Romney jobs plan to cut taxes, get tough on China

WASHINGTON Mon Sep 5, 2011 7:54pm EDT

1 of 5. U.S. Republican presidential candidate and former Massachusetts Governor Mitt Romney speaks during the American Principles Project Palmetto Freedom Forum in Columbia, South Carolina September 5, 2011.

Credit: Reuters/Chris Keane

WASHINGTON (Reuters) - Republican presidential hopeful Mitt Romney will propose a jobs plan to cut corporate taxes, reduce federal regulations and get tough against China on trade.

In a column set to appear in Tuesday's USA TODAY newspaper, the former Massachusetts governor said his plan would consist of 59 proposals, including 10 that he would introduce on his first day in office.

Romney will release his jobs plan in Nevada on Tuesday.

"I will pare back regulation, including eliminating 'ObamaCare,'" Romney said, using the derogatory term favored by critics of President Barack Obama's healthcare overhaul.

"I will direct every government agency to limit annual increases in regulatory costs to zero," he said. "Every one of President Obama's regulations must be scrutinized, and those that unduly burden job creation must be axed."

Romney, the one-time leader in the Republican 2012 race, has fallen behind Texas Governor Rick Perry in opinion polls in the battle for the nomination to challenge Obama next year.

Romney will release his jobs plan two days before Obama presents his own job-creation proposal to a joint session of Congress.

The August labor report released on Friday showed employment growth ground to a halt last month and the unemployment rate held steady at 9.1 percent.

In the column, Romney said he would eliminate taxes on interest, dividends and capital gains for middle-income taxpayers, and reduce a corporate tax rate that he said leaves U.S. firms at a competitive disadvantage.

"Ultimately, I will press for a total overhaul of our overly complex and inefficient system of taxation," he said.

NO SURRENDER ON TRADE

He also said he would create a "Reagan Economic Zone," a partnership among countries committed to free enterprise and free trade, that could serve as a mechanism for confronting nations that violate trade rules. He said he would use the zone against China.

"I will not stand by while China pursues an economic development policy that relies on the unfair treatment of U.S. companies and the theft of their intellectual property. I have no interest in starting a trade war with China, but I cannot accept our current trade surrender," he said.

Romney said Obama had severely restricted domestic energy production, and he would remedy that by tapping "to the fullest extent" nuclear resources and reserves in oil, gas and coal.

"We are an energy-rich country that, thanks to environmental extremism, has chosen to live like an energy-poor country. That has to end," he said.

He also pledged to dramatically slash the federal budget and cap government spending. He said he would support a constitutional amendment to balance the budget.

"Our country has arrived at a fork in the road. In one direction lies the heavy hand of the state, indebtedness and decline," he said.

"In the other direction lies limited government, free enterprise and economic growth. I know which direction is the American way."

(Writing by John Whitesides; Editing by Xavier Briand)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (13)
McBob08 wrote:
“Breaking the ‘heavy’ hand of government” is *NOT* conducive to creating more jobs. Only government spending is creating jobs these days; the corporations are reverting true to form and thinking only of stockholder profits. With the economy so bad, the only way for them to make more profits is to cut down their companies and eliminate jobs.

The Teabaggers are insane; they’re calling for diametrically-opposed things that cannot be done. They’re listening to the Right-Wing Messiah, Rush Limbaugh, and making a complete mockery of the purpose of the government, and indeed the entire United States itself. Taxes are the cost of having a nation, and government is nothing more than the ultimate representation of the people, and to attack government is to attack the People of America.

The Republicans need to stop catering to the ugly, ugly Tea Party movement; they may have a big media presence, but they’re nothing but a small minority. There are more Americans that actively oppose the things the Teabaggers stand for than people in the Tea Party.

No one who supports the Tea Party is going to have even a remote chance to beat Obama.

Sep 04, 2011 9:30pm EDT  --  Report as abuse
Unmistakeable wrote:
Another term for Obama could mean the end to everything we know and love about our nation. Romney is a doubtful entity and it is questionable if he could defeat Obama. Time for Republicans to stop following around and get behind the one person who can beat Obama.

Sep 04, 2011 9:47pm EDT  --  Report as abuse
Butch_from_PA wrote:
I don’t like some of Ron Paul’s policies, however I see him as the most realistic and pragmatic candidate who can make a difference for us in many positive ways if he were President.

Sep 04, 2011 12:52am EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.