As someone who has created jobs operating four different businesses, I can certainly attest to the fact that our current tax system needs to be simplified. I know the pressures of meeting a payroll. Most members of Congress never have had such experience. Taxes paid by businesses add to the cost of producing or selling a product or service -- which hurts consuming families and workers.
The tax cuts made by the last administration must remain in place. They cut the income tax rate across the board for all Americans and lowered tax rate on capital gains. These cuts are set to expire in 2010 and if they do, ALL Americans who pay income tax (about 60% of Americans) will see tax increases with the lowest tax bracket getting the highest increase (10% to 15%). We will all be watching very closely on how my opponent votes on tax issues.
I support the House Republican proposal of reducing the lowest individual tax rates from 15% to 10% and from 10% to 5%. As a result every taxpaying-family in America will see an immediate increase in their income, which is good for them and the economy.
Small businesses employ about half of all Americans, yet they can be subject to tax rates that siphon away one-third or more of their income. I also support the House Republicans proposal to allow small business to take a tax deduction equal to 20% of their income. This will immediately free up funds for small businesses to retain and hire new employees.
Job creation must be encouraged through incentives and benefits for employers. (Not new fees and taxes) as well as leveling the playing field for American businesses.
I will work with officials in Albany to see that Upstate New York is a particular focus for both those in Washington. We have abundant natural resources, outstanding education, and a geographically favorable location for business. We should be working together to get that word out.