http://www.johnkerry.com/pressroom/releases/pr_2003_0828.htmlJohn Kerry's Plan to Fight for America's Economic Future
August 28, 2003
http://www.johnkerry.com/pressroom/releases/pr_2003_0828.htmlGeorge W. Bush's policies are destroying America's economic security. Our nation has gone from financial stability to record deficits; from creating 23 million new jobs to losing over 3 million jobs. Corporate scandals - some led by Bush's closest corporate cronies –have wiped out personal savings and shaken investor confidence. And American families are finding they must work harder and harder just to keep up.
George W. Bush has supported tax cuts for the wealthiest Americans and corporations with the false promise that some of that money might one day trickle down to middle class families and bolster our economy – but the Bush policies are a proven failure. John Kerry’s priority will be middle class families working hard to cover the mortgage, pay the high cost of health care, child care and tuition, or just trying to get ahead. It’s time that the nation’s economic policy put the American worker and American entrepreneur first.
John Kerry has a plan to secure America’s economic future and ensure that workers can achieve the American dream in our changing economy. His vision is to put Americans back to work; make America’s economy the most competitive in the world; and to restore America’s values of equity and fairness to our tax code by helping America’s middle class families and small entrepreneurs succeed.
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(1) STEPS TO JUMPSTART JOB GROWTH TODAY
John Kerry would use the money from the first year of repealing Bush’s tax cuts for the top one percent of Americans on a short-term plan to jumpstart job creation with:
- A New ‘State Tax Relief and Education Fund’. The Bush economic approach has left states with nearly $90 billion in budget deficits, forcing lay offs, education cuts, and tax increases. This fund will help states struggling to bridge deficits resulting from Bush’s economic policies with an additional $25 billion a year for two years to stop the education cuts, tuition increases and tax and fee raising that are inhibiting our economic growth and causing layoffs. This fund includes Kerry’s proposed $5 billion to stop state cuts in health care that hurt workers and patients, $5 billion for homeland security to stem layoffs of police officers and fire fighters, and his commitment to fully fund the No Child Left Behind education law.
- Tax Breaks to Expand Manufacturing Jobs in the U.S. Over 2.7 million manufacturing jobs have been lost since President Bush took office. John Kerry will save jobs by ending the unpatriotic practice of U.S. corporations moving offshore simply to avoid paying their fair share of our nation’s tax burden. To create new manufacturing jobs Kerry will:
- Get the Crane-Rangel-Hollings legislation enacted, which provides a corporate rate reduction to manufacturers who produce goods in the United States;
- Propose a new jobs tax credit to encourage manufacturing companies to stay and expand in America. When a manufacturing company creates jobs above their 12 month average, the payroll taxes of the new employees will be refunded for two years.
- Immediately restore and double funding for the Manufacturing Extension Partnership that President Bush slashed by 80%.
- Job Creation Summits. Ours is a large and complex economy and John Kerry believes that we must understand the challenges to economic prosperity in each sector. He will hold economic policy summits once a week for the first six months of his Presidency to develop targeted strategies to create jobs in key regions and key industries.
(2) USING AMERICAN INGENUITY TO CREATE A STRONG ECONOMIC FUTURE.
We must fight for our economic security not only by stimulating job growth today but also by ensuring that our research, our technology investment, and our spirit for innovation are paving the way for high wage jobs in new industries.
- Make Trade Work for America. The Bush Administration has neglected to enforce trade laws or respond to the unfair practices of some of our nation's largest trading partners. As President, John Kerry will: order an immediate 120 day top to bottom review of all trade agreements to ensure that foreign nations fully comply with trade agreements they sign with our country; vigorously enforce our trade laws to ensure our workers are not victims of unfair trading practices; insist future trade agreements incorporate within them core labor standards and environmental protections; demand that other countries, such as China, do not manipulate their currencies to gain unfair trade advantages; and help any workers displaced by trade develop new skills and find new jobs.
- Control Rising Health Care Costs so Our Industries Can Compete. Businesses cannot compete if they are weighed down by health care costs, especially since the health care costs of our industrial competitors are often subsidized by government. It costs U.S. automakers $1,000 per car just to cover health care costs for employees. John Kerry’s plan controls rising health care costs by helping pay for catastrophic care cases.
- Revitalize the High Technology Sector to Pave the Way for Industries of the Future. Kerry will fight to connect every American family to the Internet, encourage a renewed educational focus on science and math, bring the best practices of operational efficiency from the private sector to the public sector, and restore the government's commitment to scientific achievement through increases in research funding for the Department of Energy, NASA, and the National Science Foundation. Kerry will also strongly support programs targeted at the next generation of innovation, such as nanotechnology and biotechnology research.
