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Taxes & Economic Growth Economic stimulus is crucial to both our national and domestic security. United States' strength is drawn from a robust and healthy economy. America has the fastest-growing economy of any major industrialized nation in the world. Since September 2003, the U.S. has created 7.6 million jobs; there have been 42 consecutive months of job creation. The economy grew at a 3.3% rate during 2006; which is well above the 30-year average of 3.1 %. After-tax income is up by over 10% since the end of 2000, and household wealth is at an all-time high. Inflation, interest rates, and mortgage rates remain at low levels while homeownership rates are at record highs. The Dallas-Fort Worth Metroplex ranked second in the U.S. on job growth in 2005. That impressive job growth has continued: between February 2006 and February 2007, 66,600 new jobs have been created in the Metroplex. I will continue to support policies, like health care reform and tax reform, which will encourage current and future economic growth. Tax Reform The goal of the Freedom Flat Tax Act is to encourage people to make financial decisions based on common-sense economics, rather than the tax code. It would eliminate the marriage penalty, repeal the death tax, abolish the punitive Alternative Minimum Tax (AMT), and eliminate the double taxation of savings and investment income. Eliminating the current tax code's bias against savings and investment and permitting the immediate expensing of business capital equipment will make a substantial positive impact on the U.S. economy. I will be working with other supporters of fundamental tax reform in order to ensure that Americans get the simple, fair, and pro-growth tax code that they deserve. My flat tax legislation would simplify and restore fairness to the tax code by eliminating credits and deductions, while giving back time to American families. Death Tax Marriage Penalty Alternative Minimum Tax (AMT) Federal Sales Tax Deductibility for Texans In December 2006, the 109th Congress passed legislation (H.R. 6111) extending this deduction to tax years 2006 and 2007. I voted in favor of this important legislation. I will continue to advocate in favor of permanently restoring this tax deduction. Unfortunately, government regulation and required paperwork unnecessarily weigh down small businesses. I support legislation that will force the government to reduce the paperwork burden on small businesses and give businesses relief from burdensome government regulations. Small businesses are also held back by over-burdensome taxes since most small businesses pay taxes at the individual rates. I strongly support legislation which will reduce the tax rates for all Americans that pay income taxes and will provide needed relief to our nation's small businesses. That is why I am advocate for extending the higher small business expensing limit of $100,000, which was originally passed as part of the President's 2001 and 2003 tax cuts. Between 2000 and 2003, medical expenditures per person increased by 24 percent. By 2012, health care spending per person is expected to double. Small businesses are hit especially hard by increases in the cost of health care. Small firms consistently report that rising health costs are the leading factor behind not covering their employees. Congress is pursuing an aggressive agenda to help contain health care costs so more Americans have access to affordable health care. In 2003, included in the Medicare Modernization Act, Congress dramatically reformed consumer-based health accounts called Medical Savings Accounts. The new accounts, called Health Savings Accounts (HSAs), allow individuals and families to accumulate tax-free assets devoted to their health needs. HSAs should be especially attractive to small businesses because decisions regarding covered services are largely made by the employee who picks and chooses what medical services they want to pay for out of their accounts. The individual owns the account. The savings follow the individual from job to job and into retirement. The flexibility and asset accumulation characteristics of these accounts will help millions of Americans save for the health needs. I strongly support the creation and implementation of HSAs. I also strongly support allowing small businesses to pool their employees in Association Health Plans (AHPs). AHPs will provide small businesses the opportunity to band together through trade and professional associations to purchase affordable health benefits. By joining together, small employers will enjoy greater bargaining power, economies of scale, and administrative efficiencies. AHPs will level the playing field and give participating small employers the same advantages as larger employers and employers who provide benefits through Taft-Hartley plans (plans sponsored jointly by a union and two or more employers). These plans will allow bona fide trade and professional organizations to offer health benefits to their memberships under uniform federal regulation. AHPs also will help small businesses lower their administrative costs and receive more favorable treatment from insurers. In addition, by operating under federal law, AHPs can avoid the cost of state benefit mandates. For more information, visit the following links: U.S. Department of Labor Related Documents:
Floor Statements
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Stimulus Package Worth Voting For
4.15.2008
Related Files:
Flat Tax Mailer
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