From: The Honorable Roger Williams
Sent By: email@example.com
Per the Speaker’s announcement on the formation of the Tax Reform Task Force, I wanted to draw your attention to seven individual bills I have introduced. These seven bills make up my tax reform plan, Jumpstart America, which focuses on business proven tax concepts to boost the American economy. My plan won’t pick winners and losers, doesn’t create loopholes, and empowers small businesses and entrepreneurs. Each of the seven bills can be found below.
Jumpstart America is supported by: Americans for Tax Reform, former CBO Director Douglas Holtz-Eakin and former FDIC Chair Don Powell.
Individual – H.R. 2842, the Individual Rate Simplification Act of 2015:
This bill simplifies the individual tax code by setting the rate at 20% for the first $1 million earned and 30% for anything over $1 million. To make sure the most vulnerable are protected from a disproportionate tax rate, the 10% and 15% brackets will remain the same.
Corporate – H.R. 2946, the Incentivize Corporate America Act of 2015:
This bill reduces the corporate tax rate to 20%. The United States’ current 39.1% tax rate is the highest statutory rate of any developed country in the free world. Lowering that tax rate would incentivize corporations to move their business back to the U.S. – helping us regain our competitive edge in a global economy
Capital Gains – H.R. 3017, the Invest in America Act of 2015:
This bill cuts the capital gains and dividends tax to 15%. Extending these cuts to all investors will improve economic growth and stimulate future investments – helping the United States regain our competitive edge by moving cash flow away from the government and into the private sector.
Repatriation – H.R. 3083, the Bring Jobs Back to America Act of 2015:
This bill lowers the repatriation tax rate to 5% and make the process permanent instead of a holiday. As the title states, the goal of this bill is to bring jobs and investment back to the United States. The only rule is that companies cannot declare dividends on what they repatriate.
Depreciation – H.R. 3213 – Fixed Asset Relief Act of 2015:
This bill allows for the 100% depreciation of fixed assets – providing businesses the ability to deduct tangible personal property from the tax base in the year of purchase. Bonus depreciation reduces the tax bias against investment and allows businesses to create new jobs and put people to work.
Payroll – H.R. 3267, the Paycheck Relief Act of 2015:
This bill reduces Federal Insurance Contributions Act (FICA) tax rates on wage income and corresponding tax rates on self-employment income.
LIFO – H.CON.RES.69:
Expresses the sense of Congress that reform or repeal to the last-in, first-out (LIFO) method of accounting for inventories would cause irreparable and unnecessary damage to U.S. businesses.
I encourage all members interested in having real discussions on tax reform to cosponsor these bills and attend the Idea Forum on Tax Reform next week. For more information, or to become a cosponsor, please contact Nicole Lansford in my office atNicole.Lansford@mail.house.gov or X59896.
Member of Congress