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Mitt Romney to unveil jobs plan - CNN
Tuesday September 6, 2011
Washington Former Massachusetts Gov. Mitt Romney will unveil his jobs plan in North Las Vegas on Tuesday, the latest among Republican presidential hopefuls to come out with a proposal to grow the economy and boost employment.

Also Tuesday, Romney announced his economic team for the election campaign, including two former top advisers to President George W. Bush -- R. Glenn Hubbard and Gregory Mankiw -- as well as former Sen. Jim Talent of Missouri and former Rep. Vin Weber of Minnesota.

Hubbard is dean of the Columbia University Graduate School of Business and Mankiw is an economics professor at Harvard.

Romney provided a general outline of his jobs plan in a USA Today piece Monday, saying it will contain 59 specific proposals to turn the economy around, "including 10 concrete actions I will take on my first day in office."

"Each proposal is rooted in the conservative premise that government itself cannot create jobs," he wrote.

"Only the individual initiative of entrepreneurs, workers, investors and inventors enables companies, and our economy as a whole, to flourish."

Romney will also propose the creation of the "Reagan Economic Zone," which he described as "a partnership among countries committed to free enterprise and free trade."

The World Trade Organization serves a similar role, and Romney did not elaborate how his proposal would be different.

With his plan, Romney joins Jon Huntsman and Sarah Palin, both of whom have outlined their own jobs plans. Palin has not announced whether she will run for president.

Presidential contender Michele Bachmann is starting to discuss hers in detail, and the man Republicans are trying to unseat -- President Barack Obama -- will offer his own on Thursday.

The timing of Romney's and Obama's plans makes sense: Congress returns from its recess this week, and the special congressional committee tasked with proposing $1.5 trillion in deficit reduction measures meets for the first time on Wednesday.

In addition, a fresh series of Republican debates begins Wednesday, the first of three in September and seven by the end of the year for a race turned upside down by the recent addition of Texas Gov. Rick Perry, who now leads in polls.

All this comes after the latest employment report showed no new jobs created in the month of August, a result that set Republicans howling for immediate action on their agenda rather than what they called the failed policies under Obama.

The Republican packages so far, while differing in scope and some details, generally call for major reforms of the tax and regulatory systems that proponents say will ease the burden on businesses, allowing them to increase investment and hire more people.

They share one common trait -- getting rid of the health care reforms enacted last year by Obama and Democrats.

Obama took a step in the GOP direction last week by striking a clean-air regulation targeted by the energy industry and Republicans as oppressive, but sought by environmental and health groups as important for reducing smog.

In an address to a joint session of Congress set for Thursday, the president is expected to offer longstanding proposals including extending unemployment benefits and a payroll tax cut, boosting infrastructure projects such as repairing the nation's roads and bridges, and completing free trade agreements with South Korea, Colombia and Panama.

On Saturday, Palin used a speech in Iowa to outline a five-point recovery plan, extending the speculation that she might formally join the GOP race sometime in the fall.

Calling it a "pro-working man's plan," Palin included the now-familiar staples of Republican economic policy -- deregulation, increased domestic energy production, tax reform and repealing the health care bill.

Palin, who raised taxes on the oil industry while Alaska's governor, proposed eliminating all corporate income taxes and making up the lost revenue by closing corporate loopholes in the federal tax code.

"This is how we break the back of crony capitalism," she said, sounding a new campaign theme that evoked memories of her Alaska days when she took on an entrenched and sometimes corrupt Republican political class that was in cahoots with the oil and gas industry.

Huntsman, who is lagging badly in national polls, got an immediate endorsement from The Wall Street Journal for his plan announced last week that would scale back the scope of the federal government and simplify the tax code.

The plan would eliminate tax deductions and credits, including the popular home mortgage deduction, in favor of a simplified three-bracket tax system with rates of 8%, 14% or 23%. The corporate tax rate would drop from 35% to 25%, and Huntsman also would eliminate the alternative minimum tax as well as taxes on capital gains and dividends.

On the regulatory front, the former Utah governor and former U.S. ambassador to China would repeal the health care reform measure and the Dodd-Frank financial regulatory reform act, as well as the Sarbanes-Oxley financial reform measure passed during the Bush administration in response to the Enron accounting scandal.

In addition, Huntsman would streamline the approval processes at the Food and Drug Agency and the Environmental Protection Agency, including for the controversial hydraulic fracturing method of extracting natural gas.

Bachmann offered some of her ideas on CBS' "Face the Nation," calling for steps to "repatriate" money that American corporations are making overseas by eliminating any tax on it through the end of the year and then taxing it at a 5% rate.

Bachmann also proposed reducing the corporate tax rate to 20%, removing regulations that she said stifled economic growth and repealing the health care reform law.

"The principles that I adopt are permanent fixes rather than temporary gimmicks like we've seen from the president," Bachmann said. "And also private-sector solutions versus government solutions which the president has put forward."On energy policy, Bachmann backed tapping all U.S. resources -- oil, natural gas, coal and others -- that can be accessed "in a way that does not degrade the environment nor cause problems to humans or to animals or to the environment." She stopped short of repeating a previous promise to lower gas prices to below $2 a gallon if elected, saying instead that her policies would be better than Obama's for moving in that direction.CNN's Tom Cohen, Peter Hamby and Gabriella Schwarz contributed to this report.
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