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Oct 17 - Chambliss, Isakson Co-Sponsor Legislation Aimed at Creating Jobs

Category: National News

SBJ Staff Report

Oct 17, 2011 – Georgia’s U.S. Senators, Saxby Chambliss, R-GA and Johnny Isakson, R-GA, signed on to co-sponsored the ‘Jobs Through Growth Act’ last week, a Republican alternative to the president’s jobs bill that failed in the Senate last week.

The Jobs Through Growth Act reforms the tax code, cuts spending and reins in overregulation to help foster an environment in which the private sector can grow, invest and create jobs in America again, according to the Senators in a joint statement.

“We don’t need to raise taxes on Americans to stimulate the economy – we need to reduce corporate taxes, reform the tax code, eliminate burdensome and costly regulations, put a two-year moratorium on additional regulations from Washington, and repeal Obamacare,” said Chambliss.

“This bill contains the best ideas from Republicans on ways to strengthen our economy, encourage more job creation and greater investment, and begin putting America back on a sustainable fiscal path,” he added.

“As someone who ran a company in Georgia with hundreds of employees for three decades, I understand that over-taxing and over-regulating business is a recipe for stifling job growth and economic recovery,” said Isakson. “Unlike the President’s jobs plan, this alternative bill contains solutions that are based on free-market principles that will empower the private sector, rather than the federal government, to get people back to work and get our country back on track.”

The bill, introduced by U.S. Sens. John McCain, R-Ariz., and Rand Paul, R-Ky., includes provisions such as the passage of a Balanced Budget Amendment, and the repeal of Obamacare. A full summary of the legislation is below:

 

JOBS THROUGH GROWTH ACT

The Republican Plan To Put Americans Back To Work

SPENDING REFORM

- Require a Balanced Budget Amendment to the Constitution - (S.J.Res.10, Sen. Hatch)

Limit the ability of Washington to raise taxes to pay for runaway spending and would enshrine firm tax and spending limitations in our Constitution. Job creators will have certainty that Washington will not continue to grow unchecked and consume more and more resources that would otherwise be available to fuel job creation.

- Enact Enhanced Rescission Authority - (S.102, Sens. McCain & Carper)

This bipartisan proposal would give the President the statutory line-item veto authority to reduce wasteful spending. This is an important tool to ensure that tax dollars are spent wisely and efficiently. Congress would vote up-or-down on proposed spending cuts.

TAX REFORM

- Reduce and Reform Individual, Small Business and Corporate Taxation

A simplified tax system will keep more money in the hands of consumers, small businesses and job-creators. Reduce individual income tax rates to a maximum of 25 percent with two marginal rates. Within 90 days, the Senate Finance Committee will report back on recommended changes in credits and deductions to make this revenue neutral.

Reduce the top corporate tax rate to no more than 25%. Within 90 days, the Senate Finance Committee will report changes in credits, deductions and subsidies, with priority given to eliminating all industry-specific provisions and revenue neutrality.

- Repatriation and Territorial Reform

Our current corporate tax code is outdated and is a major reason why there is up to $1.4 trillion in foreign earnings trapped overseas in countries where U.S.-based multinational companies do business. Under a reformed territorial system of corporate taxation, this plan would create a permanent incentive for companies repatriating foreign earnings to the U.S. economy.

- Withholding Tax Relief Act - (S. 164, Sens. Scott Brown, Olympia Snowe, David Vitter)

Removes the undue burden on businesses of all sizes by repealing the provision in the tax code requiring federal, state and local governmental entities to withhold 3% of payments due to private vendors who supply their goods and services.

REGULATION REFORM

- Repeal the Job-Killing Health Care Law Act - (S.192, Sen. DeMint)

Repealing and replacing Obamacare will remove over $550 billion in new taxes, over $300 billion in higher health care costs, and $2,100 in increased family insurance premiums from employers and workers. The job-destroying policies of Obamacare are estimated to cost the economy at least 800,000 jobs and hit small businesses especially hard. Studies have demonstrated Obamacare ¡V not yet fully implemented ¡V is a huge driver of unemployment. Economists have referred to the passage of Obamacare as a ¡§structural break in job growth,¡¨ an economic term describing the correlation between a single event and resulting job-loss. Obamacare ruined our 2010 recovery slowing private sector hiring to one-tenth of its previous clip, down to just 6,500 jobs per month. In addition, nearly 80 percent of small businesses and 70 percent of all businesses may be forced to drop their current health care plans.

