It's Time for Tax Reform
As a member of the House Financial Services Committee and a second generation small business owner, I joined Squawk Box on CNBC last week to discuss my tax reform plan, Jumpstart America.
Click here or on the image above to watch me on CNBC.
My plan, Jumpstart America, will do the following:
Cap federal individual income tax rate to 20%; and 30% for those making over $1 million a year
Lower corporate tax rate to 20%
Make permanent a repatriation tax of 5%
Preserve LIFO accounting
Lower capital gains and dividends tax rate to 15%
Allow for 100% expensing of fixed asset purchases
Implement payroll tax cut of 2% for employee and employer
Repeal inheritance tax
Jumpstart America is supported by Americans for Tax Reform and former Congressional Budget Office director, Douglas Holtz-Eakin.
Last week I went to the House floor to speak on tax reform. You can click here or on the image above to watch. My remarks are below:
“Mr. Speaker, I rise today to speak on tax reform. Many of my colleagues know this is a matter that I am the most passionate about. Mr. Speaker, I am a second-generation small business owner, and my daughters are third generation. I understand, firsthand, the impact that unfair, job killing taxes and regulations have on Main Street. I know what it’s like to nearly lose a family business that was built from the ground up, just because the federal government believes in a death tax. This, my friends, is a tax that strips families of the American dream they worked so hard to achieve. The inheritance tax takes money from folks who know how to use it to create jobs and donate to charities and puts it in the hands of those responsible for a 20 trillion dollar national debt. Mr. Speaker, I came up here to speak on behalf of the job creators that employ more than half of America’s workforce. These are the men and women who suffer directly from politicians’ knee-jerk reactions – politicians who have never met a payroll and have never worked in the private sector. Congress has talked about tax reform for decades, but we haven’t seen major reforms in 30 years. Well, again, I am asking this Congress and this president to act now.”
To get the most up to date information on upcoming interviews, meetings, and what I am doing for you in Washington, please consider following me on Twitter and Facebook.
Member of Congress