And just last week, I voted to do away with the estate tax. Both these bills would help Long Island families keep money in their pocketbooks. It's not fair that married couples on Long Island pay more in taxes than two single people. This bill would increase the standard deduction and expand the 15 percent tax bracket for married couples. Loving couples should not be taxed unfairly for entering the sanctity of marriage and spending the rest of their lives together.
Families face a heavy tax when a small business owner dies.
Often the tax is so large, many families are forced to sell their business to pay the tax. More often than not, the odds are stacked against them in the form of a complex tax code or competition by foreign companies. Eliminating the Marriage Penalty and Estate Taxes is the right thing to do. I will keep working to find a way to reduce taxes for the families on Long Island once and for all.