U.S. Rep. Kevin Brady (TX-08) visited Coldspring on Aug. 8 to discuss his new tax reform initiative. Brady visited with citizens who gathered at Paradise Grille to hear his plan.
“For the first time, we’re getting the green light to do some bold things for our country,” said Brady.
According to Brady, many Republicans have come together on a solution to tax reform, which he hopes the House of Representatives can vote on next year.
“We don’t have to settle for this economy,” said Brady.
Some issues Brady hopes to address with the tax reform include finding more jobs for qualified, unemployed workers and also improving the overall economy on local and nationwide levels.
“For our local businesses, we proposed the lowest tax rates in modern history,” said Brady. “Right now, you’re saddled with one of the worst tax codes on the planet.”
The tax codes, according to Brady, have such a negative effect that “you couldn’t tell the difference between Bill Gates and Bill the plumber” despite obvious differences in assets and wealth.
“If you succeed and win, we tax you to bring your profits back and invest in Texas,” said Brady.
Another taxation issue involves various companies that are taxed higher for making their products within the United States borders. Taxation issues such as this have prompted many businesses to leave the nation and establish their headquarters elsewhere.
“Our goal is to bring them back,” said Brady. “They’re being forced to leave because they just can’t compete being an American company.”
Brady says the proposal will help both small businesses and corporations, giving options to write off equipment as tax deductible.
“For your small business, I don’t think there’s anything more important than stretching your cash,” said Brady.
The tax proposal is also expected to address the estate tax, more commonly known as the death tax. Brady says they are hoping to permanently kill the estate tax, which taxes inheritance.
Brady shared the tax foundation’s analysis that his proposal will generate more than 9 percent growth in the economy. He moved onto the second part of the tax reform proposal, regarding families and the complications of the current tax code.
“It’s 10 times the size of the Bible with none of the good news,” said Brady.
The tax reform proposal addresses this issue, bringing the tax code to a level of simplicity that can be fit onto a postcard.
“It’s good for our local economies as well,” said Brady.
One other major area the proposal is expected to hit is the IRS.
“We propose to break them up,” said Brady.
Part of this proposal involves establishing a family unit to answer questions about the tax code and focus on customer service, ultimately making the IRS work for the people instead of the other way around, according to Brady.
Brady concluded that he and other representatives need feedback from their supporters in order to finalize the proposal before presenting it to the House of Representatives.
“You’ve got to speak out,” said Brady.
For more information, go to waysandmeans.house.gov/taxreform