- Medical Malpractice Reform ¡V (S. 197 ¡V The Medical Care Access Protection Act)

Medical malpractice abuse in the US health care system is out of control. Junk lawsuits drive up the cost of health care and the system must be reformed. Reform Medical Malpractice law based on Texas "stacked caps" to improve patient access to health care and provide improved medical care by reducing the excessive burden the liability system places on the health care delivery system.

- Financial Takeover Repeal - (S.712, Sen. DeMint)

We need to lift the burdens the Dodd-Frank bill placed on community banks and the small businesses that depend on them for financing, from oppressive new regulations to the resulting uncertainty that prevents growth. Repealing Dodd-Frank will also significantly reduce financing costs for consumers and businesses, as well as reduce costs to manufacturers in hedging their risks in the financial markets. Research compiled by the Financial Services Roundtable indicates that the cumulative weight of new financial rules, from Dodd-Frank to similar efforts abroad, could cost the U.S. economy 4.6 million jobs by 2015.

- Regulations from the Executive In Need of Scrutiny (REINS Act) - (S.299, Sen. Paul)

The REINS Act would require Congressional approval by joint resolution of any federal rule that would cost the economy $100 million or more.

- Regulation Moratorium and Jobs Preservation Act - (S.1438, Sen. Ron Johnson)

Prohibits any federal agency from issuing new regulations until the unemployment rate is equal to or less than 7.7 percent (the unemployment rate in January 2009).

- Freedom from Restrictive Excess Executive Demands and Onerous Mandates Act - (S.1030, Sens. Snowe and Coburn)

Streamlines and strengthens the Regulatory Flexibility Act by requiring regulators to include (indirect) economic impacts in small-business analyses, requiring periodic review and sunset of existing rules, and expanding small business review panels as a requirement for all federal agencies, instead of just the Environmental Protection Agency (EPA) and the Occupational Safety and Health Administration (OSHA).

- Unfunded Mandates Accountability Act - (S. 1189, Sen. Portman)

Requires agencies specifically to assess the potential effect of new regulations on job creation and to consider market-based and non-governmental alternatives to regulation; broadens the scope of Unfunded Mandate Reform Act to include rules issued by independent agencies and rules that impose direct or indirect economic costs of $100 million or more; requires agencies to adopt the least burdensome regulatory option that achieves the goal of the statute authorizing the rule; creates a meaningful right to judicial review of an agency¡¦s compliance with the law.

- The Government Litigation Savings Act - (S.1061, Sen. Barrasso)

Reforms the Equal Access to Justice Act (EAJA) by disallowing the reimbursement of attorney¡¦s fees and costs to well-funded special interest groups who repeatedly sue the federal government. The bill retains federal reimbursements for individuals, small businesses, veterans and others who must fight in court against a wrongful government action. By eliminating taxpayer-funded reimbursement of attorney¡¦s fees for wealthy special interest groups, the legislation helps eliminate repeated, procedural lawsuits that delay permitting, exploration and land management.

- Employment Protection Act of 2011 - (S.1292, Sen. Toomey)

Requires the EPA to analyze the impact on employment levels and economic activity before issuing any regulation, policy statement, guidance document, endangerment finding, or denying any permit. Each analysis is required to include a description of estimated job losses and decreased economic activity due to the denial of a permit, including any permit denied under the Federal Water Pollution Control Act.

- Farm Dust Regulation Prevention Act - (S.1528, Sen. Johanns)

Prevents the EPA from regulating dust in rural America, while still maintaining protections to public health under the Clean Air Act. The EPA is currently considering a dust standard that would, by the agency¡¦s own admission, double the number of counties that are in nonattainment status and put activities like tilling soil, harvesting crops and driving down unpaved roads under the purview of federal regulations. Under this bill, the EPA would still be allowed to regulate dust, but only after demonstrating scientific evidence of substantial adverse health effects of farm dust.

