With America still in the midst of a serious economic slowdown, New Jersey families have felt a great deal of uncertainty as their incomes, savings and jobs remain in jeopardy. With an official state jobless rate close to 7-percent, many have already lost their jobs. Many have seen their work hours reduced or have been forced to take a pay cut.
At the same time, New Jersey taxpayers already bear one of the heaviest tax burdens in the nation from state taxation.
To me, there could not be a worse time to raise federal taxes!
Clearly, Americans are not taxed too little! The federal government spends too much!
That is precisely why I am committed to lowering our tax burden wherever and whenever I can.
We need to get government “off the backs” of small businessmen and women and allow them to grow their companies and create jobs. We must increase American competitiveness to spur investment and create more American jobs by streamlining the tax code
I have proposed reforming the tax code to accomplish this. I support lowering the tax rate for individuals and businesses, including small business owners, to no more than 25%, down from the top federal rate of 39.6%.
Further, we have the highest marginal corporate tax rate in the world, which makes us uncompetitive with other countries seeking to increase their international trade, a key area for future job creation.
In the House, the tax-writing Ways and Means Committee is currently pursuing “comprehensive tax reform” that would eliminate loopholes that prevent some from paying their fair share, while lowering rates for everyone else.
For more information about the status of tax reform, please visit the Ways and Committee’s Select Revenue Measures Subcommittee.