- 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
In 1939 a man started a car dealership to realize the American dream. When he died the ownership of the business was passed along to his son and so was a death tax liability equal to a significant value of the business’ worth.
The son nearly declared bankruptcy.
Fortunately, he was able to pull the resources together to keep his father’s dealership afloat. He still runs the dealership to this day and has more than 100 employees.
That son is me.
Under the control of Senate Democrats, “The Senate went three months this spring without voting on a single legislative amendment, the nitty-gritty kind of work usually at the heart of congressional lawmaking,” The Washington Post reports. “So few bills have been approved this year, and so little else has gotten done, that many senators say they are spending most of their time on insignificant and unrewarding work.”
Today, the Congressional Budget Office (CBO) released its annual Long-Term Budget Outlook, which had some sober news for the American people.
Key points from CBO’s Long-Term Budget Outlook:
Federal Debt Is Soaring: The debt has doubled since the onset of the financial crisis, and CBO concludes the growth in the debt is “unsustainable.”
Now Is the Time to Act: CBO says that prompt decisions to rein in future deficits would expand employment and economic growth.
Today, U.S. Congressman Roger Williams (R-TX) received the Spirit of Enterprise award from the U.S. Chamber of Commerce for his work in the 113th Congress. This award is given to members in recognition of their support of pro-growth, pro-jobs policies.
Congressman Roger Williams (TX-25), a business owner of 42 years, issued the following statement in response to President Obama’s newly introduced budget.
You can see the online version here.
Updates and Accomplishments
This week, National Journal released its annual rankings for members of Congress, and I was ranked as the 13th most conservative representative out of 435 members.
This week, Congressman Roger Williams (TX-25) released his first annual Year End Annual Report detailing his legislative work and constituent services. Read the report here.
The report begins with a snapshot of 2013 Accomplishments listed below.
· Participated in 9 hearings, 23 committee meetings, and 1 markup in the House Budget Committee
Today, Congressman Roger Williams (TX-25) issued the following statement after the House passed the Consolidated Appropriations Act of 2014.
“The folks in Texas’ 25th District have made it loud and clear that this bill isn’t right for Texas and isn’t right for America. This omnibus bill does nothing to rein in out-of-control Washington spending and will end up hurting small businesses. As a business owner of 42 years, I can tell you the two most harmful laws for job creators are Obamacare and Dodd-Frank – both of which are funded in this bill.
As you know, the House passed a two-year budget deal authored by House Budget Chairman Paul Ryan and Senate Budget Committee Chairman Patty Murray. I supported this bill because I believe it is important to get on a budget process that cuts spending, helps the military, reduces the deficit, doesn’t raise taxes, and stops the pattern of passing CR after CR. This Congress and administration have done so for the last five years. That’s not good for business.
Congressman Roger Williams (TX-25) issued the following statement after voting for the Ryan/Murray budget deal which passed the House on a bipartisan vote on 332-94.