My Tax Reform Plan, with a Business Perspective

The talk of tax reform in our nation's capital is commonplace. Unfortunately, there is just not much substance to back up the rhetoric. Tax reform is a bipartisan issue, but the United States tax code has not been overhauled since 1986.

My tax reform plan, called Jumpstart America, is more than just talk, and it is different from other proposals. First, I have transformed proven pro-growth policies into seven pieces of practical legislation. Second, rather than take on loopholes and deductions, my plan will cash flow small businesses to put Americans back to work, increase economic growth and restore opportunity for all.

Jumpstart America focuses on relieving Main Street American businesses of some of the obvious, but most costly, tax burdens. As a business owner, I have for far too long seen the firsthand effects of failed Washington policies on job creators.

Since 2008, the federal government has tried to artificially boost the economy with stimulus dollars, zero percent interest and tax increases. At best these methods put a temporary bandage on top of a flesh wound, and at worst they rob hardworking Americans of their hard-earned money, make it difficult for businesses to expand and create little incentive for people to work.

Last week the Obama Administration applauded the most recent jobs report, but the only reason the unemployment rate is going down is because millions of Americans are dropping out of the workforce.

No matter how this president wants to spin it, the fact is that the labor force participation rate is the lowest since 1977. For the first time in 35 years, the number of small business deaths have exceeded the number of small business births. This is unacceptable.

We're in dire need of a real jumpstart to our economy – no more artificial boosts and no more temporary bandages.

I am introducing one "Jumpstart America" bill per week. So far I have introduced two bills which will allow Americans to keep more of their hard-earned money and make the United States more competitive on the global stage.

My legislation will put a maximum 20 percent cap on individual tax rates for Americans who make up to one million dollars and implement a 30 percent cap for individuals who earn above that threshold. My second bill will lower the corporate tax rate to 20 percent.

Today, the U.S. has the highest corporate tax rate in the industrialized world. It's higher than the next four largest economies. If we're serious about keeping American businesses in America we must make the American business climate more attractive. It's that simple. For American businesses that have moved abroad, Jumpstart America will implement permanent repatriation to bring U.S. dollars and jobs back home where they belong.

Jumpstart America will keep LIFO accounting for those sectors that use it to measure financial performance and calculate taxes. It will give the option to continue normal depreciation or allow for a 100 percent write off on fixed asset purchases if taxpayers choose to do so. My plan will cut the capital gains tax and dividends tax to encourage investment.

Government should not be a burden on job growth, but right now it is.

Job creators need certainty, fairness and reliability from Washington, and right now they're not getting any of that. Jumpstart America will empower businesses to spend more of their income on American workers.

Let's remember, the greatest asset America has are its citizens who have made this country great, so let's put them to work.