We are an over-taxed nation. Families and businesses send too much of their money to Washington and Congress hasn’t spent it wisely enough.
One of my top priorities in Congress is to lower the tax burden on American families and ensure small businesses have the capital they need to be successful and create jobs. My position as a senior member of the Committee on Ways and Means has enabled me to have a direct impact on our nation’s tax laws and fight against tax increases. As you know, my preference is replace the complicated tax code we have with a Fair Tax that ends the need for a massive tax bureaucracy. In lieu of ending the tax code, I am for pro-growth tax reform that creates more taxpayers and makes it easier to file and pay taxes in America.
Some of my tax achievements include:
Restoring the State and Local Sales Tax Deduction: In 1986, Congress repealed the ability for taxpayers to deduct sales taxes from their federal income tax, while allowing them to continue to deduct state income taxes. This was unfair to taxpayers in states that do not have a state income tax, like Texas, and I fought to restore the deduction.
Starting in 2004, Texans were once again able to deduct their sales taxes, saving families $1.2 billion per year! Congress has extended the benefit through 2011, but my bill, HR 476, amends the Internal Revenue Code to make this deduction permanent.
Fighting to End the Death Tax Permanently: One of my goals in Congress is to permanently bury the Death Tax. Under the Bush Tax Cuts, Congress phased it out temporarily, but it is back albeit at a lower rate than before. My bill, HR 1259, the Death Tax Repeal Permanency Act of 2011, currently has well over 200 co-sponsors.
Fighting for the Freedom to Invest in America: HR 1834, My Freedom to Invest Act of 2011, brings down an onerous tax gate so our American businesses that successfully complete globally can invest their profits here at home on new jobs, new equipment and new facilities. My bill has well over 100 co-sponsors and counting because it would be an trillion dollar plus stimulus without a single tax dollar.
Preventing tax increases for Texas energy companies: Countless times this Congress, leaders have tried to raise taxes on traditional energy producers to punish them for high prices at the pump. In Texas, we know better. Our energy companies create thousands of jobs, and raising their taxes on them will only reduce the incentive to produce more American-made energy here at home. I have fought time and time again against these tax increases, and have successfully kept them from becoming law.
Preventing tax increases for Real Estate companies: This Congress has proposed to raise taxes on real estate companies at a time when real estate workers are hurting – badly. It’s the Washington way of kicking you when you’re down. I’ve fought against these increases by offering amendments to legislation considered by the House Ways and Means Committee.
Supporting American Innovation and Research: My bill, HR 942, the American Research and Competitiveness Act of 2011 would amends the Internal Revenue Code to: (1) extend through December 31, 2012, the tax credit for increasing research activities here at home; and (2) increase the rate of the alternative simplified tax credit to 20% and make such important research and development tax credits permanent.
Ensuring Fair Treatment for Timber Producers: East Texas timber companies owe less in taxes, thanks to a law that treats all long-term corporate timber sales the same by applying a 15% tax rate to time held for at least 15 years. I have supported a permanent extension.