For those of you follow news on the hill regularly will be familiar with the latest piece of legislation introduced by Congressman Eric Cantor, the Middle Class Jobs Protection Act (H.R. 4995).

For those of you who aren’t familiar with the legislation, if passed in its current form, will essentially reduce the corporate tax rate from its current level of 35% to 25%.

Beyond the rate cut, this proposal will also allow a variety of other perks for business owners, such as allowing a five year carry back of Net Operating Losses as well as a carry back of tax credits for three years.

If delivered the right way, this is a proposal that I think could make serious progress in the House. With the economy in its current state, this legislation is almost certainly going to be well received by economists who have been informing congress for awhile now that action needs to be taken.

Furthermore, this seems like a decent compromise to the varying proposals that were floating around the Hill just before the Alternative Minimum Tax (AMT) was to expire.

This legislation already has some strong support on the Republican side, including Jeb Hensarling, Kay Granger, Jim Jordan, Michele Bachman and John Campbell.

While Cantor has some strong, fiscally sound conservatives on board, I think they are going to need other champions of conservative fiscal policy, as well as leaders who can help deliver this legislation better.

To really beef this up, I think that having a young gun like Paul Ryan and/or Jeff Flake added to the mix will really give this some legs. Paul Ryan to be the smart, young, nice guy who everyone likes to get the signatures and Jeff Flake to get in the faces of people Paul Ryan isn’t successful with. The killer combo

Speaking of Jeff Flake, if you haven’t done so already, please visit makeitflake.com and add your name to the growing list of Americans who believe that Jeff Flake will bring the earmark cutting leadership that the GOP needs on the Appropriations Committee.

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