- 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.
- Eliminate the Inheritance tax
Instead of being burdened with the most unfair tax liability we have, we should allow Americans to expand their businesses. Eliminating this tax would create 1.5 million jobs.
- 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.
More on Tax Reform
WASHINGTON, DC – Congressman Roger Williams (R – Austin) took to the House floor to speak on tax reform.
Williams remarks are below:
WASHINGTON, DC – Congressman Roger Williams (R – Austin), a member of the House Financial Services Committee and a second generation small business owner, joined Squawk Box on CNBC Wednesday morning to discuss his tax reform plan, Jumpstart America.
Jumpstart America will do the following:
Cap Individual Tax Rate to 20% and 30% for those making more than $1 million/ year
Lower Corporate Tax Rate to 20%
Make Permanent a Repatriation Tax of 5%
WASHINGTON, DC – Congressman Roger Williams (R – Austin) Wednesday morning took to the floor of the U.S. House of Representatives to lay out his tax reform plan, Jumpstart America, before the new 115th Congress.
“My tax reform plan will simplify our tax code,” said Williams. “It will give job creators the tools they need to succeed and empower America’s greatest asset, its workers. My tax reform plan will do exactly what its name says it will do…Jumpstart America.”
WASHINGTON, DC – Congressman Roger Williams (R – Austin), a member of the Financial Services Committee and author of the tax reform plan Jumpstart America, today received the “114th Congress Tax Fighter Award” from the National Tax Limitation Committee (NTLC).
“Representative Williams has been a major asset to taxpayers all across America during his congressional service. He has had the courage to challenge the orthodoxy of Washington special interests,” said NTLC President Lewis Uhler.
Congressman Roger Williams (R-Austin) met with community and business leaders during a visit to Lampasas on Thursday.
Williams toured the Ajinomoto Windsor plant on the downtown square – one of the largest private employers in the city.
The congressman met with leaders of the food manufacturing company as well as representatives of the Lampasas Economic Development Corp.
COPPERAS COVE — During a tour of Central Texas this week that includes stops in Killeen, Gatesville and Copperas Cove, U.S. Rep, Roger Williams, R-Austin, said the American economy has not yet recovered.
“Today, there are 47 million people on food stamps, 15 percent of people in poverty, another 15 percent underemployed and 52 percent of college graduates that will be un- or underemployed for the next four years,” Williams told about 20 people Thursday during a Rotary Club meeting. “That’s not an economy.”
AUSTIN, TEXAS – Congressman Roger Williams (R – Austin) this morning joined Fox 7 Austin in studio.
# # #