Rep. Williams: My plan to help victims of our nation’s disastrous tax policies
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.
When the man passed away, his business was passed along to his only child who wanted to continue in his father’s footsteps. After the funeral, while still in grief, the IRS came to collect 55 percent of the value of the business from the son. He nearly declared bankruptcy.
Unlike many other victims of the “death tax,” the son was able to pull enough resources together to keep his father’s business afloat.
Today, the son still runs his father’s car dealership and employs more than one hundred dedicated workers. That son is me.
To the average lawmaker on Capitol Hill, my story is unique. To the average hardworking American, my story is not.
The reality of our tax code is that it is a bloated, costly mess of business-killing measures that does nothing but line the pockets of an out-of-control, wasteful federal government that is 19 trillion dollars in debt.
As someone who has been in business for 44 years and now serves in Congress, I know this to be true firsthand.
While politicians – many of whom have never worked in the private sector, let alone owned a business themselves – devote all of their attention to Wall Street, they have forgotten about the 28 million small businesses that are forced to play defense every single day.
Instead of setting up American entrepreneurs for success, the U.S. government is constantly throwing barriers in front of them.
I first ran for Congress four years ago to fight for moms and dads who have risked everything to achieve the American dream. To fight for those who do not have the means to hire teams of lawyers and accountants to navigate our 70,000 page tax code and comply with unnecessary rules and regulations.
So last summer, I introduced seven bills that make up a comprehensive tax reform plan I call Jumpstart America. It will lower individual, corporate, payroll and capital gains taxes. It will allow for 100 percent expensing of fixed asset purchases and allow business owners to continue the use of the last in, first out method of accounting.
Jumpstart America will implement repatriation at 5 percent so U.S. companies are incentivized to return home.
As a business owner of many years, I have seen friends and colleagues lose gains earned from a lifetime of hard-work because of Washington’s failed tax policies that have not seen significant reform in 30 years.
It is for that reason that my plan calls for help for cash flowing middle class families and the businesses they run.
While certain presidential candidates are charging corporations for “destroying the moral fabric” of our great country, let us not forget, on this tax day, the hardest hit victims of our nation’s disastrous tax policies – hardworking American families and the small businesses that are run by them.
Republican Roger Williams represents Texas’s 25th congressional district in the U.S. House of Representatives where he serves as a member of the Financial Services Committee.