- New Manufacturing Jobs by Investing in America's Energy Independence. The recent massive blackout leaves no question that our foreign oil dependence and obsolete electricity system undermine our economy. Kerry will create hundreds of thousands of good jobs, many of them in manufacturing, by investing in the new energy opportunities of the future such as: producing 20 percent of all our electricity from renewable sources by 2020; giving tax credits to manufacturers to develop the next generation of automobiles; new energy efficient appliances for homes and businesses; and investing in projects like building the Alaska National Pipeline.
(3) MAKING FOUR YEARS OF COLLEGE AFFORDABLE.
To be successful in the 21st Century economy, America’s workforce must be more innovative and productive than our competitors. That means better science and math in our schools and job training opportunities. But it also means giving every American the opportunity of four years of college.
- Create a New “College Opportunity Tax Credit”. Kerry’s “College Opportunity Tax Credit” will make four years of college affordable for all Americans. He will provide a credit for each and every year of college on the first $4,000 paid in tuition – the typical tuition and fees for public college tuition. The credit will provide 100% of the first $1000 and 50% on the rest. It will also make this credit refundable for those who receive other credits.
- Pay College Tuition for Students That Give Two Years of Service to America. Kerry’s ‘Service for College’ plan will provide the cost of four years at a public college to young people in exchange for serving their communities and country in national service.
(4) PROVIDE TAX RELIEF TO MIDDLE CLASS FAMILIES RATHER AND CRACK DOWN ON UNFAIR RELIEF FOR CORPORATE AMERICA.
President Bush has turned a blind eye to struggling American families, despite the fact that today’s two-earner families are earning 75 percent more than their single earner family counterparts a generation ago, but they have less money to spend due to soaring housing costs, day care, college tuition, and health care. John Kerry would:
- Keep the Middle Class Tax Cuts to Help Families Make Ends Meet. John Kerry believes that we should keep the middle class tax cuts that Democrats fought for in 2001 and 2003, which increased the child tax credit, reduced the marriage penalty and lowered tax rates. He strongly disagrees with Democrats who want to repeal these tax cuts, which would cost a typical middle-class family with two children an additional $2000.
Help Americans Get Ahead.
- College Tax Cut: John Kerry will help Americans get ahead with his new “College Opportunity Tax Credit” by ensuring college is available for four years for every American.
- Helping Create Wealth in the Stock Market: John Kerry opposes the dividend tax cuts in the 2003 tax bill that result in receptionists paying higher tax rates than CEOs. However, he does believe that middle class Americans should get more from their investments and will lower capital gains and dividend taxes for the middle class.
Making Corporate America Live By America’s Values. Our economy does well when our workers are doing well. Today, Americans who are working hard and playing by the rules are faced with higher health care costs, higher state taxes, higher college tuition and limited job opportunities. At the same time, many corporations are bending the rules and shirking their fair share of the burden - and the Bush Administration is rewarding those who break the rules with lucrative government contracts. Kerry will fight for a government that rewards those who work hard and play by the rules and challenges those who don’t.
- Restore Investor Confidence With Strong Enforcement by the Securities and Exchange Commission: John Kerry will fund strong budgets and assure strong enforcement by the SEC.
- Stop Corporations From Keeping Bank Accounts in Countries like Bermuda to Avoid Paying Taxes. John Kerry believes that American companies should not be allowed to set up virtual headquarters in foreign countries that are hardly more than mailboxes just to avoid paying U.S. taxes.
- Assure Corporations Account for Disparities on the Books. A recent Joint Committee on Taxation report found that Enron claimed a $2.3 billion in profit between 1996 and 1999 in reports to its investors, while reporting a $3 billion tax loss to the IRS. John Kerry believes corporations should have to account these kinds of disparities.
- Stop Giving Government Contracts to Corporations Breaking the Rules. The Federal government should not give lucrative contracts to companies that have a record of accounting fraud – like WorldCom – or are moving offshore.
- End Unfair Protections for CEOs. Executives should not be walking away with millions of dollars in salaries and benefits while their workers are laid off their companies are defaulting on loans. Kerry would tighten the laws that allow corporations to take advantage of tax deductions for performance based executive pay – even when executives do nothing to improve productivity.
- Protect Worker Rights. Kerry believes that ensuring there is a fair playing field for workers is important to a strong economy. He supports increasing the minimum wage and indexing it to inflation; improving workplace health and safety; assuring fair overtime rules; and worker’s right to join a union.
(5) RESTORE FISCAL DISCIPLINE:
By borrowing from future generations to give tax relief to those who need help the least, George W. Bush’s economic policies have, for the first time in history, forced the federal government to spend $1 billion more EACH DAY than it takes in. President Bush’s exploding deficits are destroying the solvency of Social Security and Medicare and he has placed the enormous burden of saving these programs on the shoulders of our children and grandchildren. John Kerry believes that we need a smaller and smarter government that wastes less money. John Kerry’s plan will:
- Balance the Budget
- Cut the Deficit in Half: John Kerry is committed to balancing the budget. He has put forward a sensible plan that will at least cut the deficit in half in his first term, while investing in economic growth and investing in workers.
