It is critical that as we work toward solutions to overcome both crises, the paths we take don’t expedite or worsen the other. But the politics of division have reared up, fueled by efforts to incite class warfare. For example, though he often talks about millionaires, billionaires and corporate jet owners paying their “fair share,” behind closed doors the president admits to wanting to raise taxes on individuals making $200,000 per year and families and small businesses earning $250,000 per year.
Why does the president insist on higher taxes? Behind the rhetoric lies a desire to permanently increase the size of government — a philosophy that most Americans, who already think that government is too big — do not agree with.
For the past few years, investors, families and businesses small and large have felt the threat of higher taxes, increased regulations and government expansion. Business people I talk to are worried about the massive costs imposed by the president’s health-care law and new regulations. Yet last week, the president called for more stimulus spending paid for by higher taxes and more job-killing regulations. The past two years have shown that this is no way to create jobs.
In lieu of more wasteful stimulus spending, we should go all-in on ways to invigorate growth. The Congressional Budget Office has found that for every one-tenth of 1 percent of additional economic growth, the budget deficit is narrowed by nearly $300 billion. Economic growth will help reduce the deficit and get people back to work.
That is why this fall the Republican Party will pursue a legislative agenda that boosts economic growth through reducing the regulatory and tax burden. We will make sure that Washington policies are less restrictive to businesses small and large. Our goals include repealing the “3 percent withholding rule,” which serves as an effective tax increase on those who do business with the government, and overturning the EPA’s proposed regulations that inhibit jobs in areas as varied as cement and farm dust. We plan to prevent the NLRB from inhibiting where a business chooses to create jobs.
The Republican majority was not elected to raise taxes or take more money out of the pockets of hardworking families and business people. We were elected to change the way Washington does business and spends money.
Eric Cantor, R-Va., is the House majority leader.