Issue Position: Lowering Taxes for Middle Class Families

Issue Position

Bill Foster campaigned on a platform of lowering taxes on the middle class, and he has delivered. Bill worked to provide tax relief for families and small businesses that have reduced income taxes to the lowest rates in 60 years.
"Federal, state and local income taxes consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports." - USA Today 5/10/2010
http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

Business Tax Cuts

As a successful businessman, Bill Foster knew that cutting business taxes was crucial to improving conditions so that businesses can continue hiring. As a result of eight tax cuts targeted at small businesses, after-tax business profits have surpassed their pre-crisis peak, after-tax profits are now the highest in history, and businesses are once again creating jobs.

Making the R&D Tax Credit Permanent

As a scientist and entrepreneur, Bill Foster understands the importance of Research and Development in the long-term profitability of businesses. One powerful tool we have to increase R&D is the R&D Tax Credit. Unfortunately, Congress has failed to enact the R&D tax credit repeatedly in recent years. Bill Foster strongly supports making the R&D Tax credit permanent -- a position supported by Chamber of Commerce and the National Association of Manufacturers.

Reversing Tax Policies that Reward Sending Jobs Offshore

Over time, lobbyists for special interests have crafted and defended provisions in our tax code that encourage companies to move jobs offshore. We should end this abuse of our tax code and provide tax breaks to small businesses that are creating jobs here and growing the American economy.

Simplification of Tax Filings (H.R. 5036)

As a scientist and computer programmer, Bill Foster knows that better technology and software can save time, reduce costs, and prevent errors. As a taxpayer, Bill has long been annoyed at having to keep around and enter data from a box full of "tax stubs" from his employer, his banks, and so on -- when the government already has all of this data electronically reported to it. As a result, Bill Foster introduced H.R. 5036, the Autofill Act of 2010, to allow taxpayers to download tax forms that have this data automatically filled in -- for printing or for use in tax preparation software.

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