Taxes affect all of us and ensuring that taxes remain low is an important part of my work in Congress.
I strongly support a pro-growth comprehensive tax reform package that will help create American jobs, grow the economy and ensure individuals and small business owners are treated fairly.
Our current tax code is too long, too complex and is a drag on the economy. The current tax code is over four million words – longer than the bible and growing every day. The last time comprehensive tax reform passed Congress was in 1986 under President Ronald Reagan.
As a result, American families and small businesses spend countless hours each year filing their taxes. I have long supported an approach that not only makes the tax code and the tax filing process simpler, but also keeps more money where it belongs: in your pocket.
We must simplify the tax code and lower the overall tax rate for both individuals and small businesses. We must also streamline other areas, including the collection, enforcement and filing process.
In order to continue to innovate and grow, American businesses need to compete on a level playing field. The United States currently has one of the highest tax rates for businesses in the world. Eliminating loopholes and lowering the effective tax rate will encourage job creators to reinvest more money in the economy, promoting a healthy economy for all Americans and broadening the tax base.
As a small business owner for over 20 years, I understand the importance of supporting our nation’s entrepreneurs and reducing the federal burdens placed on them. By supporting small businesses, we open new markets for American products, decrease prices for consumers and create better American jobs.
All too often, I hear from small business owners about the federal government’s over-burdensome tax code and the fear they have about the devastating impact irresponsible political rhetoric will have on the way their business operates.
The bottom line is that we must reduce the income tax rates for all Americans. Because so many small business owners pay taxes as individuals, lower individual tax rates will provide tremendous relief to local job creators and help spark economic activity in our District and across the country.
More on Taxes
For those of you who are trying to figure out what all the last-minute payroll tax cut negotiations were about, here it is:
The United States has one of the highest corporate tax rates in the world. With the size of our economy it is hard to believe that we tax our entrepreneurs so much more than in other countries such as China, Brazil, and Israel. But because businesses today are so global, there is more choice on where a company can operate and where they can keep their profits.
President Obama’s “American Jobs Act” could end up killing jobs. To pay for the Jobs Bill, the administration’s proposed tax hike on the “rich” will end up raising taxes on small business owners, who we are relying on to bring our economy back. It is important to understand what his proposals really mean.
The bipartisan Joint Select Committee on Deficit Reduction – better known as the “Super Committee” – is in full swing. The committee has met twice so far, and just held their first hearing on Tuesday. They have their work cut out for them over the next few months. Here are some important dates to keep in mind as the Super Committee does its work:
November 23: Deadline for Super Committee to vote on legislative proposals
December 2: Deadline for Super Committee to formally submit legislation to Congress
In February 2009, the Democrats passed the $787 billion stimulus bill. The Administration pitched this to Congress and taxpayers as spending money to generate jobs. I voted no.
Predictions were made on both sides of the aisle of what the outcome would be. In 2009, I wrote in an e-newsletter that the 625 predicted jobs in the 12th Congressional district would cost taxpayers $306,000 per job. Two years later we have the cost per job provided by the Administration - our predictions were not that far off.
"Now, my administration has a job to do as well, and that job is to get this economy back on its feet. " – President Obama, July 2009
Since 2009 the administration has borrowed, spent, and taxed, sending our national debt $3.7 trillion deeper in the red. Even after all the stimulus packages and bailouts, our economy lost over 2 million more jobs. May’s unemployment statistics are yet another reminder of the long way we have to go in our economic recovery.
Since coming to Congress I have worked on a prominent urban waterfront project called Trinity River Vision. Recently, I have been asked questions about a funding issue regarding this project. Please pass this on should you hear of anyone who needs clarification.
“The TRV Project has increased my water bill.”
Six years ago, the City of Fort Worth added a “Storm Water Fee” to the City water bill. Not a single cent of that fee goes to the TRV project. The fee is to make improvements to the drainage system throughout the entire city.
Federal funding to keep the government open is about to run out. This situation could have been prevented. If Congress is unable to reach an agreement with the White House, the federal government will be shutdown tonight at midnight eastern time. Senate leadership has refused to make any serious effort to keep the doors open. They have refused to pass a spending bill that would cut just one percent of our federal spending for this fiscal year. The ball has been in the Senate’s court for weeks now and they have refused to act.