The American Option: A Jobs Plan That Works exerpts: This bill is not a stimulus, ladies and gentlemen; it is a mugging. It is a fraud. Conservatives who fear proponents of this bill want to inch our economy closer to European-style socialism are kidding themselves. The proponents of this bill want to strap a big rocket on the back of our economy and launch it all the way to Brussels! This massive spending bill is fatally flawed. It will not rescue our economy; it will strangle it. That is why this bill must be stopped dead in its tracks. It cannot be fixed in the Senate by adding a few tax cuts or taking away a little spending. It must be scrapped entirely. Fortunately, there is another way. A better way. A way that will actually stimulate the economy, spur investment, and create jobs. A way that will permanently keep billions of dollars--immediately--in the private sector: in the hands of Americans who buy goods, provide services, start businesses, and hire employees. Call it "The American Option." It is not innovative or particularly clever. In fact, it's only 11 pages. But it will work. And it is based on proven American principles of freedom and the opportunity to succeed. The plan--developed by scholars J. D. Foster and William Beach here at The Heritage Foundation--is the best anyone has proposed since the recession first took hold. I have adopted the plan and will offer it on the Senate floor next week as a substitute. The idea is simple: first, make the temporary tax cuts of 2001 and 2003--now set to expire in 2011--permanent. Short-term tax relief, of the sort envisioned by the Democrats' plan does not stimulate economic growth. To further simplify and improve the code, our plan would also: permanently repeal the alternative minimum tax once and for all; permanently maintain the capital gains and dividends taxes at 15 percent; permanently kill the Death Tax for estates under $5 million, and cut the tax rate to 15 percent for those above; permanently extend the $1,000-per-child tax credit; permanently repeal the marriage tax penalty; permanently limit itemized deductions to home mortgage interest and charitable contributions. The Heritage Center for Data Analysis widely respected economic forecasting model projects this plan would create nearly 500,000 jobs this year, 1.3 million next year, 7.5 million by 2013, and a total of nearly 18 million jobs over the next decade.