A few weeks ago I did a series of postings on the policy and issue statements of the Republican and Democratic Candidates for Governor of Connecticut. Now it is time to focus on the two major Senatorial candidates, Attorney General Richard Blumenthal and former WWE Executive Linda McMahon.
It is not surprising that the first topic in both on line issue pages is Jobs and the Economy. I did a mental coin flip and “Senator” McMahon won and elected to go first. As before, the "I" in the plans are either "Senator" McMahon or "Senator" Blumenthal. The wording is directly from the issues section on their web sites.
Linda McMahon
Economic Growth and Job Creation
Framework For Creating Jobs
1. Prevent Tax Increases
Stop Anti-Growth Tax Policies.
Prevent scheduled income tax rate increases and move to reducing the corporate tax rate.
Stop the capital gains tax rate from going up.
Stop the dividend tax rate from going up.
Allow full same-year deductions for capital losses
Abolish both the estate tax and the gift tax.
Repeal the limits on tax-deferred retirement account contributions.
Allow greater deductions for educational expenses
Restore and make permanent the Research and Development tax credit to promote innovation
Create A Business Friendly Tax Policy
Allow businesses to deduct 100% of the cost of any capital expenses for equipment, technology, software, or buildings from their taxable income in the year they buy the asset.
Eliminate the employer portion of the payroll tax for one year
2. Reduce Regulations
Eliminate Anti-Growth Legislation and Policies
Reduce burdensome regulations and mandates on businesses.
Stop Cap-and-Trade legislation, which could be the most antigrowth legislation of all.
Stop Card check legislation.
Resist protectionist policies that hamper global trade and investment
Increase energy supplies
Increase nuclear power
Increase domestic energy exploration
Increase Alaska drilling and production
Increase oil exploration elsewhere within our own borders, e.g. the Green River formation and the Bakken Shale deposit
End the Use of “Policy Czars” to Evade Congressional Oversight
Stop proliferation of Executive Orders in place of legislation.
Restore the constitutionally determined balance of power.
Richard Blumenthal
Jobs & Economy
Here are some of the things I believe we must do:
I support extending the Bush tax cuts for the 95% of Americans making under a quarter of a million dollars a year.
Small Businesses
Innovation. We must promote technological innovation
R&D Tax Credit: It should not just be extended, it should be made permanent.
Small Business Innovation Research: The Small Business Innovation Research (“SBIR”) program helps small, high-tech businesses in their early stages, and has a proven track record of creating new jobs. I support making it permanent and expanding its funding.
Entrepreneurship. We must encourage entrepreneurs to create new companies, and increase the opportunities for these companies to succeed.
Start-up Deduction. We can start by upgrading the tax deduction for start-ups
Elimination of Capital Gains on Certain Small Business Stock. We should also make sure tax policy helps to nurture long-term small business growth by eliminating capital gains taxes on investments in small business stock – if that stock is held for at least five years.
Loans. We must do more to help small businesses maintain access to the credit they need to sustain and expand their companies.
Direct Lending. A direct lending program through the SBA, without red tape, operating as a backup to the private structure, will ensure that healthy small businesses can access funds even during a credit crunch.
Commercial Credit Card Reform Last year, Congress passed landmark reforms to protect credit card consumers from unjustified rate increases and other fraudulent practices. These protections should be extended to apply fully to small businesses which depend on credit cards to get through tough times.
Tax Cuts to Promote Hiring. I support the new temporary payroll tax holiday for companies hiring new workers, and I think this holiday should be extended.
Exports. The federal government has an obligation to assist small businesses in their efforts to sell their products abroad. Small businesses don't have the time or resources to match their products with potential purchasers across places like Europe and Asia. We must expand programs helping them promote their goods overseas, and work to improve access to overseas markets for small domestic companies. In Washington,
Made in Connecticut
Protecting “Made in the USA
Standing Up for Connecticut Companies
Standing Up for Connecticut Workers
Made in America I will continue to help make sure Connecticut’s manufacturers have the financial support and the level playing field necessary to help drive economic growth across our state. Some of my ideas include:
Ending Tax Breaks for Shipping Jobs Overseas.
Promoting American Products for our Economic Recovery.
I support shoring up the stimulus’s “Buy American” requirements, and updating federal contracting rules by passing the 21st Century Buy American Act, to ensure that our tax dollars do not create jobs in China before creating them here.
Combating Chinese Currency Manipulation
Creating Partnerships for Workforce Training I support the SECTORS Act, a national grant program that will fund local partnerships among business, labor, and education providers to ensure Connecticut workers build the skills they need to succeed in new industries.
