I am committed to a strong economy, job creation and the American worker. The United States has the strongest most stable economy in the world, but there is still more work to be done. I am committed to a growing economy in which there is a job for every American who wants one.
I voted for The Death Tax Repeal Permanency Act of 2005 (H.R. 8) that will once and for all end the death tax that punishes many family owned businesses and farmers in Oklahoma and across the nation. This legislation will repeal estate and generation-skipping taxes and makes certain reductions of the gift tax permanent. If passed by the Senate, this bill will permanently repeal the death tax.
In May 2003 I voted for a $350 billion Jobs and Growth Package to help jump-start the recovery of our economy. Tax relief in this package includes elimination of the marriage penalty tax and a child tax credit increase from $600 to $1000 per child. The tax package lowered income tax rates and expanded the 10% tax bracket. It also increased the small business deduction for equipment from $25,000 to $100,000.
This tax plan was designed to restore confidence in the market by reducing taxes on capital gains and dividends. Reducing taxes on capital promotes business investment and foster growth. I believe we must ease fears of future tax hikes by making the 2001 and 2003 jobs and growth tax relief measures permanent. Entrepreneurs plan for the future, and they act based on likely future events. If they foresee the repeal of pro-growth tax relief measures, they know that their taxes will increase, consuming more of their revenues and preventing them from hiring additional workers.
The American economy is making a rebound; I believe it is in part due to President's tax reduction package. The economy grew at a rapid pace of 8.2 percent during the third quarter of 2003, the best since 1984. This is a positive sign of economic recovery.
We can further grow this economy and more quickly increase employment by creating an environment where small businesses can be the most productive. When such businesses thrive, they expand and hire more workers to fuel their operations.
The single largest barrier for small business owners to create new jobs is the cost of providing employee health care. Helping employers afford quality health care for their workers and their families will improve the quality of life and remove a major obstacle in hiring additional workers. I support legislation that would help small businesses provide health care to their employees through health savings accounts, Association Health Plans or other tax deductions for medical expenses.
Frivolous lawsuits are a small businessman's worst nightmare. As a result, employers are forced to keep payrolls trim. The Class Action Fairness Act (S. 5) of 2005, which establishes a bill of rights for the consumer and gives the Federal court jurisdiction over interstate class action suits when less than two-thirds of the plaintiffs are from the same state. By implementing common-sense class action, asbestos, medical malpractice and other tort reform measures we can free our courts from junk lawsuits while creating new jobs.
Another important component of a thriving economy is trade. American products and services are among the best in the world and should compete freely in the world market. While unfair foreign trade practices inhibit our ability to compete, the ability to pursue new, free markets with more consumers allows businesses-increasingly small businesses-to grow and expand, translating into more jobs for U.S. workers. I support policies that would increase our exports, especially those that effect Oklahoma like agriculture, energy technology and rubber that would directly fuel job creation and income in our state. In 2002, we exported to Singapore over $3 Million in Grain, Seeds and Fruits, $61.8 million in rubber products like tires, and $19.7 million in meat, much of which was from cattle. By engaging in a Free Trade Agreement with the country of Singapore that took effect January 1st, 2004, these numbers should increase significantly.