- 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, D.C. – Congressman Roger Williams (R-Texas), a member of the House Financial Services Committee, spoke with Augusta Cassada of OAN (One America News Network) about his vote to repeal the death tax and how the tax directly affected his family business.
“We came close to declaring bankruptcy,” said Williams, whose death tax liability was equal to a significant value of the business’ worth. “That is money I could have given to my church, money I could have put into a business to create more jobs, create more taxpayers.”
Austin, Texas – Congressman Roger Williams (R-Texas), a member of the House Financial Services Committee, joined Stuart Varney on Fox Business Network Friday to discuss the House vote to repeal the death tax and how the tax has impacted him, a second generation business owner.
“Shortly after they (my parents) passed away the IRS was in my office,” said Williams. “I had to consider declaring bankruptcy. It is double taxation…it’s just wrong, and it’s capital that could go into our economy to help create jobs. It’s a job destroyer.
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.
WASHINGTON, D.C. – Congressman Roger Williams (R-Texas), a small business owner of more than 40 years and a member of the House Financial Services Committee, today released the following video message urging a repeal of the estate tax which is scheduled to come up for a vote in the House of Representatives this week.
“The estate tax, otherwise known as the death tax, is one of the most unfair taxes implemented by the U.S. government,” said Williams. “Not only does it hinder job growth, it is double taxation that tears apart family businesses.
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