Republican candidate for Congress in Massachusetts 8th District, announced his plan for reviving our economy. “As a small business owner who signs a front of a paycheck, I know first-hand how difficult it is to grow a business and add new employees. I want to use my experience to revive the business community and put people back to work,” said Selvaggi. “As we have seen over the past three years more government spending is not the answer to reviving the economy.” The
Selvaggi plan includes the following:
Correct the flawed corporate tax structure to make US competitive
Tax holiday for corporate profits being repatriated
End the death tax
Institute a robust investment tax credit Permanently eliminate capital gains taxes on new companies
Allow businesses to deduct entire cost of capital expenses for equipment
“Our nation cannot compete while burdened with the second highest corporate tax in the global market place. We need to level the playing field so our businesses grow and add more people to the workforce. By lowering the rate from 35% to 25% we will stop pushing capital overseas,” said Selvaggi. “We want to encourage our American entrepreneurs to stay here to develop their business not be forced overseas as a tax refugee.”
Selvaggi believes that by allowing the cost of new equipment to be deducted we will be spurring on innovation and more importantly reviving the manufacturing sector of our economy. Another feature of the Selvaggi plan would eliminate the death tax which often forces closure of small businesses when there is a family death. The taxes are too high to make the businesses profitable. Moreover, it is one of the most costly taxes for the government to collect.
Selvaggi’s announcement today is just the first in a series of initiatives designed to restore the economy. As the campaign progresses he plans releasing more specifics designed to create more private sector growth such at modernizing job training programs and reducing health care costs without creating a government mandate,.
“Unlike the incumbent I believe that private sector creates the best jobs not government. Lynch’s way of spending $787 billion on the stimulus plan did not create jobs. It was supposed to stop unemployment from reaching 8% and it failed. Worse yet, it substantially added to our national debt which our grandchildren will be forced to pay,” said Selvaggi.
Here are a few of Lynch’s ratings:
Association Year Rating Chamber of Commerce 2010 13%
National Federation of Independent Business 2011 0%
National Association of Manufacturers 2009-2010 41%
Small Business and Entrepreneurship Council 2009-2010 5%
“By looking at these ratings it is clear that Lynch is not a friend but rather an enemy of small business. He doesn’t understand what it takes to create a job and the costs associated. If he did, then his ratings would reflect a record of moderation not extreme liberal,” said Selvaggi. “Lynch has done a good job of disguising his real record for years. It is time to expose it because we cannot afford another two years of this recession.