RightChange: Rubio and Coons Introduce AGREE Act

The House has passed 22 jobs bills that are stuck in the Senate because Senator Harry Reid refuses to bring them to a vote.  The Democrats have also backed away from the Supercommittee negotiations because Republicans want to reform what’s actually stalling our economy.  Our President is secretly celebrating this logjam because a “do-nothing Congress” will make him look better in the polls.  It has become clear that our current Congress and President have no hope in solving our economic woes.  It appears the best we are going to get is the AGREE act.

Senator Marco Rubio (R-FL) and Senator Chris Coons (D-DE) came together to introduce the American Growth, Recovery, Empowerment and Entrepreneurship Act.  Its provisions were compiled from the President’s Council on Jobs and Competitiveness, and plans put forward by both parties in Congress.

See what’s in the bill below:

"Provide a three-year extension of 100 percent bonus depreciation for the full cost of qualified investments such as equipment and property.

Provide a three-year extension of Section 179 expensing levels for small businesses.

Provide a three-year extension of eliminated taxes on certain small business stock.

Extend the Research & Development tax credit until 2013, increase the Alternative Simplified Credit (ASC) from 14 percent to 20 percent, and makes the ASC permanent.

Establish an enhanced research credit for domestic manufacturers to encourage job creation at home.

Provide veterans with a tax credit equal to 25% of the fee associated with starting a franchise up to $100,000.

Provide a five-year exemption from Section 404(b) of Sarbanes-Oxley for the first five years of a company going public, or for those below $250 million in total gross revenue (whichever comes first).

Eliminate the per-country numerical limitation for employment-based immigrant visas and adjusts the limitations on family based visa petitions from 7% per country to 15%.

Protect intellectual property by clarifying the Trade Secrets Act, and making it explicitly clear that it is not a crime for federal officials, in the performance of their duties, to share information about suspected infringing products with the right holder of a trademarked good."

The AGREE Act is overloaded with tax reform but it obviously doesn’t go far enough.  It doesn’t address the 50% of the country who enjoy government perks without paying taxes at all.  It doesn’t address the Alternative Minimum tax that burdens small business owners.  It also fails to address the largest corporate tax rate that incentivizes corporations to use loopholes as a way to escape it.  However, as Senator Coons of Delaware points out, there is a no chance of getting this Congress to do tax reform.  The results from this bipartisan collaboration are not exactly what we need to see a booming economy again, but you have to start somewhere.

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