|
Top Issues
|
Your Taxes
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 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.
Some of my 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Restoring the State and Local Sales Tax Deduction: In 1986, Congress repealed the ability for taxpayers to deduct sales taxes from their federal income tax, while allowing them to continue to deduct state income taxes.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 could once again deduct their sales taxes, saving families $1.2 billion per year! Congress extended the benefit for an additional two years, 2008 and 2009. I have authored legislation, H.R. 60, with my colleague Rep. Brian Baird to make this deduction permanent. Ensuring Fair Treatment for Timber Producers: East Texas timber companies will owe less in taxes in 2008, thanks to a new law that treat 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 of this benefit, in H.R. 6896, the Timber Revitalization and Economic Enhancement Act, or TREE Act. 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.
And I continue to advocate for these bills:
Incentivizing Freight Rail Expansion to Reduce Highway Congestion: I’m a strong supporter of legislation, the Freight Rail Infrastructure Capacity Expansion Act, to create tax incentives for investors to build more freight railroads. As congested as our highways are today, experts predict that in just 12 years, 6.6 billion more tons of freight will move over our roads. Our transportation challenge for the future isn’t just cars – it’s cargo.
Freight rail is an important part of the answer. One rail train can take 280 trucks off the road. And just one train can haul a ton of freight on just one gallon of diesel. Read more about our transportation challenges and how freight rail can help in my opinion piece here.
Providing extra help for college students: I have authored legislation, H.R. 5269, to expand what students, their spouses, or parents are able to claim toward the Hope Scholarship tax credit. Under current law, qualifying individuals are able to claim tuition and fees against the tax credit, but not related educational expenses, such as room and board, books and supplies, and child care. My bill would qualify those remaining expenses. It is endorsed by the American Association of Community Colleges.
Incentivizing biotechnology upstarts: The American Life Sciences Competitiveness Act of 2007 will provide tax incentives to help small- and medium-sized biotechnology and medical device companies grow. These types of companies face unique roadblocks, including high research and development costs that can take decades to realize. This bill will help them better weather those early years, and incentivize innovators to continue with their life-saving research.
To learn more about these tax incentives and the life sciences industry, please read my Congressional Record statement.
To learn more about how biotechnology is growing in Texas, please click here.
|
