Fiorina’s fiscal plan includes payroll tax holiday 

Heading into the June primary, one U.S. Senate Republican candidate is proposing a broad economic policy that includes a two-year payroll tax holiday.

Former Hewlett-Packard Co. CEO Carly Fiorina, who considers her private sector experience an asset, particularly during the tough economic times, hopes to beat out fellow Republican challengers Assemblyman Chuck DeVore, R-Irvine, and former Rep. Tom Campbell. She then hopes to take on incumbent Sen. Barbara Boxer, a Democrat who has held the seat for 18 years.

Fiorina said voters care most about jobs. She has drafted an economic package that includes an array of tax breaks meant to spark job creation and lure jobs back to the United States from American companies that moved them overseas. Fiorina explained her “lowering taxes, fighting for every job and rewarding innovation” plan during an editorial board meeting with The Examiner on Friday.

“We ought to be lowering the overall marginal income tax rate,”  she said. “We ought to be simplifying the tax code dramatically. I think we ought to be giving a two-year payroll tax holiday to small businesses who employ unemployed workers.”

The plan also includes the elimination of the estate tax. “I think we should abolish the estate tax. The estate tax hits small businesses particularly hard. It hits agriculture particularly hard,” Fiorina said. “I keep stressing small businesses and family-owned businesses because they create two-thirds of new jobs in this country, they employ half the people. When you have a family-owned business that estate tax weighs heavily.”

The plan also includes offering a tax break incentive for businesses operating overseas to return to the United States or reinvest their overseas profits in the nation.

“We should allow companies to bring those profits home at a substantially reduced tax rate if they use that money to reinvest in capital equipment or to hire people,” she said. Also, she proposes a “10-year tax holiday” for a company that brings a factory back to the United States.

When it comes innovation, she supports making permanent the research and experimentation tax credit.

“If you ask Californians what the No. 1 issue on their minds is — regardless of their political persuasion — it is jobs,” she said.

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