Believe in America: Mitt Romney's Plan for Jobs and Economic GrowthMitt Romney will rebuild the foundations of the American economy on the principles of free enterprise, hard work, and innovation. His plan seeks to reduce taxes, spending, regulation, and government programs. It seeks to increase trade, energy production, human capital, and labor flexibility. It relinquishes power to the states instead of claiming to have the solution to every problem. Any American living through this economic crisis will immediately recognize the severity of the break that Mitt Romney proposes from our current course. He is calling for a fundamental change in Washington’s view of how economic growth and prosperity are achieved, how jobs are created, and how government can support these endeavors. It is at once a deeply conservative return to policies that have served our nation well and a highly ambitious departure from the policies of our current leadership. In short, it is a plan to get America back to work.Mitt Romney for PresidentMRP_e6077ad2-370f-11e1-9d65-31727a64ea2a_e6077f0a-370f-11e1-9d65-31727a64ea2aTo rebuild the foundations of the American economy on the principles of free enterprise, hard work, and innovation._e6078144-370f-11e1-9d65-31727a64ea2aTax StructurePush for a fundamental redesign of our tax system._e6078216-370f-11e1-9d65-31727a64ea2a1Mitt Romney will push for a fundamental redesign of our tax system. He recognizes that we need to simplify the system. He also recognizes that we need both to lower rates and to broaden the tax base so that taxation becomes an instrument for promoting economic growth. We also need to find a way to keep the tax structure stable so that investors and entrepreneurs are not confronted with a constantly shifting set of rules that makes it impossible for them to plan ahead.Individual TaxesCollect individual taxes by a system that is simple and fair, and that causes the least possible disruption to the productive economy._e60782de-370f-11e1-9d65-31727a64ea2a1.1Mitt Romney believes in the conservative principle that Americans, to the maximum extent possible, should be able to keep the money they earn. Unfortunately, as Benjamin Franklin wrote, there are only two things that are unavoidable: death and taxes. We need taxes to pay for the operations of government. But they should be collected by a system that is simple and fair, and that causes the least possible disruption to the productive economy.Personal IncomeMaintain current tax rates on personal income_e60783b0-370f-11e1-9d65-31727a64ea2a1.1.1Interest, Dividends, and Capital GainsMaintain current tax rates on interest, dividends, and capital gains_e607848c-370f-11e1-9d65-31727a64ea2a1.1.2AGI Below $200,000Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains_e6078572-370f-11e1-9d65-31727a64ea2a1.1.3Death TaxEliminate the death tax _e6078662-370f-11e1-9d65-31727a64ea2a1.1.4Tax System OverhaulPursue a conservative overhaul of the tax system over the long term that includes lower, flatter rates on a broader base_e6078752-370f-11e1-9d65-31727a64ea2a1.1.5Corporate Taxes_e6078856-370f-11e1-9d65-31727a64ea2a1.2Our system of corporate taxation is also in urgent need of an overhaul. Right now, with a top marginal rate of 35 percent, it vies for the developed world’s highest, placing our companies—indeed, our entire country—at a competitive disadvantage. That is the bad news. The good news is that with the rate set so high, there is a lot of room to bring it down. Tax RateReduce corporate income tax rate to 25 percent_e607898c-370f-11e1-9d65-31727a64ea2a1.2.1Territorial SystemPursue transition from “worldwide” to “territorial” system for corporate taxation_e6078a90-370f-11e1-9d65-31727a64ea2a1.2.2RegulationsEstablish limits for regulations._e6078b9e-370f-11e1-9d65-31727a64ea2a2Mitt Romney will treat regulatory costs like other costs: he will establish firm limits for them. A Romney administration will act swiftly to tear down the vast edifice of regulations the Obama administration has imposed on the economy. It will also seek to make structural changes to the federal bureaucracy that ensure economic growth remains front and center when regulatory decisions are made.Economic BurdensEliminate Undue Economic Burdens_e6078cc0-370f-11e1-9d65-31727a64ea2a2.1One of the greatest problems with the federal bureaucracy is that each incoming presidential administration leaves in place much of what its predecessor constructed. The