Secretary of State Todd Rokita Releases Updated Recovery Plan

Press Release

Document Blueprint for Job Creation

Indiana Secretary of State and Republican Nominee for Indiana's 4th Congressional District, Todd Rokita, released his updated recovery plan today.

"When I released the first version of this plan in March, it was one of the first comprehensive policy plans released in Indiana addressing ways Government - by mostly getting out of the way - can truly encourage economic growth," said Rokita. "It's through private investment and free enterprise, coupled with low taxes and less government spending, that the economy grows and jobs are created."

"Even though President Obama promised with his so called 'stimulus' bill that unemployment would not rise above 8%, we are in the 22nd month where unemployment is significantly above those numbers. The American people are tired of the failed Obama, Reid, and Pelosi agenda. The Rokita Recovery Plan has 10 objectives which will get the government out of the way of the private sector, and get the American people working again."

The 10 objectives outlined in the recovery plan are:

1. Reduce Federal Government Spending

* Freeze and Reduce Federal Employee Pay - salaries to be adjusted to reflect 95% of their private industry job equivalent counterparts
* Return to 2008 Spending Levels and then add Another 15% Cut in Spending- like we did in Indiana
* Constitutional Amendment to Cap Federal Spending and Balance the Budget
* Debt Limit Reform- eliminate the ability of Congress to increase the debt ceiling higher than the rate of inflation for the previous year
* Biennial Budgeting- like we have in Indiana
* Presidential Line-Item Veto
* Presidential Impoundment Authority - gives President authority NOT to spend what has been authorized; like the Governor can in Indiana
* Regulatory Savings- require an up-or-down vote on all federal regulations costing more than $50 million to the U.S. economy
* Appropriation of Reauthorization Bills- reauthorize legislation within one year after expiration or discontinue funding for the program
* Truth in Reporting- Move to a system of accrual accounting for the federal government instead of the cash system currently used
* Employee Pay Disclosure- so we can see exactly how much the government takes from us throughout the year

2. Repeal the Economic Recovery and Reinvestment Act of 2009 (Obama "Stimulus" Bill)

* Immediate Repeal of These Policies - Remaining funds used for deficit reduction and tax relief

3. Reduce Personal Income Taxes

* Make 2001 and 2003 tax cuts permanent
* Reduce number of income tax brackets to three
* Congressional debate and action on Flat and Fair-Tax

4. Create A Better Business Climate for Job Creation

* Encourage not penalize private firms to take risk and grow the economy

5. Foster Innovation and Competition

* Expand existing R&D Tax Credits
* Exempt profits generated from new profits for 5 years

6. Reduce the Corporate Tax Burden

* Cut corporate tax rate from 35% to at least 25% or more

7. Reduce Red Tape and 1099 Reform

* Currently anytime a business spends over $600 on an item it must complete a 1099
* Example of costly federal overregulation

8. Import Jobs to Indiana

* 90% tax exemption for all repatriated profits of US companies
* Foreign companies who relocate headquarters or manufacturing facilities to the US will pay same corporate tax rate as they would in their home countries on profits generated from goods manufactured in the US and exported for sale in other countries

9. Create A New Economic Team - fire and replace the President's current team

10. Protect Investors and Promote Financial Literacy- like my office has done in Indiana

The complete recovery plan can be found online at http://toddrokitaforcongress.com/rokitarecovery.html

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