Tax Reform

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  • Reed Urges Constituents to Take Advantage of Federal Free File Opportunities at Tax Time
    Posted in Press Releases on February 19, 2014 | Preview rr
    Tags: Tax Reform

    Rep. Tom Reed is urging taxpayers to take advantage of a free program to prepare and file federal tax returns online this tax season. The Free File program is open to all constituents with a 2013 Adjusted Gross Income of $58,000 or less. Qualified individuals can visit www.IRS.gov/freefile to prepare and e-file their federal tax returns at no cost. “With a tax code of more than 70,000 pages, any assistance at tax time to help navigate the code is welcome,” Reed said. “I encourage constituents t... Read more

  • Rep. Tom Reed and Small Business Advisory Board Talk Business Uncertainty
    Posted in Press Releases on July 1, 2013 | Preview rr
    Tags: Ensuring Access to Health Care, Tax Reform

    Rep. Tom Reed and members of his Small Business Advisory Board met Monday at Seneca Beverage in Elmira to discuss major obstacles facing “main street.” Reed heard from more than a dozen small business leaders on ways to break down governmental barriers to hiring and business growth. “Without a doubt, the biggest takeaway from the discussion was how uncertainty coming out of Washington is hindering our small business owners,” Reed said. “Major contributing factors include our $17 trillion dollar ... Read more

  • Reed Demands Accountability, Names from Irs Acting Commissioner at Hearing
    Posted in Press Releases on May 17, 2013 | Preview rr
    Tags: Tax Reform

    Rep. Tom Reed and the full Ways and Means Committee today held a hearing on the Internal Revenue Service (IRS) targeting of political groups. IRS Acting Commissioner Steven Miller and Treasury Inspector General for Tax Administration J. Russell George served as witnesses. “What the Committee heard today was offensive,” Reed said. “The IRS’ targeting of groups based on their political leanings is an astounding abuse of power on the part of the agency. We will get to the bottom of this, we will ge... Read more

  • Reed Wants Taxpayers Keeping More of Their Own Money
    Posted in Press Releases on April 15, 2013 | Preview rr
    Tags: Tax Reform

    On Tax Day, Rep. Tom Reed put the spotlight on an issue he sees moving in the right direction in the House of Representatives: comprehensive tax reform. “Each year at tax time, families and small businesses find themselves spending billions of hours and billions of dollars trying to file their taxes,” Reed said. “A simpler, fairer tax code achieved through comprehensive tax reform will help create a stronger economy – one that keeps money in the pockets of taxpayers, not a federal government wit... Read more

  • New GAO Report Confirms States Can Share Data While Protecting Privacy;
    Posted in Press Releases on February 21, 2013 | Preview rr
    Tags: Tax Reform

    Data Improvements Can Lead to Better Customer Service, Program Integrity and Taxpayer Savings Today, Congressman Dave Reichert (R-WA), Chairman of the Subcommittee on Human Resources of the Committee on Ways and Means, and Senator Tom Carper (D-DE), Chairman of the Senate Homeland Security and Governmental Affairs Committee, along with Congressmen Erik Paulsen (R-MN) and Tom Reed (R-NY), released a Government Accountability Office (GAO) report underscoring the opportunity for States to further ... Read more

  • Rep. Tom Reed Named to Ways and Means Committee Tax Reform Working Groups;
    Posted in Press Releases on February 15, 2013 | Preview rr
    Tags: Tax Reform

    Reed to participate on Energy, Manufacturing, Education and Family Benefits, and Real Estate working groups Rep. Tom Reed will take part in a number of tax reform working groups announced by Committee on Ways and Means Chairman Dave Camp and Ranking Member Sandy Levin. Reed will participate on four of the eleven working groups: Energy, Manufacturing, Education and Family Benefits, and Real Estate “Taxpayers are spending a collective 6.1 billion hours each year trying to comply with the 70,000-p... Read more

  • Reed: 70,000-Page Tax Code Needs to Be Simplified for the Sake of Jobs and Easing Taxpayer Burden;
    Posted in Press Releases on January 14, 2013 | Preview rr
    Tags: Tax Reform

    Taxpayers spend an average of 6.1 billion hours each year tackling a 70,000-page, 4 million-word tax code Citing the National Taxpayer Advocate’s 2012 Annual Report, Rep. Tom Reed today emphasized the need to simplify the tax code so that taxpayers have a better understanding of the code and how to file properly. “What really stood out in the report is the overall complexity of the code,” said Reed. “Hardworking taxpayers are spending a collective 6.1 billion hours and roughly 90 percent use ei... Read more

  • REED VOTES FOR SIMPLER, FAIRER TAX CODE ACT; Congressman is a co-sponsor of bill to begin reform of 70,000 page tax code
    Posted in Press Releases on August 2, 2012 | Preview rr
    Tags: Tax Reform

    The Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012, which requires Congress to begin the process of reforming and streamlining the tax code, passed the House late this afternoon. “The 70,000 burdensome pages of the code hurt American businesses and families,” declared Congressman Tom Reed. “It has been more than 25 years since the last major rewrite and it is beyond time for us to begin a comprehensive reform.” Reed, a co-sponsor of the Act, has called for streamlining a... Read more

  • CONGRESSMEN TOM REED AND RICHARD E. NEAL INTRODUCE MUNICIPAL BOND MARKET SUPPORT ACT OF 2012; Legislation will save local taxpayer dollars through expanding use of local bank qualified bonds
    Posted in Press Releases on May 10, 2012 | Preview rr
    Tags: Tax Reform

    Citing the savings for local municipal tax payers paying for capital improvements with bank qualified bonds, Congressmen Tom Reed (R-NY) and Richard E. Neal (D-MA) have formally introduced the Municipal Bond Market Support Act of 2012. The act will amend the Internal Revenue Code and save taxpayer dollars by expanding the use of local bank qualified bonds for capital projects. Under the bill, local municipal governments and school districts will see their annual ability to utilize bank qualified... Read more

  • Congressman Reed Introduces Bill to Extend Tax Relief for Struggling Homeowners; Mortgage Cancellation Tax Relief Act would extend tax relief for mortgage debt forgiveness
    Posted in Press Releases on April 11, 2012 | Preview rr
    Tags: Tax Reform

    Congressman Tom Reed announced today that he has introduced HR 4336,the Mortgage Cancellation Tax Relief Act of 2012, in the House of Representatives. The bill, which has 10 co-sponsors, will extend expiring tax relief for forgiven mortgage debt. “Nearly a quarter of all homeowners owe more on their mortgages than their home’s current fair market value,” Reed observed. “Loan modifications, short sales and foreclosures are frequently the result of job loss. Relieving this large unanticipated tax ... Read more

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