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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Senators Unveil Bipartisan Online Sales Tax Bill to Help Local Businesses Compete
In an effort to help local Main Street businesses compete more effectively against out-of-state Internet sellers and retailers, U.S. Senator Jack Reed (D-RI) today joined with a bipartisan group of 53 Senators and Representatives in introducing the Marketplace Fairness Act of 2013. ...
Posted on 2/14/2013 | -
Reed Speaks on Income Inequality and Budget Debate
Madam President, I rise today to speak about the real-world consequences of failing to achieve a fair and balanced solution to avert the automatic tax hikes and spending cuts that would otherwise occur at the end of December--the end of this month. Failing to continue unemployment insurance, allowing tax...
Posted on 12/14/2012 | -
Reed Speaks on the need to pass the Middle Class Tax Cut Act
Madam President, we all recognize the country faces many challenges. Too many of our neighbors are still looking for work, and too often those with a job have not seen a raise in quite some time. Indeed, for many years people in Rhode Island and across the country have a growing sense that there is too much focu...
Posted on 12/5/2012 | -
U.S. Senate Passes Middle Class Tax Cut
By a vote of 51-48, the U.S. Senate today approved the Middle Class Tax Cut Act, legislation to extend tax cuts to all Americans for the first quarter of a million dollars of their annual earnings. U.S. Senator Jack Reed (D-RI), who supported passage of the bill, says...
Posted on 7/25/2012 | -
Reed to Congress: Pass the Middle Class Tax Cut Act
Posted on 7/24/2012 | -
Floor Statement on the Middle Class Tax Cut Act
Mr. President, before I begin my remarks with respect to the current debate, let me pay tribute to Officer Jacob J. Chestnut and Detective John M. Gibson of the Capitol Police, and to all of the Capitol Police officers, men and women who protect us each day. I was here on that somber day when these gentl...
Posted on 7/24/2012 | -
Reed Supports Targeted Tax Cuts to Encourage Job Growth
Posted on 7/12/2012 |