By York Van Nixon III
GOP presidential hopeful Gov. Rick Perry promises to create 2.5 million jobs, if elected president. In his first television ad, Mr. Perry uses some of his $17 million to promote his “Texas Miracle” of reducing unemployment in the Lone Star state on a national scale. Joblessness in Texas is only one percent below the national average. Texas is also tied with Mississippi for new minimum and below wage jobs.
“As president I’ll create at least two-and-a-half million new jobs, and I know something about that,” Mr. Perry says in the ad. “In Texas we’ve created over one million new jobs while the rest of the nation lost over two million.”
Like most GOP proposals to address unemployment, Gov. Perry will seek to deregulate corporations with the hope they will share their profits with the middle class.
Rep. Dave Camp, chairman of the House Ways and Means Committee, is expected today to release details on his plan to exempt most corporate foreign income from taxation.
U.S. corporations doing business overseas are taxed at the 35 percent rate of domestic companies but can defer paying their tax bills until profits are realized on onshore balance sheets.
Rep. Camp, also a member of the “SuperCommittee” is touting his plan as a way of repatriating trillions sitting in offshore banks. In addition to giving multi-national corporations a tax holiday, he will propose legislation reducing the corporate tax rate to 15 percent.
White House supports GOP bill to repeal a federal government 3 percent withholding requirement of payment to contractors to defray future taxes owed to the federal government. This rare bipartisan bill (H.R. 674) is expected to unburden small businesses and stimulate spending. Voting is to begin on Thursday in the House. A similar bill was defeated in the Senate.
“A kinder, gentler” Eric Cantor! Rep. Cantor (R-Va.) who recently called Occupy Wall Street demonstrators “angry mobs” continues his rebranding after mollifying his statements last week with a Thanksgiving dinner with the Cantors. CBS News’s “60 Minutes” will bring interested Americans into the Cantor home to see how the Tea Party firebrand carves his turkey.
President Obama will use the University of Colorado to talk about his plan to ease the financial burden of student loans. Details have not been pre-released but he is expected to use an executive order to restructure payment plans for students out of work or recently employed.