Eric Cantor has unveiled some new and significant fiscal proposals at Stanford’s Hoover Institution.
The proposals include plans to get business tax rates down to at least 25% and repatriating the earnings of foreign companies through a tax holiday. It is estimated that repatriating these foreign funds could bring as much as $1 trillion into our economy, which could go a long way towards creating jobs and growing prosperity. Unfortunately, the Treasury department quickly shot down the idea of a tax holiday after Cantor gave his speech.
In addition, Cantor proposed a lowering of trade barriers and freezing of some of the onerous regulations that businesses currently have to grapple with.
Cantor’s proposals also finally begin to address the necessary bureaucracies that should be streamlined. These proposals seek to streamline the visa system and to reduce the backlog of patent requests. If put in place, these proposals would make life easier for immigrants looking to contribute to the American economy as well as for the innovators who are attempting to revolutionize the way we do business.
Cantor’s pro-growth agenda serves to compliment the tough but necessary budget cutting measures put forward by Paul Ryan.
So while these Republicans are putting forward innovative measures to deal with a tough economy, the President’s budget is cowardly and lacking vision. Who is the “Party of No” again?
