HENDERSONVILLE, N.C. – Mark Meadows, candidate for the U.S. House of Representatives (NC-11), released the following plan today, a “20/20 Plan” to grow the economy and to create an estimated 10 million jobs nationwide:
Crystal-clear vision is 20/20 vision. The Meadows economic plan provides a clear picture for job creation and a strong economy – with no government bailouts. The 20/20 economic recovery plan has four components that will revitalize the economy over the next 20 months:
1. Close Corporate Tax Loopholes And Reduce Corporate Taxes To 20 Percent. Currently the United States of America has one of the highest corporate tax rates in the world. It is cheaper for a person to start a business in Ireland than the United States. Why should we find it surprising that business leaders choose to move businesses abroad when there is a financial incentive to do so? By lowering our corporate tax rate, the US will become more competitive globally and industry will not find more favorable conditions to move operations abroad. (Estimated job growth, 1.2 million) [i]
2. For The Next 20 Months, Allow Repatriation Of Earnings. We should allow the 1.25 to 1.5 trillion dollars of corporate earnings which are currently being retained abroad, to be brought back and invested in long term US business ventures, tax-free. The repatriation of earnings currently being held abroad and the economic impact would far exceed the government stimulus plans, which have been implemented to date. These earnings are currently not being taxed by the US and this exemption would not have a negative impact on current budgets. This one act could provide the single greatest stimulus to US corporate job growth that we have witnessed since 2008. (Estimated job growth, 2.9 million) [ii]
3. Unleash Growth Among Small Businesses by Reducing Regulations By 20 Percent Across The Board, In All Government Agencies. Place a moratorium on new regulatory law within each agency until this 20% threshold is met. In 1980, the Federal Registry, which outlines regulations, reached 87,000 pages. Our economic conditions in many ways seemed just as bleak then as they do now. President Reagan reduced the amount of regulations by 1/2, taking the Federal Registry to 47,000 pages. What resulted was an economic boom known as the Great Modernization, lasting some 20 years. Is it any wonder that we once again have economic woes, as the Federal Registry is again above 87,000 pages? In addition to reducing regulation, we should pass legislation that would put a five year sunset provision on any new regulation that has an economic impact of more than $250 million. This sunset provision would require additional justification and approval of Congress for the regulation to remain in place, limiting the unchecked regulatory bloat that we have previously experienced. (Estimated job growth, 4.8 million) [iii]
4. Reduce Our Dependency On Foreign Oil By 20 Percent By The Year 2020. To facilitate this, we would tap our natural gas resources, provide for expanded drilling offshore and in ANWR. We should implement legislation to fast-track environmental/biological permits with automatic approval provisions that go into place if governmental agencies fail to act within the newly established timeframes. We are the only nation in the world that places more than 90 percent of its natural resources off-limits, and we are paying for it at the pumps. History shows us that an expanded energy policy will have an immediate impact on the price of fuel, with prices falling from 4.10 a gallon in 2007 to 1.61 a gallon just six months after the drilling announcement. (Estimated job growth, 1.1 million) [iv]
Mark Meadows is a Christian conservative businessman, who has spent his career creating new jobs. He is a fiscal and social conservative who has served on numerous boards and was recently appointed to the State Board for Economic Development in Western North Carolina because of his expertise in business and creating jobs. In recent weeks, Meadows has won straw polls in Buncombe, Caldwell, Transylvania and Swain Counties. He has earned endorsements from 2010 GOP nominee Jeff Miller, the Family Research Council’s Action PAC and Dr. Michael Farris, the founder of the Home School Legal Defense Association. Find out more about Mark Meadows by visiting meadowsforcongress.com or facebook.com/meadowsforcongress.