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Tax Reform

I

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. Tax relief should go to those who need it, not the extremely wealthy. That is why I was a strong opponent of the Republican tax bill that was rushed through the 115th Congress in order to create tax breaks for corporations and the wealthy.

Republican Tax Plan

On December 22, 2017, President Trump signed the GOP tax plan into law, restructuring our current tax code in a way that prioritizes tax cuts for the wealthy and corporations over the needs of American families. Tax breaks for corporations that will benefit foreign shareholders are permanent, while 86 million middle class American families will see their taxes increase once temporary tax breaks expire. The state and local tax (SALT) deduction is limited, directly and negatively impacting millions of people in New Jersey where the average SALT deduction is worth well over the new limit of $10,000.  While families have been hit with higher tax rates as a result of the limiting of SALT and property tax deductions, the wealthiest income bracket will be receiving a 2.5% tax break on their income tax.

I have been ardently opposed to this restructuring and believe that comprehensive tax reform must be a bipartisan effort that helps those most in need of tax relief rather than funneling benefits to the wealthy.  The wealthiest in our nation, including those who hold public office, are the last people we should be prioritizing when there are millions who need tax relief in order to keep their heads above water.

Legislative Efforts

In an attempt to ensure that our nation has a compassionate and fair tax system, I have cosponsored numerous pieces of legislation including:

  • H.R. 5377, the Restoring Fairness for States and Localities Act. This legislation, which passed the House of Representatives, would eliminate the SALT deduction cap in 2020 and 2021 and double the $10,000 cap for people filing a joint tax return.
  • H.R. 1142, the Stop Attacking Local Taxpayers (SALT) Act. Introduced by my fellow New Jerseyan, Rep. Bill Pascrell, this bill would repeal the $10,000 SALT deduction cap and increase the top income tax bracket to 39.6%.
  • H.R. 5342, the Supporting America’s First Responders Act. This bill would allow an expense deduction, up to $500, for first responders.

More on Tax Reform

Oct 17, 2013
I am relieved that Congress has finally broken through the gridlock that initiated the government shutdown. Although 16 days is far too long for this stalemate to have occurred, thousands of American families woke up today knowing that not only can they pay their bills, but the United States of America can continue paying its bills.
Apr 11, 2013
Washington, DC- Congressman Sires and twenty eight of his Colleagues in the House of Representatives sent a letter to President Obama, urging him to issue an executive order, directing the U.S. Department of Treasury to carry out the Hardest Hit Fund (HHF) and keep families in their homes.
Mar 14, 2013
“This bill changes how we pay for natural catastrophes from an after-the-fact emergency appropriation system to a planned, controlled approach,” expressed Congressman Sires. “With the recent events of Superstorm Sandy my state and my region in particular know the devastation these large-scale natural catastrophes bring to our citizens.”
Jan 2, 2013
(Washington, D.C.)- Congressman Sires supported the passage of the American Taxpayer Relief Act, H.R. 8, to make tax cuts for the middle class permanent. In addition to keeping income taxes low for the middle class, this bill also makes investments in education, clean energy, and manufacturing that create jobs and strengthen.
Sep 21, 2012
Washington, D.C.- Today, Congressman Albio Sires introduced H.R. 6477, the Taxpayer Protection Act. This legislation would create financial mechanisms to ensure that every household can afford insurance and that all families and communities have the means to rebuild and overcome the devastating effects of natural disasters.

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