natural gas prices thirty years ago that has put our country on the verge of being the largest oil & gas producer in the world. An "all of the above" approach that prevents market disruptions and continues to expand American energy production will help create jobs, increase manufacturing, and make energy more affordable. We must let the markets identify winning companies in solar and other emerging energy technologies.

Encourage New Products & Ideas
Improve our patent system to allow faster patent reviews and protect our intellectual property. Ensure that product approval processes are efficient and enable rapid entry to domestic and international markets.

Increase American Competitiveness
Lower corporate tax rates to a maximum of 25% to be more in line with our trading partners. This will better position US companies to compete with foreign companies, increasing production and employment here. It will also encourage foreign investment in our country, creating even more jobs and revenue.

Bring Profits Home
US multi-national corporations leave their foreign profits oversees to avoid penalizing US taxes that would be incurred when those earnings are repatriated. Special deals/holidays with reduced tax-rates have occurred in the past, encouraging corporations to await the “next deal”. Instead, we should permanently eliminate or significantly lower tax rates on repatriated profits. These companies have already paid corporate taxes to foreign governments, so they should not be penalized for investing those profits back here in the US.

February 14, 2014

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