result is layer upon layer of often unnecessary or inconsistent regulation. President Obama has compounded this problem with unprecedented federal power grabs over wide swaths of the economy. Obama-era laws and regulations must be rolled back, and pre-existing ones must be carefully scrutinized. ObamacareRepeal Obamacare_e6078dec-370f-11e1-9d65-31727a64ea2a2.1.1Dodd-FrankRepeal Dodd-Frank and replace with streamlined, modern regulatory framework_e6078f18-370f-11e1-9d65-31727a64ea2a2.1.2Sarbanes-OxleyAmend Sarbanes-Oxley to relieve mid-size companies from onerous requirements_e607904e-370f-11e1-9d65-31727a64ea2a2.1.3Obama-Era RegulationsInitiate review and elimination of all Obama-era regulations that unduly burden the economy_e6079184-370f-11e1-9d65-31727a64ea2a2.1.4Environmental RegulationReform Environmental Regulation_e60792c4-370f-11e1-9d65-31727a64ea2a2.2As president, Mitt Romney will eliminate the regulations promulgated in pursuit of the Obama administration’s costly and ineffective anti-carbon agenda. Romney will also press Congress to reform our environmental laws to ensure that they allow for a proper assessment of their costs.Cost AccountingEnsure that environmental laws properly account for cost in regulatory process _e607940e-370f-11e1-9d65-31727a64ea2a2.2.1Lead TimesProvide multi-year lead times before companies must come into compliance with onerous new environmental regulations_e6079558-370f-11e1-9d65-31727a64ea2a2.2.2Structural ReformsAdopt Structural Reforms_e60796ac-370f-11e1-9d65-31727a64ea2a2.3An agency may be able to conceive of ten different regulations, each imposing costs of $10 billion while producing at least as much in social benefit. Moving forward might sound like a great idea to the typical regulator. But imposing those regulations, no matter what the social benefits, has a similar effect to raising taxes by $100 billion. Regulatory costs need to be treated like the very real costs they are.Regulatory CapImpose a regulatory cap of zero dollars on all federal agencies _e6079800-370f-11e1-9d65-31727a64ea2a2.3.1Major RegulationsRequire congressional approval of all new “major” regulations_e6079968-370f-11e1-9d65-31727a64ea2a2.3.2Legal LiabilityReform legal liability system to prevent spurious litigation_e6079ad0-370f-11e1-9d65-31727a64ea2a2.3.3TradeOpen Markets on Terms That Work for America_e6079c38-370f-11e1-9d65-31727a64ea2a3Mitt Romney believes that free trade is essential to restoring robust economic growth and creating jobs. We need to open new markets beyond our borders for American goods and services on terms that work for America.New MarketsOpening New Markets_e6079dbe-370f-11e1-9d65-31727a64ea2a3.1Every president beginning with Ronald Reagan has recognized the power of open markets and pursued them on behalf of the United States. George W. Bush successfully negotiated eleven FTAs, encompassing sixteen countries. He also had the vision to commence negotiations with a number of allies around the Pacific Rim to expand significantly the Trans-Pacific Partnership. All told, these agreements have enabled people across the world to come together and build a better future. Economists estimate that the agreements have led to the creation of 5.4 million new American jobs and support a total of nearly 18 million jobs. Looking beyond just our FTA partners, our total exports support nearly 10 million American jobs. These are not just jobs; they’re good jobs, paying significantly above average, and more than one-third are in manufacturing.Trade Promotion AuthorityReinstate the president’s Trade Promotion Authority_e6079f44-370f-11e1-9d65-31727a64ea2a3.1.1Trans-Pacific PartnershipComplete negotiations for the Trans-Pacific Partnership_e607a0e8-370f-11e1-9d65-31727a64ea2a3.1.2New Trade AgreementsPursue new trade agreements with nations committed to free enterprise and open markets _e607a282-370f-11e1-9d65-31727a64ea2a3.1.3Reagan Economic ZoneCreate the Reagan Economic Zone_e607a426-370f-11e1-9d65-31727a64ea2a3.1.4ChinaConfronting China_e607a656-370f-11e1-9d65-31727a64ea2a3.2China presents a broad set of problems that cry out urgently for solutions. It is time to end the Obama administration’s acquiescence to the one-way arrangements the Chinese have come to enjoy. We need a fresh and fearless approach to that trade relationship. Our first priority must be to put on the table all unilateral actions within our power to ensure that the Chinese adhere to existing agreements. Anyone