On Wednesday, the House Ways and Means Subcommittee on Tax Policy held its second hearing on reform America’s tax code. At the hearing, Congressmen Bob Goodlatte (R-Va.) and Roger Williams (R-Texas) presented legislative proposals to reform the income-tax system so that it is fairer and simpler for taxpayers. AGC will continue to monitor these legislative proposals and promote reforms that provide clarity, simplicity and certainty for construction firms.
Rep. Goodlatte’s Tax Code Termination Act sets a “termination” date for the current tax code to hold policymakers accountable for delivering on comprehensive tax reform. The legislation has the support of over 130 members of Congress (including Chairman Kevin Brady), requires the existing tax system to sunset by the end of 2019, and instructs Congress to develop and approve a new federal tax system by July 4, 2019.
Rep. Williams discussed how his plan known as the Jumpstart America Act, would reform the current income-tax system with provisions such as:
- Personal tax brackets cut to 20 percent and 30 percent
- Corporate tax rate lowered to 20 percent
- Repatriation tax holiday at 5 percent rate
- Payroll tax cut for employers and employees of 2 percent
- Cuts the Capital Gains and Dividends tax to 15 percent
- Eliminates the Inheritance tax
- Makes bonus depreciation permanent at a 100 percent level
For more information, please contact Brian Lenihan at email@example.com or (202) 547-4733.