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With the third Republican debate coming up this Wednesday, Oct. 28 at the Coors Events Center at the University of Colorado, we are taking a look at some of the policies the candidates have proposed. Since this debate will revolve around the economy, here’s a breakdown of New Jersey Governor Chris Christie’s plan to fix it.
Pro-growth tax reform
Christie plans to lower the tax rate across the board for all Americans, as he believes this is the path to growing the economy. In addition, he plans to lower the corporate tax rate to 25 percent, which S&P (Standard and Poor’s) suggests could create 10 million jobs. This lower tax rate could also encourage large corporations to invest their money in the United States, rather than overseas. This “would unleash a new wave of capital investment,” according to Christie’s website.
Christie believes the next president must examine all the regulations put into place by President Obama’s executive actions, and he will do away with the ones he deems wrong. Christie believes that regulation should be imposed carefully on businesses. In his view, careful regulation can only be done by members of Congress as authorized by statute, rather than by the president.
National energy standard
Christie wants to lift the ban on crude oil exports and rationalize regulation to ensure businesses can thrive. Christie also looks to “maximize (our) energy resources in an environmentally sound manner by developing greater technological capabilities,” although the details of those technological capabilities are unclear. Under Christie’s governorship, New Jersey made several steps to advance in clean energy.
Incentives to work
Governor Christie plans to get rid of the payroll tax for workers above the age of 62 and workers under the age of 25. This, he believes, will encourage people nearing retirement age to keep working and encourage young people to enter the workforce.
In addition, Christie plans to repeal “Obamacare’s 30-Hour Workweek mandate,” an ACA requirement that has come under fire for increasing part-time work while decreasing full-time work. Claims like Christie’s of a “massive shift” between part- and full-time work oversimplifies the issue, however, according to a report by FiveThirtyEight back in January.
The home of innovation
Christie is in favor of strongly supporting research and development (by renewing the R&D tax credit), investing in education and working to match the skills students learn with the skills employers need. Christie also plans to champion small, growing businesses by making it easier for them to access capital markets.
The GOP debate will air on CNBC Wednesday night.