The cynics say Washington will accomplish nothing to stimulate the economy between now and the election. And they might be right.
But that isn’t stopping some members of Congress from trying to find an opening for compromise. Sen. Jerry Moran, R-Kan., is one of them.
Moran is among a small bipartisan team in his chamber to sponsor Startup Act 2.0, which is aimed at creating incentives to encourage businesses less than five years old. They introduced the bill in the Senate late last month, and earlier this month it was introduced in the House.
The legislation includes tax incentives such as eliminating capital gains taxes on investments in startups held for at least five years. It also would provide a research and development tax credit for startups less than five years old, which is intended to free up resources for expansion and job creation.
The bill also targets burdensome federal regulations on small business. It would require all government agencies to do cost-benefit analyses of proposed rules with an economic impact of $100 million or more to determine the value of the rule and how it might affect job creation.
What may get the most attention in the bill is its immigration provisions. It would create a new visa for foreign students who get graduate degrees from American universities in science- and math-related fields, which are in demand. It also would offer permanent residence to immigrants who start successful companies and create jobs in the U.S.
It is good that Moran is trying to get out in front on bipartisan economic stimulus legislation, no matter how narrow it might be and, in the case of Startup 2.0, to inject some common sense into the immigration debate in this country.
“I would guess that 80 percent of my colleagues in Congress would agree with the visa provisions in this legislation,” Moran told the Washington Post. “And what I would encourage is that we not take the attitude or approach that unless we do everything, we can’t do anything.”
— The Hutchinson News