Building Green Manufacturing.
Promoting Investments in Clean Energy Technology I support increasing our investment in clean-energy technologies, which will help create as many as 2.5 million new jobs, boost the economy, and improve the environment
Investing in Domestic Clean Energy Manufacturing and Environmental Sustainability. I strongly support proposals like the Investments for Manufacturing Progress and Clean Technology ("IMPACT") Act. The act would help small and medium sized local manufacturers by providing loans to improve their facilities and expand clean energy product production.
Extending and Expanding the Manufacturing Tax Credit. I strongly support extending the Manufacturing Tax Credit, which promotes advanced energy manufacturing, another two years and expanding it to meet demand.
Increasing the R&D Tax Credit and Making it Permanent.
Creating Incentives for Residential Efficiency Retrofitting. I support the Home Star Energy Retrofit Act (or "Cash for Caulkers") program which will combine financial incentives and uniform federal energy efficiency standards to dramatically extend efforts to improve residential energy efficiency.
Holding Wall Street Accountable Washington finally passed a comprehensive reform of the financial system, which I support. We must build on these solutions to ensure that the American people are protected from future recklessness
To Protect Homeowners
Fighting Predatory Lending.
Holding Countrywide Accountable
Responding to the Crisis
Opposing the Big Wall Street Bailout.
Opposing Bailout Bonuses
Reforming the Financial System. I support the recent financial reform legislation, which implements many of the structural changes that should have been a part of the Wall Street bailout two years ago. And I believe we must go further to protect you, the taxpayer, and to make sure that we safeguard our financial system:
Strengthening the Consumer Financial Protection Agency I will fight to strengthen this agency and to make sure it has the independence necessary to defend consumers.
Reforming the Credit Rating Agencies. The three major credit rating agencies were unbelievably irresponsible in the buildup to the financial crisis, issuing top ratings to bonds for which they could not actually identify risk. Now, we must do more to ensure that these companies are fulfilling the rating function on which our financial system depends.
Growing the Green Energy Industry As your U.S. Senator I will fight to ensure that the United States leads in the global green energy marketplace. Some of the actions I propose include:
TAX CREDITS
Extending and Expanding the Manufacturing Tax Credit. I strongly support extending the Manufacturing Tax Credit,
Increasing the R&D Tax Credit and Making it Permanent
Providing Utility Tax Credits Providing a tax credit for utilities to construct plants that use both natural gas and renewable energy will help utilities pay for facilities that use renewable energy with natural gas backup.
IMPROVING ENERGY EFFICIENCY
Creating Incentives for Residential Efficiency Retrofitting. I support the Home Star Energy Retrofit Act (or "Cash for Caulkers") program which will combine financial incentives and uniform federal energy efficiency standards to dramatically extend efforts to improve residential energy efficiency.
Establishing Cash for Commercial Clunkers. Old, inefficient “heavy-load vehicles” are major gas guzzlers and polluters. I believe we should establish a program that would pay up to $65,000 per vehicle to get old diesel trucks off the road and replace them with natural gas and alternative fuel vehicles while spurring job-creating demand for vehicles and fueling stations.
Curbing Pollution. As your U.S. Senator, I will listen to ideas from anyone, regardless of party, on how to bring the financial costs, environmental destruction and adverse health consequences caused by polluters under control.
INVESTMENTS IN INDUSTRY
Promoting Clean Energy Technology. I support increasing our investment in clean-energy technologies, which will help create as many as 2.5 million new jobs, boost the economy, and improve the environment.
Investing in Domestic Clean Energy Manufacturing and Environmental Sustainability. I strongly support proposals like the Investments for Manufacturing Progress and Clean Technology ("IMPACT") Act. The act would help small and medium sized local manufacturers by providing loans to improve their facilities and expand clean energy product production
• Establish Clean Energy Business Zones. Establishing Clean Energy Business Zones (CBiZ) will help our businesses and manufacturers transition from fossil fuels to clean energy. Businesses in newly established Clean Energy Business Zones would receive up to $1.2 billion per year in tax credits, grants and loan guarantees for companies in the clean energy sector or for companies that move to greater energy efficiency.
Comments
“Senator” McMahon has a simple plan to promote jobs and the economy – Cut Taxes, Cut Regulations, and don’t do anything to hinder the free market.
“Senator” Blumenthal’s plan is much more nuanced. He mixes some tax breaks with some regulations and a pitch for consumer protection and safe environment.
It is up to the voter to decide which program they feel is best for the Junior Senator from Connecticut.
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