Thursday, January 15, 2009

Mitt Romney's testimony before ECSWG

Presented (pdf) today, before Eric Cantor's working group. A breezy four page doc that's primarily theoretical.

Highlights of Mitt Romney's testimony:

a) Tax rebates aren't enough, since they don't expand business or create jobs.

b) Permanent tax relief is optimal. Eliminate the tax on savings for middle-class Americans.

c) Cut the corporate tax rate. The U.S. and Japan are "at the top of the heap". Businesses won't expand unless they have the confidence of future permanent tax relief.

d) "Raising taxes is out of the question".

e) Allow businesses to expense capital equipment purchase over the next two years, instead of Obama's plan giving a short term business incentive "tied to hiring new workers".

f) Increase spending in two areas: infrastructure projects and the maintenance, replacement, repair, and modernization of military equipment, with the latter receiving the bulk of funding due to the time-dependent nature of the spending stimulus.

g) A commitment to reform entitlements. Get started with a bipartisan commission.

h) Regulate, but regulate smart.

i) Get rid of the "devastating" plan to remove the right of workers to vote by secret ballot.