Tag: CD5

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Garrett Bill to Make it easier for American Innovators to Raise Money Passes House

Scott Garrett Bergen County
September 8,2016

the staff of the Ridgewood blog

WASHINGTON, D.C. – Today the House passed a legislative package to help American innovators access capital that included Rep. Scott Garrett’s (NJ-05) Private Placement Improvement Act. The Accelerating Access to Capital Act, H.R. 2357, is a package of three bills that will help level the playing field and make it possible for small businesses to raise capital by lessening the burdens of complex and costly securities regulations imposed by Washington. Garrett is Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.

“If we want bigger paychecks and more opportunity in New Jersey, it starts with ending the excessive regulations from Washington that are hurting our economy,” said Garrett. “Instead of clearing a path for success, federal regulations cost small businesses with less than 20 employees 45 percent more per employee than their larger counterparts, essentially stepping on innovators at a time when they are most vulnerable.

“The Accelerating Access to Capital Act recognizes that having one-size-fits-all federal regulations that make no distinction between someone just starting out and some of the biggest companies in the world is inherently unfair. We can, and must, level this playing field by tailoring regulations to smaller businesses to help the next great American success story. Today’s vote was a good first step.”

The Private Placement Improvement Act would prohibit the Securities and Exchange Commission (SEC) from implementing onerous requirements on companies that raise capital through private channels. Despite statutory requirements to promote capital formation, the SEC has largely failed to prioritize streamlining regulations that could help small companies access investment capital.

 

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“Veterans for Garrett” Debuts Leadership Team

Jerry_DeSimone_Scott_Garrett_Korean_War_Honor_theridgewoodblog
September 7th 2016
the staff of the Ridgewood blog

Hackensack NJ,  Rep. Scott Garrett today announced the Veterans for Garrett coalition and unveiled its district-wide leadership team. The members of Veterans for Garrett are all actively involved in various veterans’ affairs and veterans’ organizations, and include Roy Bud, a Bergen County Vietnam Veteran; Frank Crotty, a Bergen County Vietnam Veteran; Fmr. Assembly Majority Leader Paul DiGaetano, United States Navy; William Dobbins, a Warren County Vietnam Veteran; Senator Michael Doherty, Captain United States Army; Patty Green; Col. John “Jack” O’Neil (Ret.); Lt. Col. Larry Peterson (Ret.); and Bob Salvini.

“The sacrifices made by these brave men and women are the reason we are able to enjoy our freedom and liberty today,” said Rep. Scott Garrett. “I am incredibly honored that the members of this coalition have agreed to join me in this re-election effort so that I may continue to serve those who have served our state and our nation.”

In an open letter addressed to fellow veterans, Veterans for Garrett said, “We are dedicated to the appropriate recognition of all veterans for the sacrifices they have made on behalf of our great nation and to assuring prompt and proper medical care for them upon their return to civilian life. Thus, we are proud to announce our support for Congressman Scott Garrett and it is our hope that he will be able to count on your support as well.”

The letter also detailed Congressman Garrett’s impressive record of working vigorously on behalf of America’s veterans, which includes the following:

Scott Garrett helped lead the New Jersey Congressional delegation in ensuring reduced waiting time for medical attention and to improve the care provided by the Veterans’ Administration.
Scott Garrett has strongly supported the Veterans Choice Program allowing veterans to seek care outside of the VA system if they choose.
Scott Garrett co-sponsored the VA Accountability Act, authorizing the discharge of employees at the VA for poor job performance or misconduct.
Scott Garrett is a co-sponsor of the Toxic Exposure Research Act which establishes a national VA center to study and treat the long-term problems experienced by veterans and their children as a result of exposure to toxic chemicals.
Most significantly for veterans in Sussex and Warren Counties, New Jersey, Scott Garrett has been the moving force behind the VA’s decision to open a new VA Clinic in Newton, making VA care much more accessible to veterans in Northwest New Jersey.
On behalf of the first responders suffering from medical conditions related to the September 11th terrorist attacks, Scott Garrett is a proud co-sponsor of the James Zadroga 9/11 Health and Compensation Act.

