October 25, 2014

COMBINE THE TWO...:

The Optimistic Republican Story Everyone Is Missing (Larry Kudlow, October 25, 2014, RCP)

"We all see this coming," House Budget Committee chairman Paul Ryan told me in a recent interview. "Energy and tax reform are going to be at the top of the list." And House Financial Services chairman Jeb Hensarling told me, "It's time to put up or shut up for tax reform. Fairer, flatter, simpler, so the American people will at last know what the GOP would do for economic growth to rescue the country from the worst recovery since World War II."

Hensarling also emphasized the need to expand the energy revolution and to stop the massive overregulation that has stunted growth. "The regulatory red-tape burden, which violates the Founding Fathers' Federalist paper 47 by diminishing the rule of law and increasing bureaucratic power in the executive branch at the expense of the constitutionally mandated legislative branch, has got to be stopped."

Let me weigh in on the first two bills that the GOP should put on Obama's desk.

The Republicans should start with energy by legislating a Keystone Pipeline Authorization Act (this is how the Alaska pipeline was approved in 1979), and include energy reforms that would open federal lands to development and drilling and remove all restrictions to energy exports.

More energy supply means lower energy prices and more overall economic growth. Everybody benefits. Who loses? Our enemy Vladimir Putin and his client state Iran. And if Obama kowtows again to the left-wing enviros, so be it. It's a 2016 GOP agenda item.

Second would be a business tax-reform plan that would slash the corporate tax rate to 20 percent, stop the double taxation of foreign profits and allow small business S-corps (including unborn start-ups, which are America's real job creators) to take advantage of the new lower corporate tax rate. This tax cut should also be scored with a reality-based economic-feedback model.

But the key here is that the GOP regains its footing as the party of optimism and growth. 


...and get rid of taxes on profits, replacing them with gas taxes. 

Posted by at October 25, 2014 8:25 AM
  

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