Brandon Martin Announces Plan to Revitalize US Economy in Wake of Coronavirus
Liberate the Economy and American Paychecks (LEAP) Act
SIERRA VISTA, AZ – April 23 2020
Army veteran and Republican candidate for Arizona’s Second Congressional District, Brandon Martin, has announced a comprehensive plan to revitalize the US economy in the wake of the COVID-19 pandemic under the title of the Liberate the Economy and American Paychecks (LEAP) Act, which he urges Congress to adopt and pass.
Mr. Martin issued the following statement regarding the LEAP Act:
“In the wake of the Coronavirus, America and its citizens need a quick and effective economic recovery effort.
“This virus doesn’t care about your skin color or the size of your bank account. It has devastated all Americans. That’s why we need an All-American policy like the LEAP Act to get the American people back on their feet.
“Let’s not forget: this virus originated in China. Chinese Communist Party propaganda covered up the deadly virus leaving the world vulnerable and devastated. We need to combat the negative effects China has unleashed. America cannot falter; that’s what China wants.
“American ingenuity and the free market are the only tools capable of overcoming this unprecedented crisis. That’s why we urge Congress to enact the Liberate the Economy and American Paychecks (LEAP) Act.”
The LEAP Act proposes the following:
I. INDIVIDUAL
For those who think government is the answer, I put my trust in the American people. Everyone from seniors to students to business owners to regular employees need tax relief. We need to conserve the wealth of the American people and empower our citizens to spend their money in their local economies rather rely on central planners in the federal government to print money, devalue our currency and inefficiently inject money into our economic system. To this end the LEAP Act proposes:
I. Lower the individual income tax rate to 10-percent for every income tax bracket for the next four (4) years, with a review at two (2) years to analyze the economic results
II. Amend the Internal Revenue Code to repeal the inclusion of any Social Security or Tier 1 railroad retirement benefits in gross income for income tax purposes.1
III. Completely waive interest or penalties on late payments for the 2019 tax filing period. Tax filing requirements for quarterly filers should also be delayed.2
IV. Index capital gains to inflation. This is preferable to lowering the capital tax rates, because that change would effectively harm investors who already have suffered losses in the market.3
V. Ensure universities reimburse students and families for room and board/tuition when the universities are closing and sending students home. These are real expenses that will make a big difference for many students and families. Many universities have large endowments that can help offset some of this expense, rather than creating a complicated reimbursement process through financial aid/federal student loans.4
VI. To offset revenue decreases we will enact a 2-percent cut in spending across the board to every federal program except Medicare and Social Security.
II. FEDERAL REGULATION & BUSINESS
Businesses, especially small businesses, are the lifeblood of the US economy. Small businesses, in particular, are least able to deal with excessive federal government regulations.
99.9-percent of all businesses in the US are small businesses and they are responsible for 50-percent of US employment. There are 30 million small businesses in this country and small businesses are the majority employer in many communities. Small business owners are the job creators who pay taxes, employ 50-percent of the country, send their kids to public schools, vote, and now they need the help of Congress more than ever.
Be not mistaken, government isn’t the answer. Small business owners simply need to get the federal government out of the way and open opportunities for economic growth. To this end the LEAP Act proposes:
I. A 2-year moratorium on the payroll tax.
II. Expand SBA loan authority, freeing up capital for entrepreneurs will allow for a more stable workforce, and give job creators more flexibility to retain their workers than they could be otherwise.5
III. Mandate all Administrative agencies waive any Federal Regulation that imposes a burden on American businesses, charities, educational institutions, and other employers, when doing so reduces costs, assists in economic recovery or increases private sector employment opportunities in the US thereby expediting the economic recovery.6
IV. Require every Administrative agency within one month to identify and suspend significant regulations that will reduce costs – both compliance costs and economic costs, assist in economic recovery, or increase employment in the American economy.7
V. Upon approval by the President, such regulations (except those needed to protect human health and safety) shall be suspended until the President and Congress determine that the suspension is no longer needed to provide relief from the economic crisis.8
VI. Notice and Comment and other APA provisions shall not apply to the suspension of the regulations but shall apply to the re-establishment of the regulations.9
VII. Congress should include in the legislation procedures for reinstating suspended regulations and any subsequent regulations that impose net costs on the economy. These procedures should include APA notice and comment, as well as approval by Act of Congress signed by the President.10
VIII. Suspend all civil and criminal penalties for any violation of Federal regulations when the person has made a good faith effort to comply. This should apply to all agencies, including the so-called “Independent” Agencies.11
IX. Simplify the permitting process for infrastructure projects, removing some environmental review requirements that can take years to complete, and allowing new infrastructure projects to pay competitive, market-set wages so that they can employ the maximum number of people.12
References:
This policy is currently encapsulated in H.R. 3971 Senior Citizens Tax Elimination Act. The bill also (1) appropriates funds to cover reductions in transfers to the Social Security and Railroad Retirement Trust Funds resulting from the enactment of this bill, and (2) expresses the sense of Congress against using tax increases to provide revenue necessary to carry out this bill.
As proposed by Senator Rand Paul.
As proposed by Senator Ted Cruz.
As proposed by Senator Rick Scott.
As proposed by Senator Marco Rubio.
As proposed by Club for Growth.
As proposed by Club for Growth.
As proposed by Club for Growth.
As proposed by Club for Growth.
As proposed by Club for Growth.
As proposed by Club for Growth.
As proposed by Club for Growth.
About Brandon Martin:
Republican Brandon Martin is running for the U.S. House of Representatives in Arizona's Second Congressional District located in Southeastern Arizona. Brandon is an Army combat veteran running to support President Trump's agenda, secure the border, and champion 2A, vets and our military, deregulation, small business, and American workers.