- A Balanced Budget Summit: The best way to get to a balanced budget is not in partisan bickering, but in bipartisan cooperation. As President, John Kerry will call a Balanced Budget Summit that will require all sides to work together to make at least temporary sacrifices -- even in their top priorities -- as part of a concerted effort to restore fiscal discipline and fight for our future.
- End Special Tax Breaks: To restore fiscal discipline and strengthen our economy, Kerry will repeal Bush’s special tax breaks for Americans who make more than $200,000.
- Cut Excesses in Government: One of the Bush Administrations well-kept secrets is that under his watch the size of government has actually gotten bigger – not smaller. John Kerry will reduce the size of the Federal government by: bringing spending down to the level of GDP it was under Clinton, requiring federal agencies to submit annual plans to reduce energy costs by 20 percent by 2020; cut the Federal government’s administrative costs by five percent; cut the number of political appointees and ban providing bonuses for political appointees; cut fraud and abuse in government programs – fraud and abuse is estimated to cost $12 billion in Medicare alone and end rules that prevent the Federal government from having the same purchasing authority as the private sector.
- Reign in Out of Control Spending
- Restore Budget Rules to Stop Runaway Spending. John Kerry believes we need to reverse the new budget rules Republicans in Congress have established that make it easier to spend into deficits with fewer votes. He will also review and reassess all discretionary spending programs to determine their effectiveness and whether they should continue to be funded.
- Implement the McCain-Kerry Commission on Corporate Welfare. Powerful special interest groups make it hard to cut special tax loopholes and pork barrel spending projects. John Kerry supports a Commission that would recommend cuts and require Congress to vote on all recommendations, so no single special interest could fight for pet projects.
- Pass a Constitutional Line-Item Veto to Reduce Corporate Welfare and Excessive Spending. Under Kerry’s plan, the President would identify wasteful spending items in the budget and submit the list to Congress to vote on in an up-or-down fashion – saving billions of dollars.
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John Kerry on Tax Reform
10% bracket in Bush tax cuts was Democrats' idea. (Sep 25)
Bush tax cuts reach 32 million in middle class. (Sep 25)
We're tired of being trickled on--Middle class tax cuts now. (Jun 7)
Voted NO on $350 billion in tax breaks over 11 years. (May 23)
Voted NO on cutting taxes by $1.35 trillion over 11 years. (May 2001)
Voted YES on reducing marriage penalty instead of cutting top tax rates. (May 2001)
Voted YES on increasing tax deductions for college tuition. (May 2001)
Voted NO on eliminating the 'marriage penalty'. (Jul 2000)
Voted NO on across-the-board spending cut. (Oct 1999)
Voted NO on $792B tax cuts. (Jul 1999)
Voted NO on requiring super-majority for raising taxes. (Apr 1998)
Voted NO on FY99 tax cuts. (Apr 1998)
John Kerry on Welfare & Poverty
Voted YES on welfare block grants. (Aug 1996)
Voted YES on eliminating block grants for food stamps. (Jul 1996)
Voted NO on allowing state welfare waivers. (Jul 1996)
Voted YES on welfare overhaul. (Sep 1995)
Finish welfare reform by moving able recipients into jobs. (Aug 2000)
John Kerry on Budget & Economy
Bush policy kept economy afloat in recession-keep some of it. (Sep 25)
No excuse for special tax cuts for the rich. (Jun 17)
Voted NO on prioritizing national debt reduction below tax cuts. (Apr 2000)
Voted NO on 1998 GOP budget. (May 1997)
Voted NO on Balanced-budget constitutional amendment. (Mar 1997)
John Kerry on Corporations
Democratize the process of corporate boards. (Sep 25)
Voted NO on restricting rules on personal bankruptcy. (Jul 2001)
John Kerry on Jobs
Trade grows jobs. (Sep 25)
Jump start jobs at home via energy independence. (Sep 4)
Voted NO on repealing Clinton's ergonomic rules on repetitive stress. (Mar 2001)
Voted NO on killing an increase in the minimum wage. (Nov 1999)
Voted NO on allowing workers to choose between overtime & comp-time. (May 1997)
Voted NO on replacing farm price supports. (Feb 1996)
John Kerry on Social Security
Guarantee Social Security soundness, even if unpopular. (Sep 25)
Don't threaten Social Security on Wall Street trading block. (May 2002)
Voted NO on Social Security Lockbox & limiting national debt. (Apr 1999)
Voted NO on allowing Roth IRAs for retirees. (May 1998)
Voted NO on allowing personal retirement accounts. (Apr 1998)
Voted NO on deducting Social Security payments on income taxes. (May 1996)
Create Retirement Savings Accounts. (Aug 2000)
http://www.issues2002.org/John_Kerry.htm
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