Tax Reform
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. However, I am strongly opposed to the Republican tax bill that was rushed through Congress in order to create tax breaks for corporations and the wealthy.
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 New Jersey families where the average SALT deduction is worth well over the new limit of $10,000. While families will be 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.
In addition, by adding an estimated $2.2 trillion to the national deficit, this tax plan would trigger an automatic cut to vital programs, like Medicare, that millions rely on. The bill also includes another attack on health care by repealing the individual mandate. According to the Congressional Budget Office (CBO), this will result in 13 million Americans losing coverage over the next decade and cause premiums to spike for those who are most desperately in need of care.
I am 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.
More on Tax Reform
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.
While in Washington this week, the House voted on the Majority’s tax plan and a bill to reauthorize the National Flood Insurance Program (NFIP), I attended a markup in the Foreign Affairs Committee, and held a number of meetings.
(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.