Thursday, September 15, 2011

The Tale of Two Jobs Plans - Obama and Ryan

The President has a stimulus plan that doesn't have a chance of passing; pure political. Ryan has a plan that doesn't have a chance of passing. Obama's has been tried to the tune of $1 Trillion. Let's give Ryan's a shot. We may have to wait until after the 2012 elections to get anything done. No Republican plan will ever get through the Democrat Senate and President.

Rather than take a stab at making government bigger, Ryan says in a new video that there’s a better path forward–pro-growth tax reform that makes the tax code fairer, competitive, and simpler, all of which will help unleash the creative power of America’s private sector. In an exclusive interview with The Heritage Foundation, Ryan explained why the tax code is so desperately in need of reform:

[The tax code] penalizes all those qualities that make us great and make our economy grow–saving, investing, risk taking. It penalizes those things.

It’s basically a crony capitalist creation, where Congress has decided to put itself in the role of picking and choosing winners and losers in the economy through the tax code.

When you carve out all these preferences to benefit one industry or business over others, you have to raise tax rates higher than you otherwise would have to, which makes it harder for the economy to grow, for businesses to become created.

Ryan says that the tax code has become “an economic incumbent protection plan” that ultimately leads to higher taxes across the board, leaving the United States less competitive in the global economy. His solution? Level the tax code playing field:

What we want to do is get all the social engineering and crony capitalism loopholes out, so we can lower the tax rates and let businesses keep their money in the first place–let people keep their money in the first place–and that way the determining factor of whether a business succeeds or fails will be based upon merit, will be based upon achievement, will be based about innovation, will be based upon whether they’re pleasing customers or not, and not whether they have access to people in Congress or the federal government.

Read the full The Foundry article here.

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