- National Labor Relations Board Reform - (H.R.2587, Rep. Tim Scott)

From back-door card-check, to threatening jobs in South Carolina, the out-of-control National Labor Relations Board (NLRB) is paying back union officials at the expense of worker rights and jobs. To create more jobs, legislation prohibiting the NLRB from stopping new plants and legislation to prevent coercive, quick-snap union elections should be passed.

- Government Neutrality in Contracting Act - (S.119, Sen. Vitter)

Repeals the President’s order requiring government-funded construction projects to only use union labor. This would reduce costs of federal jobs projects by as much as 18 percent.

- Financial Regulatory Responsibility Act - (S. 1615, Sen. Shelby)

Requires financial regulators to conduct consistent economic analysis on every new rule they propose, provide clear justification for the rules, and determine the economic impacts of proposed rulemakings, including their effects on growth and net job creation.

- Regulatory Responsibility for our Economy Act - (S. 358, Sen. Roberts)

Codifies and strengthens President Obama's January 18th Executive Order that directs agencies within to review, modify, streamline, expand, or repeal those significant regulatory actions, that are duplicative, unnecessary, overly burdensome or would have significant economic impacts on Americans. It directs meaningful review and possible revocation of regulations counter to our nation's economic growth.

- Reducing Regulatory Burdens Act - (H.R. 872, Rep. Bob Gibbs)

Eliminates a new duplicate EPA regulation that will cost millions of dollars to implement without providing additional environmental protection. The current rules for pesticides, which have been in place for decades, will remain in force.

DOMESTIC ENERGY JOB PROMOTION

- The Domestic Jobs, Domestic Energy, and Deficit Reduction Act - (S.706, Sen. Vitter)

Will require the Interior Department to move forward with offshore energy exploration, and create a timeframe for environmental and judicial review.

- The Jobs and Energy Permitting Act - (S.1226, Sen. Murkowski)

Eliminates confusion and uncertainty surrounding the EPA¡¦s decision-making process for air permits, which is delaying energy exploration in the Alaskan Outer-Continental Shelf (OCS). It will create over 50,000 jobs and produce one million barrels of oil a day.

- The American Energy and Western Jobs Act - (S.1027, Sen. Barrasso)

This bill streamlines the preleasing, leasing and developmental process for drilling on public land and requires this Administration to create goals for American oil and gas production.

- Mining Jobs Protection Act - (S.468, Sens. McConnell, Inhofe, Paul)

Requires the EPA to ¡§use or lose¡¨ their 404 permitting review authority. Under this bill the EPA will have 60 days to voice concerns about a permit application, or the permit moves forward. Any concerns voiced by the EPA would need to be published in the Federal Register within 30 days.

- Energy Tax Prevention Act - (S.482, Sen. Inhofe)

Prohibits the EPA from using the Clean Air Act to regulate greenhouse gases. It is estimated that greenhouse gas regulation could result in a loss to the economy of as much as $75 billion and 1.4 million jobs by 2014.

- Repeal Restrictions on Government Use of Domestic Alternative Fuels

Repeal Section 526 of the Energy Independence and Security Act of 2007, which prohibits federal agencies from contracting for alternative fuels, such as coal-to-liquid fuel. This provision stifles the coal industry and puts our national security at risk by limiting the Pentagon¡¦s ability to get its fuels from domestic sources.

- Public Lands Job Creation Act - (Sen. Heller)

Eliminates a burdensome and unnecessary delay in approval of projects on federal lands by allowing the permitting process to move forward unless the Department of the Interior objects within 45 days. This will streamline the permitting process for domestic energy and mineral production on BLM lands without compromising environmental analysis.

EXPORT PROMOTION

- Renew Trade Promotion Authority - (S. Amdt. 626, Sen. McConnell)

Provide the President with fast-track authority to negotiate trade agreements that will eliminate foreign trade barriers and open new markets for American goods.

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