- 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
Last week in Washington was a busy one. Fighting for a simpler and fairer financial system continues to be a top priority on my legislative agenda, and I will not stop until we have true tax reform. As I've said before, the Budget Resolution for Fiscal Year 2018 was the gateway to tax reform, and the House did its job - we are now waiting on our Senate counterparts to do the same so we can get this ball rolling.
National Flood Insurance Program (NFIP) Update
As we arrive back in Washington today, my focus continues to be on fighting for economic freedom from our overburdening tax system. As I have said for years, we have to simplify our system and lower our rates to put more money back in the pockets of hardworking Americans like yourself. Here are some highlights from last week and the week ahead that I'd like you to be aware of:
Tax Reform Update
WASHINGTON, DC – U.S. Congressman Roger Williams (R – Austin), released the following statement today after the passage of H. Con. Res. 71, the House Budget for Fiscal Year 2018.
We're back in Washington and I am continuing to push hard for real changes up here that will benefit all Americans. Here are some highlights I want you to be aware of:
Tax Reform Update
WASHINGTON, DC – U.S. Congressman Roger Williams (R – Austin), a small business owner and employer for 43 years, released the following statement Wednesday after House Republicans released the Unified Framework for Fixing our Broken Tax Code:
Last week I traveled across the 25th Congressional District of Texas, and am happy to report that I was able to complete our summer tour of all 13 counties. Here are some highlights from the past week:
We are back in Washington this week after the conclusion of the August district work period. I’d like to take a moment to share with you what my team and I have been up to:
In the past five weeks, we have crisscrossed the 13 counties in our district - from Tarrant County in the north, down to Hays County in the south - which includes much of the Texas Hill Country and Austin. The August District Work Period is my favorite time of the year because I get to go back to Texas and meet with our constituents to discuss what is important to you all.
Congressman Roger Williams told Burnet County elected officials Thursday, Aug. 17, he wants to see Congress enact tax reform that would help their constituents where they need it most — by putting money back in their pockets.
Williams met with Burnet County elected officials at the Highlander restaurant in Burnet to discuss several important issues.
We've got the highest tax rate in the world and we wonder why jobs leave here, people leave here and they don't come back and so forth,” Williams said. “It's because were not competitive at all.