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. He has a long record of supporting broad-based tax cuts for middle class families and small businesses, and in 2013 voted to give 95 percent of working families a tax break to support and ensure a financially healthy middle class.
Senator Reed believes that every Rhode Islander deserves an opportunity to succeed, but they need a fair playing field. Too many Rhode Islanders have trouble earning a stable living wage that allows them to afford the basics like education, health care, housing, and a secure retirement. Senator Reed believes that the tax code should play a stronger, fairer role in helping Rhode Islanders succeed and provide for their families.
Key Priorities & Accomplishments
- Senator Reed joined Senators Murray and Brown to introduce the 21st Century Worker Tax Cut Act that would create and expand tax deductions for moderate income families.
- Reed supports the Paying a Fair Share Act of 2013, which would repeal unfair and unnecessary tax loopholes and expenditures, simplify the tax system, and make sure that the wealthiest Americans pay a fairer share of taxes.
- Seeking to close an outrageous corporate loophole, Reed introduced the Stop Subsidizing Multimillion Dollar Bonuses Act, which would stop the biggest businesses from deducting income paid to employees of publically traded corporations over $1 million.
- As an original cosponsor of the Working Families Tax Relief Act of 2013, Reed has fought to provide tax credits to lower-income workers by expanding eligibility for the Earned Income Tax Credit (EITC) and enhancing the Child Tax Credit (CTC).
- Senator Reed supported the Mortgage Forgiveness Tax Relief Act, which prevented homeowners from being forced to pay taxes on forgiven mortgage loan debt.
Read more by visiting Senator Reed's Working for RI page.