Tax Reform
Reducing the Tax Burden on Middle Class Families and Small Businesses
Senator Reed has voted to reduce the tax burden on all Americans and end tax loopholes that let corporations hide profits overseas.
Senator Reed has a long record of supporting broad-based tax cuts for middle class families and small businesses. He voted to give 95 percent of working families a tax break and supports policies to ensure a financially healthy middle-class.
Reed also helped extend the Child Tax Credit and the Earned Income Tax Credit to help families make ends meet.
Read More »Senator Reed opposed the Bush tax cuts for the wealthy and corporate welfare for big oil companies, as well as other special interests giveaways that led to record deficits. He continues the fight to simplify and reform our tax code and eliminate loopholes that allow large corporations to avoid paying their fair share.
Key Priorities & Accomplishments
- Reed helped pass the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to provide tax relief for middle-class families and encourage businesses to invest and hire through payroll tax cuts.
- Reed helped pass the American Opportunity Tax Credit (AOTC), which provides middle-class families with $1 back on their taxes for every $1 spent on undergraduate college education expenses for the first $2,000 and 25% of the next $2,000 for a total of up to $2,500 in tax savings per year.
- Reed voted to provide small businesses with $12 billion in tax cuts to create new private-sector jobs and allow for 100% exclusion of capital gains on investments in small business.
- Reed supported the Hiring Incentives to Restore Employment (HIRE) Act, which provided Rhode Island businesses that hired unemployed workers in 2010 a tax credit—up to $6,000 per worker hired—through an exemption from Social Security payroll taxes. Businesses that retained these new workers for at least one year were eligible for a $1,000 income tax credit per worker retained.
The Latest
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Reed Speaks to RIers about the Buffett Rule
April 13, 2010...
Posted on 4/13/2012 | -
Reed Encourages RIers to Collect $3 Million in Unclaimed Tax Refunds
PROVIDENCE, RI - With just over two weeks to go until tax filing day (April 17), U.S. Senator Jack Reed (D-RI) today announced that there is over $3 million in unclaimed tax refunds waiting for more than 3,400 Rhode Islanders to claim it before April 17, or else the money will be forfeited to th...
Posted on 3/30/2012 | -
Reed Votes to End Handouts to Big Oil Companies
Tonight the U.S. Senate voted to advance a measure that would end tax subsidies for large oil companies. U.S. Senator Jack Reed (D-RI), a cosponsor of the Repeal Big Oil Tax Subsidies Act, wants to end corporate welfare to the five largest oil companies and use the $...
Posted on 3/26/2012 | -
The Payroll Tax Cut in Rhode Island
The U.S. Senate passed a 2% payroll tax cut to put more money in the pockets of middle-class Americans, including 600,000 Rhode Islanders. As a result, the typical working family in Rhode Island would save $1,033 and the average worker would save $517, according to a report released by the Joint Economic C...
Posted on 2/21/2012 | -
Congress Sends Jobless Aid and Payroll Tax Cut Extension to Obama
Congress today approved a $143 billion measure to renew a middle-class tax cut, continue jobless aid for the long-term unemployed, and ensure seniors on Medicare can continue to have access to their doctors. U.S. Senator Jack Reed (D-RI), a member of the bipartisan...
Posted on 2/17/2012 | -
Reed Statement on Jobless Aid and Payroll Tax Cut Extension
Members of a key Congressional conference committee today reached agreement on a $150 billion plan to renew a payroll tax cut, continue jobless aid for the long-term unemployed, and ensure seniors on Medicare can continue to have access to their doctors....
Posted on 2/16/2012 | -
Bipartisan Payroll Tax Cut Committee Holds First Meeting
Posted on 1/25/2012 |
