By Stephen Koff
Making good on ideas he promoted as a candidate, freshman U.S. Sen.
Rob Portman Tuesday will introduce legislation he says will create jobs
and "cut the restrictive role" of government.
Passage is likely to be difficult, but Portman's first bill as a
senator at least makes clear what his priorities are. He says they are
pragmatic and come from ideas he heard while talking with Ohioans all
across the state. They also are consistent with the wishes of many
Republicans. The bare elements:
Cut employers' share of payroll taxes by 2 percentage points
for a year. This would match the one-year cut that Congress and
President Barack Obama approved for the employees' share of the tax that
pays for Social Security and Medicare. The temporary cut to employers'
portions would not short-change the Social Security program, Portman
says, because money from general taxpayer revenue would go into the
trust fund to assure against that loss -- just as being done now with
the employees' tax cut.
Repeal the individual mandate for
health insurance. This goes to the heart of health-care reform and the
issue that may ultimately go to the U.S. Surpreme Court: Can the
government really force you to buy health insurance or else pay a fine?
Portman says it shouldn't, and since the requirement falls back on many
employers, he says it will inhibit job creation unless repealed.
Freeze new federal environmental regulations for one year, with
exceptions for health and safety emergencies. The printing industry is
predicting loss of profits because of new EPA regulations affecting
volatile organic compounds released in the printing process, and other
industries fear regulations on carbon dioxide emissions. "Let's put the
brakes on" these kinds of measures "before we lose any more jobs,"
Portman told reporters this morning.
Impose a new statute of limitations on medical liability lawsuits and cap punative and noneconomic damages.
Make permanent a temporary business tax incentive that allows small
businesses to deduct up to $500,000 of capital investments. Portman also
would permanently extend the research tax credit.
Finally, Portman's bill would do what a number of Republicans and
Democrats have urged: Kill the requirement in last year's health care
bill that will make every business report expenditures to a single
vendor if they total more than $600.
Portman insists that combined, these measures could cut the deficit
by $85 billion, lead to creation of 1.4 million jobs and provide nearly
$240 billion in tax relief to foster hiring and investment. He said that
the cut in payroll taxes would not be intended as permanent or to lead
to Social Security privatization, as some Democrats say they fear,
although he acknowledged that Social Security needs to be addressed
separately because of projected long-term financial problems -- an
assessment shared by members of the Obama administration.
