McCain: Senate Republican Jobs Plan Is About Business, Not Govt

Friday, 14 Oct 2011 05:31 AM

By Hiram Reisner

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Arizona Sen. John McCain says the Senate Republican jobs bill introduced Thursday has a fundamental, philosophical difference with President Barack Obama’s American Jobs Act: business — not government — creates employment opportunities and growth.
“Well, our jobs bill is growth — growth for jobs. And we have a very different philosophy than the president does: Obviously, the president believes that government creates jobs — we believe business creates jobs,” McCain told Fox News’ Greta Van Susteren Thursday night, adding the government needs to “unleash and unfetter American business.”

“For example, one of our proposals is a moratorium on all new regulations,” McCain said. We need to have the corporate tax rate cut and the individual tax rate cut, do away with all the loopholes, have three tax brackets — a number of other measures that will unleash the $1.5 trillion that business and corporations are sitting on in America today to create jobs and improve our economy.

 “Why are [businesses] holding back right now with all this money? Because they don’t know when the next regulation is coming down,” he continued. “They don’t know when the next time that they’re going to face a tax increase — or be called ‘millionaires.’”

Van Susteren asked McCain whether he thinks Obama will oppose the GOP jobs alternative, since it does not include any elements of the president’s jobs bill.

“I haven’t met an American that doesn’t want to simplify the tax code — I hope we can sit down with the president and say: OK, let’s simplify the tax code,” McCain said. “But will the president be willing to cut the tax from 35 to 25? You know that we have the highest corporate tax code in the world, the highest — 35 percent tax rate for corporate taxes — the highest in the world. That’s why this money is — $1.4 trillion is parked overseas. So give them a tax incentive to come back to the United States and cut the corporate tax from 35 to 25, so they’ll stay.”

McCain noted the GOP Senate bill places a moratorium on regulations and would repeal several in existence.

“Repeal Obamacare, repeal Dodd-Frank — which has done nothing,” he said. “By the way, do you believe that these — any of these financial institutions — aren’t too big to fail? Of course, they are. The whole idea behind Dodd-Frank was to make sure that institutions are no longer too big to fail. Fannie and Freddie are still doing business, which is costing Americans — I don’t know — untold billions of dollars. So we have to do those things, as well.

“We have a plan now. The president was saying — he kept saying: ‘Where’s the Republicans’ plan?’ We’ve had lots of plans, by the way, and the House has passed many provisions which are, I think, excellent.”

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