Taxes

Taxes

Taxes

Our nation has a spending problem – not a taxing problem.  At the beginning of the 20thcentury, federal taxes equated to 3% of our economic output (the Gross Domestic Product (GDP.) Today, federal taxes account for 18% of GDP and total more than 67,000 pages of regulations.  The top federal tax rate is 35% for individuals; more than 1/3 of an individual's income.

State taxes have also grown at an alarming rate. According to the Tax Foundation, California ranks 48th for state business taxes – only the state of New York and New Jersey have less favorable business tax climates.  As a former small business owner, I know firsthand the burden government regulations have on business growth and job creation. Add the local, state and federal tax burden together, and many Americans are paying more than half of their earnings to the government. It is clear our country is in need of comprehensive tax reform. The federal tax system is too intrusive, complicated, and sometimes counterproductive. We should simplify the system and create economic certainty so that private enterprises will begin investing again. Through meaningful tax reform, we can broaden the American dream to reach everyone who’s willing to work for it.  The end result will be a prosperous economy and a globally competitive nation. Tax reform measures I have supported, include :
  • Small Business Tax Cut Act: Allow small businesses with fewer than 500 employees to take a tax benefits that allow small business owners can retain more capital, invest in their businesses and create more jobs;
  • 1099 Repeal Act: Repeals a requirement of President Obama’s healthcare law that would force small businesses to report small purchases, which would have been expensive and time consuming for small businesses;
  • Health Care Cost Reduction Act: Repeals a new 2.3% tax on medical devices such as coronary stents, hip implants, and parts for dialysis machines included in the President’s healthcare law;
  • Fair Tax Act: Promotes freedom, fairness and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States;
  • Death Tax Repeal Act: Repeals the federal estate and gift taxes;
  • Individual AMT Repeal Act: Amends the Internal Revenue Code of 1986 to repeal the alternative minimum tax on individuals.;
  • Repeal the Imposition of 3% Witholding: Amends the IRS Code of 1986 to repeal the imposition of 3% withholding on certain payments made to vendors by government entities, to modify the calculation of modified adjusted gross income for purposes of determining eligibility for certain healthcare-related programs, and for other purposes;
  • Wireless Tax Fairness Act: Restricts any state or local jurisdiction from imposing a new discriminatory tax on cell phone services, providers, or property.

 

In The News Sep 14, 2017

Washington's next big focus is fixing our broken tax code.

In The News Apr 24, 2017

Washington's next big focus is fixing our broken tax code.

Press Release Feb 28, 2017
Congressman Darrell Issa (R-Calif.) released the following statement in response to the President’s address to the joint session of Congress: