The first year's cut amounts to $139 million. To all the South Carolinians listening tonight: that's $139 million that would have gone to government, and will stay with you instead.
Like Presidents Reagan, Kennedy and now Trump, I believe that low taxes spur economic growth and prosperity. Yet, South Carolina currently has the highest marginal income tax rate in the southeast--the 12th highest in the nation. Seven states have no income tax at all. Taxes of all kinds at all levels add up--little by little--to smother growth.
We must act. We must heed the lessons of history. We must respect the right of the people to their own money, for their own purposes, according to their own priorities.
A stronger and fairer New Jersey creates tools for small businesses--and women, veteran, and minority-owned businesses--to thrive, instead of delivering massive tax breaks to a handful of select and connected big corporations that don't need them in the first place.
A stronger and fairer New Jersey ensures the wealthiest among us pay their fair share in taxes so working and middle-class families can keep more of their hard earned money.
But here's the thing: Because of an outdated provision in Iowa's tax code, Iowans will see a tax increase if we don't pass tax reform at the state level. Iowa is 1 of only 3 states that allow taxpayers to deduct their federal taxes. While that might sound like a good thing, right now it's not. It creates complexity, and worse--it means that when your federal taxes go down, your Iowa taxes go up.
With federal deductibility in place, when the federal government cuts taxes for working-class families, Iowa raises taxes on those same families. That's not just a hypothetical. It's what will happen if we don't act.
Therefore, I will be proposing a tax reform package that significantly reduces rates, modernizes our tax code, and eliminates federal deductibility. This is an opportunity to free us from decisions made in Washington, D.C. and simplify our tax code.
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| Candidates and political leaders on Tax Reform: | |||
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Retired Senate as of Jan. 2015: GA:Chambliss(R) IA:Harkin(D) MI:Levin(D) MT:Baucus(D) NE:Johanns(R) OK:Coburn(R) SD:Johnson(D) WV:Rockefeller(D) Resigned from 113th House: AL-1:Jo Bonner(R) FL-19:Trey Radel(R) LA-5:Rod Alexander(R) MA-5:Ed Markey(D) MO-9:Jo Ann Emerson(R) NC-12:Melvin Watt(D) SC-1:Tim Scott(R) |
Retired House to run for Senate or Governor:
AR-4:Tom Cotton(R) GA-1:Jack Kingston(R) GA-10:Paul Broun(R) GA-11:Phil Gingrey(R) HI-1:Colleen Hanabusa(D) IA-1:Bruce Braley(D) LA-6:Bill Cassidy(R) ME-2:Mike Michaud(D) MI-14:Gary Peters(D) MT-0:Steve Daines(R) OK-5:James Lankford(R) PA-13:Allyson Schwartz(D) TX-36:Steve Stockman(R) WV-2:Shelley Capito(R) |
Retired House as of Jan. 2015:
AL-6:Spencer Bachus(R) AR-2:Tim Griffin(R) CA-11:George Miller(D) CA-25:Howard McKeon(R) CA-33:Henry Waxman(D) CA-45:John Campbell(R) IA-3:Tom Latham(R) MN-6:Michele Bachmann(R) NC-6:Howard Coble(R) NC-7:Mike McIntyre(D) NJ-3:Jon Runyan(R) NY-4:Carolyn McCarthy(D) NY-21:Bill Owens(D) PA-6:Jim Gerlach(R) UT-4:Jim Matheson(D) VA-8:Jim Moran(D) VA-10:Frank Wolf(R) | |
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