- 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 young man opened a car dealership to realize the American dream. He built his business up from nothing. He worked hard and he created jobs.
He developed a good reputation in his community – so much so that he was asked to supply the cars during President John Kennedy’s tragic visit to Texas in November 1963.
WASHINGTON, D.C. – Congressman Roger Williams (R – Austin) Wednesday afternoon testified before the House Ways and Means Subcommittee on Tax Policy on his seven bill tax reform plan, Jumpstart America.
WASHINGTON, DC – Congressman Roger Williams (R – Austin) this afternoon will testify before the House Ways and Means Subcommittee on Tax Policy to speak on his seven bill tax reform plan, Jumpstart America.
Last month, taxpayer advocacy group, Americans for Tax Reform endorsed Williams’ tax plan as “a model for pro-growth, conservative tax reform.”
WASHINGTON, D.C. – Congressman Roger Williams (R-Texas), a member of the House Financial Services Committee, appeared on Sunday’s State of Texas: In Depth on KXAN Austin to discuss the state of the American economy, his background as a second generation small business owner and his seven bill tax reform plan called Jumpstart America.
Deficits are down and the stock market is up – that premature victory chant by President Barack Obama couldn’t be further from the truth today. The Dow Jones Industrial Average has plunged more than 2,000 points from its high, and according to the nonpartisan Congressional Budget Office (CBO), the federal government is projected to spend 544 billion dollars more than it will take in this fiscal year alone.
WASHINGTON, D.C. – Congressman Roger Williams (R-Texas) on Sunday joined Gromer Jeffers of The Dallas Morning News and Kristi Nelson of KXAS Dallas/ Fort Worth on Lone Star Politics to discuss his tax reform plan – Jumpstart America, Speaker of the House Paul Ryan and the budget deal recently passed by the House.
WASHINGTON, D.C. – Hours before a government shutdown, the U.S. House of Representatives passed a continuing resolution (CR) during the early morning hours on Thursday that will keep the government open and functioning through Dec. 11.
WASHINGTON, D.C. – Congressman Roger Williams (R-Texas), a small business owner and member of the House Financial Services Committee, this morning released the following statement after the U.S. Department of Labor released its monthly jobs report which fell below expectations.
AUSTIN, TEXAS – Congressman Roger Williams (R-Texas) addressed attendees at the 41st annual Independent Bankers Association of Texas convention in Galveston Monday.
Williams, a small business owner and member of the House Financial Services Committee, spoke on harmful federal policies affecting community banks and credit unions and the small business community and discussed his legislation designed to correct them.
House Ways and Means Chairman Paul D. Ryan, R-Wis., will face competition from conservative rivals as he tries to develop a plan to fund highways with revenue from repatriating $2.1 trillion in corporate earnings held offshore at lower rates than envisioned in the administration's fiscal 2016 budget.