Tax Reform
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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
Last week, I joined my colleagues in passing the historic Inflation Reduction Act to help families squeezed by inflation address the rising cost of living, lower health care costs, make sure the wealthy pay their fair share in taxes, and make large strides toward our climate goals.
Votes
(Washington, D.C.)- Today, Congressman Albio Sires (D-NJ) released the following statement in response to the President’s State of the Union speech before Congress:
This week, I joined my colleagues in submitting funding requests for the next fiscal year during what is known as the appropriations process. These requests are sent to the House Committee on Appropriations as they craft this year’s funding bill which will include programs that impact millions of Americans. This newsletter will focus entirely on a few of the funding requests I prioritized this year. I led letters requesting funding for Central America and the Merida Initiative in Mexico, in addition to a letter with Rep.
In the 117th Congress, I am looking forward to returning to the three committees on which I served in the 116th Congress: the House Committees on the Budget, Foreign Affairs, and Transportation and Infrastructure. I am honored to be returning as Chairman of the Foreign Affairs Subcommittee on the Western Hemisphere.
This week, I signed onto legislation to allow tax credits to rollover for childcare costs and signed onto a bill to keep students safe in schools. I also signed onto to letters to urge the President to have the Federal Emergency Management Agency (FEMA) set up drive through COVID-19 testing in New Jersey, include pro-worker and pro-labor provisions in the Fiscal Year 2021(FY21) appropriations package, and demand answers from the Department of Homeland Security (DHS) about the detention of unaccompanied minors.
As the new year begins, the growing unfinished business that remains is a pressing reminder of the work yet to be done when Congress returns to begin the second session of the 115th Congress on January 8th. Over the year, I have received almost 44,000 calls, letters, faxes and emails from constituents to voice your opinions on issues that have the greatest impact on the 8th District of New Jersey.
As the year came to a close, this week in Washington my Republican colleagues focused on passing misguided policies on tax reform and government funding. It is my hope that in the new year my colleagues and I can work in a bipartisan manner to resolve urgent issues, such as reauthorizing the State Children’s Health Insurance Program (CHIP), passing the DREAM Act, and passing a long-term budget, which have been left as unfinished business as Congress recesses.
(Washington, D.C.) – Today, Congressman Sires voted against the Conference Report on H.R. 1, the Tax Cuts and Jobs Act, which passed in the House of Representatives by a vote of 227-203.