with business experience knows that you can succeed in a negotiation only if you are willing to walk away. If we want the Chinese to play by the rules, we must be willing to say “no more” to a relationship that too often benefits them and harms us.CBPIncrease CBP resources to prevent the illegal entry of goods into our market_e607a80e-370f-11e1-9d65-31727a64ea2a3.2.1USTRIncrease USTR resources to pursue and support litigation against unfair trade practices _e607a9da-370f-11e1-9d65-31727a64ea2a3.2.2USTRPunitive MeasuresUse unilateral and multilateral punitive measures to deter unfair Chinese practices_e607aba6-370f-11e1-9d65-31727a64ea2a3.2.3Countervailing DutiesDesignate China a currency manipulator and impose countervailing duties_e607ad68-370f-11e1-9d65-31727a64ea2a3.2.4GPADiscontinue U.S. government procurement from China until China commits to GPA_e607af34-370f-11e1-9d65-31727a64ea2a3.2.5EnergyProtect the jobs of American workers and put conservative principles into action._e607b100-370f-11e1-9d65-31727a64ea2a4As president, Mitt Romney will make every effort to safeguard the environment, but he will be mindful at every step of also protecting the jobs of American workers. This will require putting conservative principles into action.Regulatory ReformSignificant Regulatory Reform_e607b2e0-370f-11e1-9d65-31727a64ea2a4.1The first step will be a rational and streamlined approach to regulation, which would facilitate rapid progress in the development of our domestic reserves of oil and natural gas and allow for further investment in nuclear power.Development Approval TimetablesEstablish fixed timetables for all resource development approvals_e607b4ca-370f-11e1-9d65-31727a64ea2a4.1.1Common ActivitiesCreate one-stop shop to streamline permitting process for approval of common activities_e607b6c8-370f-11e1-9d65-31727a64ea2a4.1.2Fast-Track ProceduresImplement fast-track procedures for companies with established safety records to conduct pre-approved activities in pre-approved areas_e607b8c6-370f-11e1-9d65-31727a64ea2a4.1.3Cost AccountingEnsure that environmental laws properly account for cost in regulatory process_e607bac4-370f-11e1-9d65-31727a64ea2a4.1.4Carbon DioxideAmend Clean Air Act to exclude carbon dioxide from its purview _e607bcc2-370f-11e1-9d65-31727a64ea2a4.1.5Nuclear ReactorsExpand NRC capabilities for approval of additional nuclear reactor designs_e607beca-370f-11e1-9d65-31727a64ea2a4.1.6NRC ProcessesStreamline NRC processes to ensure that licensing decisions for reactors on or adjacent to approved sites, using approved designs, are complete within two years_e607c0dc-370f-11e1-9d65-31727a64ea2a4.1.7ProductionIncreasing Production_e607c334-370f-11e1-9d65-31727a64ea2a4.2The United States is blessed with a cornucopia of carbon-based energy resources. Developing them has been a pathway to prosperity for the nation in the past and offers similar promise for the future.Energy Resources SurveyConduct comprehensive survey of America’s energy reserves _e607c550-370f-11e1-9d65-31727a64ea2a4.2.1Energy ReservesOpen America’s energy reserves for development_e607c776-370f-11e1-9d65-31727a64ea2a4.2.2PartnershipsExpand opportunities for U.S. resource developers to forge partnerships with neighboring countries_e607c9a6-370f-11e1-9d65-31727a64ea2a4.2.3Canadian OilSupport construction of pipelines to bring Canadian oil to the United States_e607cbd6-370f-11e1-9d65-31727a64ea2a4.2.4Shale GasPrevent overregulation of shale gas development and extraction_e607cec4-370f-11e1-9d65-31727a64ea2a4.2.5Research and Development[Support] innovation in the energy industry_e607d108-370f-11e1-9d65-31727a64ea2a4.3Government has a role to play in innovation in the energy industry. History shows that the United States has moved forward in astonishing ways thanks to national investment in basic research and advanced technology. However, we should not be in the business of steering investment toward particular politically favored approaches. That is a recipe for both time and money wasted on projects that do not bring us dividends. The failure of windmills and solar plants to become economically viable or make a significant contribution to our energy supply is a prime example. Alternative EnergyConcentrate alternative energy funding on basic research_e607d34c-370f-11e1-9d65-31727a64ea2a4.3.1Funding MechanismsUtilize long-term, apolitical funding mechanisms like ARPA-E for basic