With America still in the midst of a serious economic downturn, New Jersey families have felt a great deal of uncertainty as their incomes, savings and jobs remain in jeopardy. 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 worst 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.
I have introduced H.R. 4270, the Common Sense Tax Relief Act of 2009. This legislation seeks to make permanent several widely supported tax credits that will directly benefit families and small businesses seeking relief, clarity and certainly in their financial planning.
Specifically, the bill:
* makes permanent the child tax credit and the marriage penalty relief tax credit to assist families;
* makes permanent the teacher tax deduction and the tuition deduction to invest in education;
* makes permanent the 2001 capital gains and dividends tax rates and eliminates the "death tax" to assist small business and families seeking to plan their financial futures.