I support reforming our tax system in a way that will create jobs, strengthen the middle class, encourage entrepreneurs, and help small businesses grow and hire.
As our economy recovers, I am proud to have worked with my colleagues in Congress over the past several years to enact tax breaks in order to assist Americans. In 2009, 95 percent of all working families received a tax cut through the American Recovery and Reinvestment Act, and most recently Congress enacted legislation to extend the pay roll tax cut through 2012 to save the average American worker $1,000 this year alone. While these efforts helped vulnerable households during the economic recovery and created jobs, we must continue our work to close the current gap in the tax code.
A comprehensive tax reform plan should ensure that everyone pays their fair share. For too many years, the tax code has benefited the wealthy at the expense of the majority of Americans. In many cases, families that are struggling to make ends meet are actually paying a higher tax rate than millionaires and billionaires. For example, under the proposed “Buffet Rule”, people making over a million dollars would be asked to contribute more into the tax system to level the playing field, while those making less would not see an increase in their taxes. In addition, it is imperative that we also close tax loopholes for corporations that ship jobs overseas. Furthermore, we must simplify the tax code because far too often it can be a daunting system that is difficult for individuals to understand and comply with.
I look forward to working with my colleagues in Congress to work on ways to reform our tax code in a manner that supports economic growth, creates jobs, and benefits working families.
More on Tax Reform
(Washington, D.C.) – Congressman Sires issued the following statement after voting against H.R. 1, the Tax Cuts and Jobs Act, which passed in the House of Representatives by a vote of 227-205:
NEWARK, N.J. – Today in Newark, NJ, Representative Albio Sires (D-08), along with Governor-elect Phil Murphy and Democratic members of the New Jersey House delegation, discussed the impact of the House Republican’s tax plan on New Jersey. The plan is estimated to cost many New Jersey families thousands of dollars a year. A total of 1.8 million New Jersey households deduct a cumulative $17 billion in state income or sales taxes from their federal taxes. Those tax deductions would be eliminated under the House GOP bill.
Last week in Washington, I cosponsored a number of bills to enhance veterans’ health, attended two Foreign Affairs Subcommittee hearings which examined Russia as a counterterrorism partner and the effectiveness of the Kingpin Designation Act, and spoke on the floor about the dangerous effects of the Majority’s tax plan. I also met with different groups to discuss legislative priorities.
Mr. Speaker, I rise today in strong opposition to the Republican tax plan. As I have said many times before, this plan gives tax breaks for the wealthy and corporations over the needs of American families while adding a predicted $2.1 trillion to the national debt over the next decade.
(Washington, D.C.) – Today, Congressman Sires released the following statement regarding the Republican tax plan:
“As I’ve said before, this Republican tax plan prioritizes the wealthy and corporations over working American families while adding $1.5 trillion to our national deficit over the next decade. Tax reform should be a bipartisan effort to simplify the tax code in a way that is fair and stimulating for the economy, not a one-sided plan crafted behind closed doors.