Since President Barack Obama entered the Oval Office in 2009, the federal government has saddled Americans and businesses with more than $740 billion in new regulatory burdens. Sen. Rand Paul predicts the country is about to slash through much of that red tape.
Following the new president’s election, Paul told supporters via Twitter: “Prediction: One of the first things we will do with President Trump is repeal job killing regulations.”
One of the first things Paul wants his congressional colleagues to tackle is tax reform.
“I wouldn’t wait around for overall tax reform,” Paul told Fox. “I’d just start passing some simple bills, lowering tax rates.”
The Kentucky Republican is especially keen on tackling corporate tax rates, which could help Trump make good on promises to bring businesses back to the U.S.
“If we want American businesses to stay in America, we need to lower the corporate income tax,” he said.
Currently, the U.S. has one of the highest corporate tax rates in the world.
One of the biggest regulatory reversals a Trump White House is expected to make involve the flurry of environmental regulations the Obama administration imposed over the years to the dismay of many U.S. conservatives.
Also on the Trump chopping block will be parts of the Affordable Care Act that limit competition among insurance companies and the Dodd-Frank financial regulations.
Paul says he’s confident Congress is going to hit the ground running to help Trump deregulate as much as possible.
“I think in the very first weeks of this next Congress, the Republican Congress is going to repeal some regulations, I hope half a dozen regulations or more, and we’ll get ‘em onto Trump’s desk, and I think he’ll sign them,” Paul said.
While conservatives and businesses are overjoyed at the prospect of deep regulatory cuts on the horizon, Trump’s election has sent America’s bureaucrats into panic mode.
The EPA’s top dog told agency employees the rush is on to complete Obama’s environmental agenda in an email following the election.
“As I’ve mentioned to you before, we’re running — not walking — through the finish line of President Obama’s presidency,” EPA Administrator Gina McCarthy wrote. “Thank you for taking that run with me. I’m looking forward to all the progress that still lies ahead.”
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