Tax Plan
Empowering American Families and Small Businesses
I have always fought for New York taxpayers. For America to remain competitive and free, our nation needs a straightforward tax code that encourages work, allows Americans to keep more of their earnings, and establishes competitive rates for employers. The Tax Cuts and Jobs Act, which passed with my support in 2017, was the most significant tax reform legislation signed into law since Ronald Regan signed the Tax Reform Act of 1986. This once in a generation overhaul of the U.S. tax code lowered rates for individuals and businesses, encouraging significant investment and growth. While the legislation was not perfect, it was the first major step forward to ensure that America’s tax code fit the needs of our nation in the 21st century.
I am committed to expanding on the progress achieved by the Tax Cuts and Jobs Act. This means forcefully opposing efforts by Congressional Democrats to raise taxes on American small businesses and family farms or manipulate our tax code to punish family formation and discourage work. I am also working to build upon the legislation’s successes, including by strengthening the child tax credit expansion and ensuring there is transparency and oversight into how taxpayer funds are used. Finally, we must never return to the days when the Internal Revenue Service was used to target Americans and civic organizations for political purposes.
In the 117th Congress, Democrats have proposed a range of new taxes, including creating a new tax on unrealized capital gains and methane emissions, reducing exemptions on the death tax, and drastically increasing the federal excise tax on tobacco products – a regressive tax that most severely impacts low-income Americans. These new burdens would harm Americans just as we emerge from the economic impacts of the COVID-19 pandemic. I refuse to be a rubber stamp on punitive taxes that will reduce economic dynamism and weaken families and communities.
I have long campaigned for the rights and interests of New York taxpayers. In addition to advocating for low tax rates and commonsense proposals that strengthen American industry, this means fighting against new and onerous taxes and ensuring that the government uses tax revenue in ways that are transparent, accountable, and necessary. This effort is more critical now than ever, as Congress recently authorized trillions in new spending for COVID-19 relief measures.
Building on the Successes of the Tax Cuts and Jobs Act
- Cosponsored H.R. 1381, the Main Street Tax Certainty Act: This legislation would make permanent the 20 percent pass-through small business tax deduction. This deduction, originally passed as part of the Tax Cuts and Jobs Act in 2017, is critical for small businesses that operate as sole proprietorships or through partnerships, S corporations, trusts, or estates. It also applies to qualified REIT dividends and income from publicly traded partnerships. In doing so, this bill empowers small business to compete on a level playing field.
- Cosponsored H.R. 1712, the Death Tax Repeal Act: This bill would permanently eliminate the death tax, which impacts countless family businesses and farms upon the death of the business owner. Formally known as the federal estate tax, this tax is ruinous for the growth of generational businesses and farms. It prevents companies from growing and carrying on a family legacy. The Tax Cuts and Jobs Act provided temporary relief from this tax. The Death Tax Repeal Act would expand the relief and make it permanent.
Revitalizing our Communities and Supporting our Families
- Original Cosponsor of H.R.5163, the Care for Her Act: This bill would introduce support systems and services to provide for expecting mothers and their children. Included in the Care for Her Act are child tax credits, maternity housing grants, mentorship programs, job-training, and incentives for communities to improve maternal and child outcomes. This innovative, community-based approach would help women who find themselves with an unexpected pregnancy meet the physical, financial, social, and emotional challenges of childbirth and rearing.
- Cosponsored H.R. 2294, the Historic Tax Credit Growth and Opportunity Act: This bill would increase the tax credit for historic rehabilitation projects and modifies certain requirements for receiving the credit. The credit would increase from 20% to 30% for certain small projects whose qualified rehabilitation expenditures do not exceed $2.5 million. It would also expand the types of buildings eligible for rehabilitation by decreasing the requirements threshold. To date, the Historic Tax Credit program has helped raise more than $173 billion in private investment to revitalize over 45,000 historic buildings, creating more than 3 million jobs in the process.
- Cosponsored H.R. 1321, the New Markets Tax Credit Extension Act of 2021: This bill would make the new markets tax credit a permanent part of the Internal Revenue Code, provide adjustments for inflation, and exempt investments from the Alternative Minimum Tax (AMT). Private investors would be provided with a 39% credit against federal income taxes for any investments made in underserved communities. As defined by U.S. Census data, businesses located in designated low-income communities would be eligible. The COVID-19 pandemic has put tremendous economic strain on these areas. This bill would serve to create jobs and revitalize these economies.
Ensuring Taxpayer Protections
- Introduced H.R. 5672, the Transparency in COVID-19 Expenditures Act: This bill would direct the Comptroller General of the United States to audit all funding provided by the five COVID-19 relief bills passed by Congress has passed since March 2020. Since that time, Congress has spent $5.3 trillion in COVID-19 relief, but many provisions lacked adequate security measures and safeguards to ensure funding was distributed properly. As a result, alarming cases of fraud have cropped up across the country. This audit would ensure taxpayer dollars made it into the right hands and were spent responsibly. The audit would cover all COVID-19 relief spending bills, including the CARES Act and the American Rescue Plan Act.
- Cosponsored H.R. 2437, to extend to May 17 the first scheduled individual estimated tax payment for 2021: This bill would extend the date of the first installment of estimated income tax from April 15 to May 17, aligning it with the new individual tax filing date. Small businesses file estimated tax payments based on the previous year’s records. Requiring businesses to file estimated payments before many have filed their annual taxes could result in penalties for any discrepancies in the reports and additional interest charges. Aligning these two due dates would prevent any additional tax penalties on small business still trying to recover from the COVIC-19 pandemic.
Opposing Onerous New Taxes on Businesses and Families
- Cosponsored H.R.3101, the Repealing Illegal Freedom and Liberty Excises (RIFLE) Act: This bill would repeal the excise tax on the sale of firearms regulated by under the National Firearms Act (NFA). Under current law, there is a $200 tax on the transfer and purchase of firearms. According to the Bureau of Alcohol, Tobacco, Firearms and Explosives, the tax’s “underlying purpose was to curtail, if not prohibit, transactions in NFA firearms.” This is a direct violation of the Second Amendment since it places a financial barrier on American’s right to keep and bear arms.
Your views are always important to me. Please write to me or call my office at 202-225-3665 with feedback, questions, or concerns.