Read my plan to Jumpstart America here!
- Personal tax brackets cut to 20% and 30%
- Americans should keep more of their hard-earned money.
- Corporate tax rate lowered to 20%
- Cutting the corporate tax rate will spur job creation, encourage increased investment in research and infrastructure, make businesses more competitive worldwide, and lower the unemployment rate.
- Repatriation tax holiday at 5% rate
- High corporate tax rates encourage U.S. companies to store their earnings abroad instead of investing it in expansion and employment at home. This proposal allows for a permanent tax holiday to allow repatriation of funds at 5%, instead of 35%.
- Payroll tax cut for employers and employees of 2%
- Cutting payroll taxes boosts take-home pay for Americans. From 2011-2012, employees enjoyed a 2% payroll reduction (to 4.2%).
- Cut the Capital Gains and Dividends tax to 15% or 0%
- Cutting the capital gains and dividends tax will improve economic growth. Extending these cuts to all investors will help stimulate investment. 15% is recommended, but 0% is ideal.
- Make bonus depreciation permanent at a 100% level
- Allowing for 100% depreciation of fixed assets will allow businesses to deduct tangible personal property from the tax base in the year of purchase. Bonus depreciation reduces the tax bias against investment.
- Keep LIFO Accounting
- The Last In, First Out accounting method is a more accurate way of measuring financial performance and calculating taxes. Repealing LIFO would force companies using this method to report their LIFO reserves as income, resulting in a massive tax increase for both large and small businesses.