Senate Republicans Offer Conservative Jobs Plan

By Janie Amaya 

Senators John McCain (R-Ariz.), Rob Portman (R-Ohio) and Rand Paul (R-Ky.) joined together Thursday to present what they are calling the Jobs Through Growth Act, a Republican alternative to the President’s jobs plan. 

The bill focuses on spending, tax and regulation reform by which it hopes to limit Washington’s ability to raise taxes to pay for spending.

“We Republicans understand that it’s a growing, dynamic private sector that creates quality jobs for the long term and real prosperity in America, not government spending,” McCain said.

The bill would reduce the top corporate tax rate to no more than 25 percent and states that under a reformed territorial system of corporate taxation, the bill would create a permanent incentive for companies repatriating foreign earnings to the U.S. economy.  

It would also introduce a simplified tax system aimed at helping Americans keep more money in the hands of consumers, small businesses and job-creators.

The three Republicans also say that repealing and replacing Obamacare will remove over $550 billion in new taxes, over $300 billion in higher health care costs, and $2,100 in increased family insurance premiums from employers and workers, according to the bill summary. 

While the official cost of the Jobs Through Growth Act remains unknown, the Senators hope to demonstrate that Republicans indeed have a plan. 

Click here for a summary of The Jobs Through Growth Act.