research_e607d5f4-370f-11e1-9d65-31727a64ea2a4.3.2Labor_e607d84c-370f-11e1-9d65-31727a64ea2a5Mitt Romney, with his extensive experience in both business and government, has a keen understanding of labor relations. He recognizes, as he himself has written, that “[a]t their best, labor unions have always fought for the rights of workers, and generations of Americans have been better off for it.” But he also recognizes that the interests of union management can diverge from those of the very workers they purport to serve.Free EnterpriseEnsure that our labor laws create a stable and level playing field on which businesses can operate._e607daa4-370f-11e1-9d65-31727a64ea2a5.1As president, Mitt Romney’s first step in improving labor policy will be to ensure that our labor laws create a stable and level playing field on which businesses can operate. As they hire, businesses should not have to worry that a politicized federal agency will rewrite the rules of the employment game without warning and without regard for the law.NLRB AppointeesAppoint to the NLRB experienced individuals with respect for the rule of law_e607dd06-370f-11e1-9d65-31727a64ea2a5.1.1NLRBNLRAAmend NLRA to explicitly protect the right of business owners to allocate their capital as they see fit _e607df72-370f-11e1-9d65-31727a64ea2a5.1.2Executive OrdersReverse executive orders issued by President Obama that tilt the playing field toward organized labor_e607e1e8-370f-11e1-9d65-31727a64ea2a5.1.3Free Choice_e607e468-370f-11e1-9d65-31727a64ea2a5.2Mitt Romney believes in the right of workers to join a union or to not join a union. To exercise that right freely, workers must have access to all the relevant facts they need to make an informed decision. This means hearing from both the union about the potential benefits and from management about potential costs. This also means being able to act on that decision in the privacy of the ballot booth.Secret BallotAmend NLRA to guarantee the secret ballot in every union certification election _e607e6fc-370f-11e1-9d65-31727a64ea2a5.2.1Pre-Election CampaignsAmend NLRA to guarantee that all pre-election campaigns last at least one month_e607e99a-370f-11e1-9d65-31727a64ea2a5.2.2Right-to-Work LawsSupport states in pursuing Right-to-Work laws_e607ec2e-370f-11e1-9d65-31727a64ea2a5.2.3Free SpeechProhibit the use for political purposes of funds automatically deducted from worker paychecks_e607eec2-370f-11e1-9d65-31727a64ea2a5.3As matters currently stand, unions can take money directly from the paychecks of American workers and spend it on politicking—each election cycle, unions spend hundreds of millions of dollars. In non-Right-to-Work states, employees have little choice but to watch their money go toward such expenditures, even if they do not support the union and its political agenda. The result is the creation of an enormously powerful interest group whose influence is disproportionate to its actual support and whose priorities are fundamentally misaligned with those of businesses and workers—and thus with the needs of the economy. Human Capital_e607f160-370f-11e1-9d65-31727a64ea2a6Mitt Romney sees two important objectives that America can pursue immediately to build on the extraordinary traditional strengths of its workforce. The first is to retrain American workers to ensure that they have the education and skills to match the jobs of today’s economy. The second is to attract the best and the brightest from around the world.RetrainingRetraining Workers_e607f548-370f-11e1-9d65-31727a64ea2a6.1Mitt Romney will approach retraining policy with a conservative mindset that recognizes it as an area where the federal government is particularly ill-equipped to succeed. Retraining efforts must be founded upon a partnership that brings together the states and the private sector. The sprawling federal network of redundant bureaucracies should be dismantled and the funds used for better purposes. One particularly promising approach that Romney supports and believes states should be encouraged to pursue is a system of Personal Reemployment Accounts for unemployed individuals. These accounts would facilitate programs that place individuals directly into companies that provide on-the-job training—as governor of Massachusetts, Romney helped create just such a program.ConsolidationEliminate redundancy in federal retraining programs by consolidating programs and funding streams, centering as much activity as possible in a single agency _e607f80e-370f-11e1-9d65-31727a64ea2a6.1.1Block GrantsGive states authority to manage retraining programs by block granting federal funds_e607fad4-370f-11e1-9d65-31727a64ea2a6.1.2Personal Reemployment AccountsFacilitate the creation of Personal Reemployment Accounts_e607fda4-370f-11e1-9d65-31727a64ea2a6.1.3Private Sector InvolvementEncourage greater private sector involvement in retraining programs_e6080088-370f-11e1-9d65-31727a64ea2a6.1.4Best and the BrightestAttracting the Best and the Brightest_e608036c-370f-11e1-9d65-31727a64ea2a6.2To ensure that America continues to lead the world in innovation and economic dynamism, a Romney administration would press for an immigration policy designed to maximize America’s economic potential. The United States needs to attract and retain job creators from wherever they come. Foreign-born residents with advanced degrees start companies, create jobs, and drive innovation at an especially high rate. While lawful immigrants comprise about 8 percent of the population, immigrants start 16 percent of our top-performing, high-technology companies, hold the position of CEO or lead engineer in 25 percent of high-tech firms, and produce over 25 percent of all patent applications filed from the United States.Visa CapsRaise visa caps for highly skilled workers _e608065a-370f-11e1-9d65-31727a64ea2a6.2.1Highly Skilled WorkersPermanent ResidencyGrant permanent residency to eligible graduates with advanced degrees in math, science, and engineering_e6080948-370f-11e1-9d65-31727a64ea2a6.2.2Graduates with Advanced Degrees in MathGraduates with Advanced Degrees in ScienceGraduates with Advanced Degrees in EngineeringFiscal PolicyTake immediate action to rein in excess spending and begin the process of fundamental budget reform._e6080c40-370f-11e1-9d65-31727a64ea2a7Mitt Romney recognizes that we are on an unsustainable course. He believes we must take immediate action to rein in excess spending and begin the process of fundamental budget reform. Under President Obama, the government has actually tried to make a virtue of its addiction to spending. We must act swiftly to chart a course of fiscal responsibility that will guarantee that a strong, stable dollar remains the world’s reserve currency and that will support the robust economic growth necessary to create jobs and restore America’s future.Federal SpendingCut Federal Spending _e6080f42-370f-11e1-9d65-31727a64ea2a7.1While getting the federal debt under control will be a long and arduous task, the first step toward recovery is admitting we have a problem and refusing to allow any more irresponsible borrowing. The good news is that many Americans have awoken to the problem. The rise of the Tea Party is a classic instance of the self-correcting forces of American democracy in action. One way or another, Washington will get the message that we must live within our means, spend only what we take in, and pay down our debt.Discretionary SpendingImmediately cut non-security discretionary spending by 5 percent_e608124e-370f-11e1-9d65-31727a64ea2a7.1.1MedicaidReform and restructure Medicaid as block grant to states_e608156e-370f-11e1-9d65-31727a64ea2a7.1.2Government Wages and BenefitsAlign wages and benefits of government workers with market rates _e608185c-370f-11e1-9d65-31727a64ea2a7.1.3Federal WorkforceReduce federal workforce by 10 percent via attrition_e6081bf4-370f-11e1-9d65-31727a64ea2a7.1.4RestructuringUndertake fundamental restructuring of government programs and services_e6081eec-370f-11e1-9d65-31727a64ea2a7.1.5 BudgetCap and Balance the Federal Budget_e60821f8-370f-11e1-9d65-31727a64ea2a7.2We also must put controls in place to ensure that we never see a repeat of the explosive spending and borrowing of the past few years. As president, Mitt Romney will immediately move to cut spending and cap it at 20 percent of GDP. As spending comes under control, he will pursue further cuts that would allow caps to be set even lower so as to guarantee future fiscal stability. A Balanced Budget Amendment to the Constitution is also necessary to ensure that our nation embarks on a path of long-term fiscal discipline, and as president, Romney will introduce one in Congress and fight for its passage.Spending CapCap federal spending at 20 percent of GDP_e60825a4-370f-11e1-9d65-31727a64ea2a7.2.1 Balanced BudgetPursue a Balanced Budget Amendment_e6082900-370f-11e1-9d65-31727a64ea2a7.2.22013-01-202012-01-04http://mittromney.com/jobsOwenAmburOwen.Ambur@verizon.net