Senator Rob Portman (R-OH) today “announced the introduction of his first piece of legislation, the Job Creation Act of 2011,” according to a press release.
“We need to focus on pro-growth policies, like those included in the Job Creation Act, in order to create an environment that fosters job growth and gets Americans back to work. If passed, this legislation will create over 1.4 million jobs, provide nearly $240 billion in tax relief, reduce the deficit by $85 billion and eliminate some of the most burdensome mandates on job creators,” continued Portman.
Over the past two years, Washington has been making it harder, not easier, for companies of all sizes to create jobs. The Job Creation Act of 2011 is a significant step in the other direction which will immediately help companies grow, create jobs and invest in the future. Economists estimate the payroll tax section of the Job Creation Act alone would create more than 1.4 million jobs. The legislation would provide nearly $240 billion in tax relief to foster hiring and investment while reducing the deficit by $85 billion and ending job destroying mandates on job creators.
“The Job Creation Act of 2011 is a robust first step towards a pro-job atmosphere here in Washington, and I will continue to remain laser focused on fixing Ohio’s economy and creating an environment conducive to job growth,” stated Portman.
Politics Extra reports that “two of its main provisions would repeal parts of the recently enacted health care law, including a mandate that everyone buy insurance by 2014.”
Portman says repealing the mandate for insurance would save $252 billion, which would then pay for other provisions in his bill, such as reducing for one year the payroll tax that employers pay. The payroll tax that employees pay has already been reduced from 4 percent to 2 percent, under an agreement President Barack Obama made with Republicans to extend the Bush era tax cuts. Portman said he supports the payroll tax reduction for employees but thinks it should also be extended to employers, which would “have a bigger impact on jobs.”
Other provisions noted:
- Repeal a health reporting requirement from the health care law that is seen by many to be onerous for small businesses. Even Obama has said he would support repealing this provision.
- Enact a one-year freeze on regulations from the Environmental Protection Agency.
- Make permanent a tax provision that allows small businesses to deduct up to $500,000 of investments in capitol and equipment.
- Make permanent a research tax credit, something that has widespread support from both parties.
- Enact medical liability reform to reduce frivolous lawsuits and cut down on the cost of care.