- 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.”
The House Ways and Means Committee is holding hearings on tax reform in advance of major restructuring next year should a Republican win the White House.
Today, Rep. Roger Williams presents his plan to the committee. The congressman’s Jumpstart America legislation is a good plan, but I would make it better in these ways:
• Individual Income Tax Rates. Williams would reduce the current seven tax rates (10, 15, 25, 28, 33, 35, and 39.6 percent) to four (10, 15, 20, and 30). I would go to two rates (10 and 25), as envisioned in a previous Paul Ryan tax plan.
Over the past year, Congressman Roger Williams (R-Texas) has introduced several pieces of legislation that together should serve as a model for pro-growth, conservative tax reform.
This package of legislation lowers individual and business income tax rates, reduces the capital gains tax and FICA/self-employment taxes, creates 100 percent, creates a 5 percent repatriation rate to bring back profits stranded overseas, and promotes pro-growth accounting methods.
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.