LAMB ECONOMIC REVIVAL PLAN
Step One in Ending McGovernment Jobs Deficit
The solution to our economic problems is not more deficit government spending to create public sector jobs. The proper role of the federal government is to create a favorable climate for businesses to thrive and grow and compete with emerging economies like China and India. It is not enough for nation’s our businesses to merely survive. The United States of America should lead the global marketplace.
What’s holding back the economy? Business owners will not assume new debt or take risks to invest in new equipment and new jobs when they are not confident in policies dictated by government bureaucrats in Washington. We need new policies and new leadership in Congress to change regulatory and tax policies that are impeding job growth and business expansion.
Tax Relief
Currently, our federal tax policies are not only deterring businesses from creating jobs, but they also are putting our country at a competitive disadvantage. Our tax code must encourage investment, promote growth and reward risk takers. Most importantly, the business community needs certainty when it comes to tax liability in order to invest.
When President Kennedy faced similar economic conditions, he pushed for tax cuts which resulted in 9 million new jobs and increased federal revenues. When President Reagan cut taxes, 16.4 million new jobs were generated. And when President Clinton and the Republican Congress cut taxes, the nation added jobs. During this deep recession, we need to use tax policy to create a climate for investment in jobs and investment.
End the death tax. A ‘killer’ for small family businesses, the death tax punishes savings, families and investment capital.
Implement a six-month payroll tax holiday for small businesses and the people who work for them. Three out of every 4 new jobs are created by small business. By granting companies with 25 or fewer employees a short break from paying Social Security and Medicare taxes, Congress could jump start the economy and real job creation at a much lower cost than so-called stimulus programs. Middle class workers would benefit from a little more to spend and save in their weekly pay checks.
Institute a robust investment tax credit .
Stop the rollback of the 2001 and 2003 tax cuts. A recession is absolutely the wrong time to raise taxes. Higher taxes now will only further damage the economy. Individuals face income tax increases of 10% or more on January 1 – the lowest bracket will increase 50% -- unless Congress acts. Capital gains taxes and taxes on dividends (30% increase or more) will also increase in the absence of Congressional action.
Permanently eliminate capital gains taxes on new companies. More than half of new businesses fail. In order to get people to risk capital, the federal government should create a reward for taking the risk.
Allow businesses to deduct entire cost of capital expenses for equipment, technology, and buildings from taxable income during the year purchased.
Correct the flawed corporate tax structure. When you combine state and federal taxes, our nation has the highest corporate taxes in the world. According to the United States Chamber of Commerce, the combined federal and state corporate tax is higher then France in all fifty states. Congress needs to lower the corporate tax rate to make our country more competitive in the global marketplace.
Lamb also believes that job creation and global market competitiveness can be helped by modernizing job training programs, reducing health care costs without creating a government mandate, downsizing compliance costs, keeping the dollar stable, attacking law suit abuse, and reducing the long-term threat of inflation by reining in government spending.
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