A Tax Day Goal: Stopping Excessive Taxation

April 15th is quickly approaching, causing countless South Jersey residents considerable anxiety. While tax day is an unhappy occasion for most during the best of economic times, our nation is still in the middle of a significant and sharp economic recession, thus exacerbating the pain to individuals of owing the government more of one’s hard-earned money. Rather than stopping excessive taxation of families and small businesses, the Democrat majorities in Congress are adding hundreds of billions of dollars in new taxes, most extensively by the recently-passed healthcare law. Quite frankly…Enough is enough!
I strongly believe South Jersey families need to be empowered to make their own financial choices. Government’s first step in helping to empower hard-working families and grow our nation’s economy should be to reduce the burden of unnecessary taxes. Simple economics prove that if we want more growth of the economy, we need to give consumers greater freedom and more control of their personal finances by allowing them to keep more of their hard-earned money.
Thus, if this Congress is going to get serious about job creation and economic growth, it must continue many popular tax cuts that benefit families and small businesses. From the marriage penalty tax and the child tax credit to reductions of the tax rate on dividends and long-term capital gains, these broad-based tax cuts are set to expire at the end of this year. Contrary to what President Obama’s fiscal year 2011 budget calls for, we cannot and should not let these tax cuts expire which effectively raises taxes in an economic recession. It is the wrong approach at the wrong time by Washington when the goal must be to create and sustain jobs.
Furthermore, we need to repeal the estate tax also known as the “death penalty” once and for all. I have always found it inexcusable that the government taxes individuals even in death. For 2010, the death penalty is at a rate of zero percent – a rate I fully support. However, in 2011, the death penalty will rise to an astounding 55 percent if Congress fails to act to prevent it. I strongly believe this Congress should pass legislation I am cosponsoring to permanently repeal the death penalty.
Despite indicators of an economic recovery that some may point too, the real recovery won’t be felt by South Jersey families until they have well-paying jobs and less strain on their personal finances. It is for this reason that I support making the expiring 2001 and 2003 tax cuts permanent, thus preventing tax increases just as families are getting back on their feet. Going forward, I will continue to advocate for these and other common-sense economic policies that promote and protect the interests of South Jersey taxpayers.