Economic Plans

If you watched the debates, you may have noticed that John Kerry has a “plan” for everything. I say that half in jest, as Kerry used the word plan some 300 times over the course of the three debates. It’s good to have a plan, but many of his “plans” are already being enacted by the President:

Kerry Proposal: Cut Taxes By Five Percent On 99 Percent Of U.S. Tax-Paying Corporations And End Tax Breaks For Companies Sending U.S. Jobs Overseas.

President Bush will soon sign into law a nine percent tax deduction for U.S. manufacturers, providing a disincentive to send jobs abroad. This exceeds the five percent decrease Senator Kerry is proposing to keep jobs here in America.

Kerry Proposal: Create “Tax Holidays” To Encourage Companies To Reinvest Foreign Profits In U.S. For One Year, Those Companies Would Pay Just 10 Percent Of Taxes Owed On Reinvested Profits.

The JOBS Act passed by the Senate and soon to be signed into law by President Bush already provides a repatriation holiday for U.S. companies to bring their foreign income back into the U.S. at a temporarily lower tax rate. Senator Kerry missed every vote on it.

Kerry Proposal: Reduce Federal Deficit In 4 Years.

President Bush’s multi-volume budget shows how he will cut deficit in half in 5 years. Kerry’s one-page budget doesn’t include making the middle class tax cuts permanent – if it did, his budget gap would widen by almost $1 trillion more.

Kerry Proposal: Open Foreign Markets, Enforce Trade Laws.

President Bush vigorously enforces U.S. trade agreements through bilateral negotiations, administrative actions, and WTO disputes. The Bush Administration has applied almost as many antidumping orders to China in 3.5 years (20) as the previous Administration did in eight (25).

Kerry Proposal: Increase Federal Funds For Research And Development.

Bush is the first president to invest in embryonic stem cell research including a recent 132 percent increase to $24.8 million with an additional $190.7 million for non-embryonic stem cell research. Bush has increased Federal R&D funding by 44 percent to $132 billion in 2005 including an all-time high of $26.8 billion for basic research. He has doubled the budget for the National Institutes of Health, increased funding for NSF by 30 percent, and increased support for nanotechnology research by 88 percent.

Kerry Proposal: Pursue Energy Independence Through Cleaner Fuels, Technology, And Conservation.

Bush proposed a comprehensive energy bill that failed in the Senate by 2 votes – neither Kerry nor Edwards showed up for the vote. Bush will sign into law tax incentives for biodiesel and ethanol production. Bush supports the bipartisan renewable fuels standard in the energy bill, which requires the use of at least 5 billion gallons of ethanol in gasoline by 2012. The energy bill needed two votes to pass, and John Kerry and John Edwards missed the vote.

Bush will sign into law an extension and expansion of the Production Tax Credit to encourage electricity generation from wind, solar, and biomass. John Kerry has refused to endorse the Cape Wind project in Massachusetts, the largest proposed wind energy project in the nation. Bush’s $1.7 billion for his Hydrogen Fuel Initiative is supporting research and development of hydrogen-based technologies for electricity generation and automobiles. Kerry’s proposed “Hydrogen Institute” would focus on research the Bush Administration is already supporting.

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