The focus of Americans is on the presidential race, but Congressional Republicans have already prepared a plan for the next presidential administration. Large elements of the plan have an excellent chance of becoming law if the next administration is the Trump Administration.
The plan, which is called “A Better Way,” was unveiled by Speaker of the House Paul Ryan in June and is the brainchild of Ryan and several chairpeople of important committees in the U.S. House of Representatives.
Ryan has campaigned tirelessly for this plan in speeches around the United States while trying to help Republicans maintain their majority in the House. Currently, there are 247 Republicans and 188 Democrats in the House.
“A Better Way” is extremely comprehensive with dozens of proposals to improve the United States. The proposals are listed in six categories — Poverty, National Security, The Economy, The Constitution, Health Care, and Tax Reform. Today I will focus on the plan’s economic and tax proposals and will also detail some of its anti-poverty and health-care proposals.
While the liberal media has been focusing on the theatrics of the presidential campaign between conservative Republican Donald Trump and liberal Democrat Hillary Clinton, conservative analysts have spent considerable time examining “A Better Way” because they are more interested in the substance of conservative and liberal policy proposals. Several conservatives have written that they are impressed by Ryan’s plan.
“Speaker Ryan’s ‘A Better Way’ proposals are the conservative-reform agenda of the future,” says an article in the conservative magazine National Review entitled “Conservatism’s Little Red Hen Moment.”
“(The plan’s) stated goals should delight any conservative: Reward work; tailor benefits to people’s needs; improve skills and schools; plan and save for the future; and demand results.”
Financial publications have also been analyzing Ryan’s plan for the future of America. ThinkAdvisor covered Ryan’s Sept. 19 speech to the New York Economic Club. It emphasized his proposal to cut the number of tax brackets from seven to three.
The highest-earning individuals would pay a 33 percent tax as opposed to the current 39.6 percent, corporations would pay a 20 percent tax as opposed to the current 35 percent, and small businesses would pay a 25 percent tax rate. Ryan said that the tax reform proposals in the “Better Way” plan would create 1.7 million jobs.
Ryan also emphasized regulatory reform in his Sept. 19 speech. He blamed President Barack Obama for hamstringing the economy while simultaneously abusing his presidential powers via his imposition of anti-business rules and regulations that restrict the ability of entrepreneurs and people who work for small businesses to earn a decent wage.
“We need to restore separation of powers of government,” said Ryan. “Rules and regulations have to come through Congress.”
When it comes to the economy Speaker Ryan put forth 4 big plans that would help drive business:
1. Requiring the U.S. Congress to approve every regulation that would cost the U.S. economy more than $100 million per year.
2. Making it easier for oil companies to avoid red tape by allowing them to add leases to offshore energy production plans that have been approved rather than asking them to submit a new plan.
3. Requiring large banks that have failed to follow the same bankruptcy rules as other companies.
4. Compensating victims of frivolous lawsuits and requiring that “only those people who share injuries of the same type and extent are part of a class-action lawsuit.”
In addition to reducing the number of tax brackets and lowering taxes for both individuals and companies, “A Better Way” also wants to:
1. Create an independent arbiter that would resolve disputes between taxpayers and the IRS.
2. Repeal the death tax.
3. Reduce taxes on investments and savings by allowing individuals and families to deduct from their taxable income 50 percent of the amount of money they earned via capital gains, dividends, and interest from mutual funds and stocks.
4. Help families by “creating a larger standard deduction and a larger child and dependent tax credit.”
What’s great about conservative’s plan for America is that they don’t leave out fixing our broken healthcare system. Middle class citizens are getting clobbered by drastically rising premiums and prescription drugs. To combat these dramatically rising expenses the new plan promises to:
1. Repeal Obamacare because it “is making things worse by the day.” Obama’s Folly is increasing premiums for businesses, families, and individuals while essentially forcing people to abandon plans that they like.
2. Allow people to buy a health insurance plan licensed in any of the 50 states rather than just the state they live in so they have more opportunity to buy an affordable plan.
3. Allow people to enroll in a private plan that competes with Medicare starting in 2024.
Republicans get accused of being only concerned about keeping rich people rich and being out of touch with the poorest Americans. The GOP can finally put those rumors to rest with their 3 point plan to combat poverty and get people off assistance programs:
1. Improve job training programs so “more workers can be matched with the skills needed to fill jobs in their communities.”
2. Eliminate loopholes in the Temporary Assistance for Needy Families program that make getting financial assistance from the government without working too easy.
3. Change the rules on getting financial aid for housing assistance so people can move to neighborhoods with more job opportunities rather than more poverty-stricken neighborhoods.
Paul Ryan’s plan to improve the economy has dozens of excellent ideas and is extremely detailed. If his plan is signed into law by President Donald Trump — who also has a plan with dozens of excellent ideas — you can expect the economy to take off and small businesses to flourish after suffering through an eight-year nightmare known as the Obama Administration.
Regards,
Ethan Warrick
Editor
Wealth Authority
