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>>Narrator: This legislative summary is brought to you by Main Street Insider.
Today we examine H.R. 5029, the Economic Freedom Act of 2010
Sponsored by Representative Jim Jordan.
The Economic Freedom Act of 2010 is intended as the Republican alternative
To the American Recovery and Reinvestment Act
And has been referred to as the GOP Jobs Plan.
>>Rep Jordan: We're going to reduce the tax burden, we're really going to stimulate economic growth.
We're really going to foster an environment where job creation can take place.
>>Narrator: The Economic Freedom Act would take several actions including:
Reducing payroll and corporate income taxes.
Permanently eliminating the estate and capital gains taxes.
Repealing TARP and the Stimulus bill.
And making permanent deductions on depreciable business assets.
Supporters, such as the Heritage Foundation and Americans for Tax Reform.
Believe that scaling back taxes on the investor class and corporations
Will unleash the power of America's private sector economy.
>> Rep Roskam: Ultimately, the key to improving our nation's struggling economy
Depends on the strength and innovation of America's private sector.
>>Narrator: Opponents, such as the Center for American Progress
Feel the American Recovery and Reinvestment Act is working to add jobs
And rescinding it would be detrimental to America's Economy.
Furthermore, they find that the Republican jobs bill is unaffordable,
Skewed to benefit the rich, and would ultimately do little to create new jobs.
H.R. 5029 is in the Ways & Means Committee but no hearings have been scheduled.
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