First, cut taxes for businesses — big and small — and find innovative ways to get Americans back to work. We can start by giving any companies that are less than five years old an exemption from payroll taxes for six months; extending the current capital gains and dividend tax rates through 2012; giving permanent tax credits for businesses that invest in research and development; and reducing the top corporate tax rate to 25 percent from 35 percent.
America’s primary job-creating machine — the private sector — needs to be rejuvenated. Democrats must lead now on job creation or risk forfeiting Congressional majorities in November…
Finally, we need to address budget deficits now rather than waiting for some ideal future economic situation. It’s a good sign that the Obama administration is following the advice of Senators Kent Conrad of North Dakota, Evan Bayh of Indiana and other Democratic fiscal pragmatists who embrace the idea of a bipartisan commission to recommend spending cuts to rein in deficit growth. But we must be sure that the administration and Congress heed the commission’s advice.
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