I have serious concerns with proposals to raise taxes on families and small businesses. Congress should be focused on advancing the best solutions to spur economic recovery. My philosophy on job creation is that we should empower job creators – chief among them the American small businesses that create 80% of the jobs in our country.
"It’s time for common-sense tax reform.” – Dave Reichert 4/18/2011
More than 4 million small businesses currently pay taxes through the individual – not corporate – tax code, and raising individual income taxes takes more money out of these businesses that could be used to hire or retain employees, grow, and create jobs. It should not be overlooked that 56% of workers in Washington State are employed in small businesses just like these that pay taxes through the individual code. According to the non-partisan Joint Committee on Taxation, raising individual income tax rates would target half of all small business income in the United States – the last thing we should do when Congress should be focused like a laser on getting more Americans back to work.
We must simplify our tax system and create a fair, equitable, and transparent system that is more conducive to saving and investment. Our current system is so complicated that not only does it stifle economic growth, but its complexity has led some individuals and companies to avoid paying taxes altogether. A simplified tax code would significantly enhance tax compliance while ensuring the Internal Revenue Service is less intrusive in the lives of Washingtonians and taxpayers across America.
As you know, Washington State currently relies on state sales tax for its revenue in place of an income tax, and I want to ensure that any changes to our federal tax code do not adversely impact our state.
Congressman Reichert is actively working to:
- Free Up Job-Creating Capital For Small Businesses
- Extend The Current Income Tax Rates For All Families And Businesses
- Preserve The State Sales Tax Deduction For Washington State
- Increase The R&D Tax Credit And Make It Permanent
- Offer Targeted Incentives To Reduce Energy Costs
- Oppose Job-Killing Taxes On Innovation And Investment