Jobs, Budget and Economy

Tom will work for pro-growth policies that create good paying jobs for American workers. These policies include investment in job training programs, fair trade agreements, investment in infrastructure, business tax reform, expanding high speed internet to rural communities, increases in minimum wage requirements, investment in carbon free energy sources, and immigration reform.

Our country needs pro-growth economic policies but our business tax structure has not kept up with other industrialized nations and thus has encouraged businesses to shift jobs overseas. Tom supports balanced, revenue neutral business tax reform that encourages businesses to create jobs in America. As part of this policy, Tom would support a one-time tax on re-patriated overseas business profits (estimated to be over $2 trillion) that could generate over $200 billion in federal revenue and be used to fund infrastructure and job training programs.

To support working families and small businesses, Tom believes that a national family and medical leave insurance program would improve worker retention, productivity and morale, and protect small business owners’ economic security in the event of an accident or medical emergency.

The federal debt, which in the 2017 budget alone increased by over $690 billion, is projected to increase to staggering levels in the next 10 years.  Political leaders have been unable to address this problem. The Republican’s poorly designed plan is to dramatically cut important federal programs that involve basic research in health, environmental protection, food stamps, and other safety net programs for working people and propose tax cuts for the wealthy that economists have shown will increase, not decrease, federal deficits by trillions of dollars.

Tom will strongly oppose the Republican’s plans, and will push for a comprehensive, long-range plan that takes a more responsible approach to fixing our nation’s balance sheet including a “bottom-up program review” of all federal agencies.  Tom supports deficit reduction measures such as:

  • Immigration reform that the non-partisan Congressional Budget Office (CBO) estimates could stimulate our economy, increase GDP, and reduce federal deficits by $200 billion over 10 years.
  • The closure of the tax loophole that allows hedge fund managers to escape paying regular federal income tax on fees paid by clients.
  • Implement a market-based carbon tax that would include tax refunds for low-income families. Such a proposal could replace direct subsidies for renewables and reduce federal deficits by $1 trillion over 10 years while encouraging use of non-carbon forms of energy production such as solar, wind and nuclear power.
  • Entitlement reform by empaneling a commission of bipartisan experts and political leaders to propose a package of reforms that would receive a straight up or down vote in Congress.

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