Mar 19 2012
WASHINGTON - Today, Senator Mike Lee introduced the Grow America Act (S. 2199), a comprehensive bill that contains major energy production reform, tax reform, and regulatory reform. It is the counterpart to the Jobs Through Growth Act in the House.
“The size of government is perpetually expanding to the detriment of the American economy and jobs. It’s time to stop the growth of government and start to grow America,” said Senator Lee. “Through a number of common sense solutions, the Grow America Act will make government more efficient, the economy more productive, and jobs more plentiful. That means additional opportunities for Americans, more freedom to run their lives and businesses the way they see fit, and greater prosperity for the country as a whole.
“First, the bill will drastically streamline the tax code. The personal income tax will be reduced to just two rates, and only a select few deductions and credits that protect families, charities, and seniors will be carried over. Capital gains will also be protected from inflation before being taxed.
“Business taxes will also be simplified. Loopholes and industry-specific deductions, credits, and taxes will all be eliminated. Archaic depreciation schedules will be replaced with full expensing, and the barriers erected by the federal government between American companies and their overseas profits will finally be gone for good. Family farms and businesses will also be relieved from extreme taxation when the owner passes their assets on.
“This legislation will also impose a moratorium on new major regulations and impose the REINS Act for when they return. REINS requires every new major regulation to be passed by Congress within 90 days, or else it will ‘sunset’ and no longer be in effect. Additionally, small businesses will be able to opt out of regulations imposed since the end of 2007.
“Finally, the Grow America Act will encourage domestic energy production to power the country out of its economic stagnation and increase energy security and independence. The outer continental shelf, the Eastern Gulf, and ANWR will all be opened up for energy exploration and development, and the unnecessary delays in Gulf permitting will be eliminated.
“A one-year extension will also be provided to all outer continental shelf leases that were directly impacted and delayed by the Obama administration’s failure to move forward with the permitting process. The legislation further encourages offshore energy production by providing 50% revenue sharing to participating states.
“This administration’s ‘wild lands’ policy will be repealed, as will the EPA’s burdensome greenhouse gas regulation. The EPA will also be prevented from imposing regulations in the name of climate change. And President Obama’s tone-deaf decision to block the Keystone XL pipeline will be reversed.
“The time for action is now. The American people deserve a booming economy, a tax code they can understand, and a government that doesn’t believe regulation can solve all of the country’s problems. We need to embrace the proven methods of achieving these goals, which made America the richest and most powerful nation on Earth. The Grow America Act does just that.”