We asked the major candidates for the California U.S. Senate seat, “Why should businesspeople vote for you?” Here are their submissions
By Dianne Feinstein
In 1992, when I began serving in the Senate, the federal government was running a record $290 billion deficit. For the past three years, we have been running record surpluses, which the non-partisan Congressional Budget Office projects will produce a $4.5 trillion surplus over the next decade.
A major issue facing this nation is how to use the surplus our economic prosperity has created.
First and foremost, we must use part of the surplus to protect Social Security and Medicare. Nearly $2.2 trillion of the surplus comes from the Social Security Trust Fund, and should only be used to ensure its solvency. Another $403 billion is generated by Medicare and should be dedicated for strengthening Medicare.
By using these funds as they were intended, we can extend the solvency of Social Security for over half a century to 2057 and Medicare to 2030. That leaves $1.9 trillion in surplus over the next decade. It is important to keep in mind that this is only a projection and is not guaranteed.
Next, we should pay down the national debt. Through continued discipline, we could eliminate all publicly held debt by 2012, for the only time since 1835, when Andrew Jackson was president.
I also believe that we can, and should, return part of the surplus to the taxpayers who helped create it. That is why I supported ending the marriage penalty tax and repealing the estate tax, which, I believe, are fundamentally unfair.
I also support a targeted tax cut of approximately $450 billion. However, passing a tax cut of more than $1 trillion based on a budget surplus that has not, and may not, materialize runs the risk of undermining our fiscal discipline.
I have worked across the political aisle to promote responsible stewardship of the economy, including:
n Supporting making permanent the research and development tax credit, which is one of the most important tools we can offer business. Research and development has been the lifeblood of high technology growth, allowing many companies the ability to undertake long-range research in cutting-edge technologies.
n Serving as the major Democratic co-sponsor of the Y2K bill, which limited the potential flood of frivolous lawsuits stemming from the Year 2000 computer problem. Its passage was critical to California, where over 20% of the nation’s high-technology jobs are located.
n Co-authoring with Sen. Grassley (R-Iowa) the Tax Relief for Working Americans Act, which calls for a targeted tax cut. It would make permanent the R & D; tax credit, and provide tax incentives for Americans who purchase their own health insurance or pay more than 50% of their employer-provided healthcare insurance.
n Co-sponsoring of the Security Reform Act, which limits the amount for which a litigant can sue in tort cases. I also voted to override the president’s veto of this bill.
I am seeking re-election to continue to pursue a common-sense reform agenda and to help all Californians become economically upwardly mobile.
During the next Congress I will continue to fight to ensure fiscal prudence, work to increase standards and accountability in education, work to end social promotion for students who are unable to master curricula, enact a voluntary prescription drug benefit, and pass a real Patient’s Bill of Rights that gives doctors and patients the authority to make medical decisions, not HMO bureaucrats.
I have been proud to serve California for the past eight years, and I ask for your support so that I may serve our state for another six years.
U.S. Sen. Feinstein, of San Francisco, is the Democrat incumbent. She is seeking her second full term.
By Tom Campbell
As a candidate for the United States Senate, I believe that California deserves an independent leader who will promote responsible government. As the representative of Silicon Valley in Congress for the past five years, I’m an advocate for the issues that are important to the business community. I’ve worked to modernize our patent system and have advocated tort and securities litigation reform.
As California’s next U.S. senator, I will continue to work to achieve the reforms that will encourage growth and investment in the innovative industries that make Silicon Valley the envy of the nation.
The Congressional Budget Office is projecting record surpluses for the next decade, and much of this year’s debate has centered around what to do with this money. My first priority is to pay down the national debt. This is critically important for reducing long-term interest and mortgage rates, and we have a moral obligation to our children and grandchildren.
There are also specific tax reforms that I feel are fair and necessary.
I support an immediate 50% cut in the capital gains tax. Reducing the capital gains tax has been shown by past experience to stimulate investment while at the same time increasing government revenue.
I also support the permanent extension of the R & D; tax credit. The periodic review process is cumbersome and should be done away with in favor of making this tax credit, which by definition stimulates the research and development that are critical to Silicon Valley, permanent.
Finally, I support a repeal of the death tax, which is regressive and cruel. It punishes people for saving and for looking out for the interests of their children. No one should have to face a crushing tax burden that falls upon them at one of the most difficult times in life, the death of their parents.
There are those, including Sen. Feinstein, who have supported increased federal censorship of the Internet. In fact, The Yahoo! Poll in 1999 rated Sen. Feinstein the Senator “most hostile” to the Internet. I am strongly opposed to federal regulation of Internet content and any other form of federal Internet censorship.
I have also opposed this administration’s efforts to gain access to a private citizen’s encrypted Internet communications. While a balance must be struck between the right to privacy and the necessities of effective law enforcement, I disagree with the administration and Sen. Feinstein and will continue to oppose giving government a key to read all of our files.
I have always been an advocate of free trade and opening foreign markets to American goods. Last year, the Cato Institute rated me as the No. 1 free trader in Congress. I supported NAFTA and permanent normalized trade relations with China. At the same time, I have also been a consistent advocate of open and normal trade relations with Cuba and Vietnam. Sen. Feinstein opposed NAFTA, and has been inconsistent in her support of free trade. If elected senator, I will work to increase open and free trade with all our major trade partners.
These are just a few of the major issues that will impact our innovative community this election year. Having been fortunate enough to represent Silicon Valley in Congress for the last five years, I have made it a priority to form a partnership between government and business that benefits both sides. As California’s next U. S. senator I will continue to work hard to achieve this goal.
Rep. Campbell, of Santa Clara, is the Republican challenger for the California U.S. Senate seat. He is also a tenured professor at Stanford University.
