Congressional Payer State Caucus
Mr. Speaker, I rise today to announce the formation of the Congressional Payer State Caucus. I join my colleague, Congressman Bill Foster from Illinois, in leading this bipartisan caucus that will examine the disparity States like New…
Mr. Speaker, I rise today to announce the formation of the Congressional Payer State Caucus.
I join my colleague, Congressman Bill Foster from Illinois, in leading this bipartisan caucus that will examine the disparity States like New Jersey and Illinois experience by paying more in Federal taxes than we receive in Federal spending. In fact, New Jersey is dead last, with a rate of return of just 77 cents for every Federal tax dollar sent to Washington.
The caucus seeks to recommend legislation to ensure that donor States keep more of their hard-earned funds. For example, working to maintain the State and local tax deduction when this body considers an overhaul of our Nation's Tax Code. Eliminating that deduction would further increase the disparity that already exists.
Alexander Hamilton wrote in the Federalist Papers about his fear that the Federal Government might monopolize taxation to the ``entire exclusion and destruction of State governments.''
The caucus will work to address this problem and for a greater return on the tremendous Federal revenue stream from economic activity and innovation in New Jersey and other States.