A Quote by Todd Tiahrt
Additionally, this tax forces family businesses to invest in Uncle Sam rather than the economy. When families are forced to repurchase businesses because of the death tax, that means less money is being invested in new jobs and capital expansion.
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My tax plan will cut taxes for 95 percent of workers, because we need to put money back into the pockets of struggling middle-class families and close the egregious tax loopholes that have exploded over the last eight years. My plan eliminates capital gains taxes entirely for the small businesses and start-ups that are the backbone of our economy, as opposed to John McCain's plan, which would tax these businesses. John McCain is running to serve out a third Bush term. But the truth is, when it comes to taxes, that's not being fair to George Bush.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
And what's interesting, and I don't think a lot of Americans understand this fact, is that, one, most new jobs are created by small businesses; two, most small businesses pay tax at the individual income tax, or many small businesses pay tax there.
My constituents in Kansas know the death tax is a duplicative tax on small businesses and family farms that, in many cases, families have spent generations building.
One way we gave small businesses more money to invest was by extending tax provisions on expensing. This allows businesses to immediately write off things like equipment, without being burdened by depreciation requirements.
First thing we're going to do with the benefits of tax reform is we're going to invest in innovation. We're going to invest in capital, new product lines. It's going to create more manufacturing jobs and our shareholders are going to benefit, too. We're going to improve dividends, share repurchase.
The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.
The death tax destroys family businesses and stifles investment that leads to increases in jobs and personal income. As a result, 70 percent of family-owned businesses are not passed on to the next generation and 87 percent do not make it to the third generation.
The other thing that's really important in tax reform is making sure that we don't tax American businesses at much higher tax rates than our foreign competitors tax theirs. It is costing us jobs. It's one of the reasons all these American companies are moving overseas.
When the government takes more money out of the pockets of middle class Americans, entrepreneurs, and businesses, it lessens the available cash flow for people to spend on goods and services, less money to start businesses, and less money for businesses to expand - i.e. creating new jobs and hiring people.
The Death Tax destroys American jobs and cripples small businesses and family farms.
Every day we let this Brexit mess go on means less money being invested in the UK, fewer jobs being created and less tax revenue to pay for our public services.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
I don't know why anyone would want businesses and families and individuals nationwide to suffer. But by voting against tax reform, Democrats showed that was exactly what they stand for: less money for families and more money into Washington, D.C.
We can lift standards of living for working families in this country. We can help small businesses create jobs. And we can have a beneficial impact on the economy as a whole if we do tax reform right.
The Tax Cuts and Jobs Act is a strong start to help Mississippi families keep more of their hard-earned money and to help small businesses create jobs.
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