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Gottheimer/Clinton tax plan will Hit Bergen County Residents Especially Hard

Joshua S

August 23,2016

the staff of the Ridwood blog

Ridgewood NJ, As a professional political operative, Josh Gottheimer knows how to lie to voters in order to get what he wants. He helped Bill Clinton do it for years.

Now, Josh Gottheimer is lying to Fifth District voters about being a “fiscal conservative ” ,when in reality, he supports Hillary’s extreme tax agenda.

This is an agenda that will hit residents of the Fifth District even harder than average Americans . Bergen County already ranks #17 in the country in taxes paid out of 3,007 counties nationwide. The average amount in taxes paid per Bergen County resident is $17,889 and the Gottheimer/Clinton Tax plan will make that number even higher.

Gottheimer learned to lie from the best . Voters may remember that then Senator Hillary Clinton pledged she would not raise taxes on the middle class, then voted repeatedly to do so, including voting in favor of raising taxes on individuals earning as little as $41,500.

The Clintons expect loyalty from those they’ve helped, so will Josh Gottheimer do what he’s always done, and advance the wishes of his biggest patrons by supporting Clinton’s tax plan.

Clinton’s tax plan is bad for Fifth District voters. It means less money in our wallets, less money for our retirement accounts, and fewer job opportunities.

The Tax Foundation has data on what the Gottheimer/Clinton tax plan has in store for voters, and it’s not good:

Table 1. Tax Brackets under Hillary Clinton’s Tax Plan
Ordinary Income Capital Gains and Dividends Single Filers Married Filers Head of Household
10% 0% $0 to $9,275 $0 to $18,550 $0 to $13,250
15% 0% $9,275 to $37,650 $18,550 to $75,300 $13,250 to $50,400
25% 15% $37,650 to $91,150 $75,300 to $151,900 $50,400 to $130,150
28% 15% $91,150 to $190,150 $151,900 to $231,450 $130,150 to $210,800
33% 15% $190,150 to $413,350 $231,450 to $413,350 $210,800 to $413,350
35% 15% $413,350 to $415,050 $413,350 to $466,950 $413,350 to $441,000
39.6% 20% $415,050 to $5 million $466,950 to $5 million $441,000 to $5 million
43.6% 24% $5 million and above $5 million and above $5 million and above
  • Enacts the “Buffett Rule,” which would establish a 30 percent minimum tax on taxpayers with adjusted gross income (AGI) over $1 million – this hurts job-creating small businesses in the Fifth District.
  • Caps all itemized deductions at a tax value of 28 percent.
  • Adjusts the schedule for long-term capital gains by raising rates on medium-term capital gains to between 27.8 percent and 47.4 percent (Table 2).

 

Table 2. Top Marginal Long-Term Capital Gains Tax Rate Schedule under Hillary Clinton’s Tax Plan
Years Held Marginal Tax Rate Net Investment Income Tax Surtax on incomes over $5 million Combined Rate on Capital Gains
Less than One 39.6% 3.8% 4% 47.4%
One to Two 39.6% 3.8% 4% 47.4%
Two to Three 36% 3.8% 4% 43.8%
Three to Four 32% 3.8% 4% 39.8%
Four to Five 28% 3.8% 4% 35.8%
Five to Six 24% 3.8% 4% 31.8%
More than Six 20% 3.8% 4% 27.8%
  • Limits the total value of tax-deferred and tax-free retirement accounts.*
  • Taxes carried interest at ordinary income tax rates instead of capital gains and dividends tax rates.*

 

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Gottheimer Wants to Tax More of Your Hard-Earned Dollars

Josh Gottheimer

August 22,2016

the staff of the Ridgewood blog

Ridgewood NJ,  Garrett for Congress released the following ad, which will air district-wide in New Jersey’s Fifth District.

Josh Gottheimer is just another tax-and-spend liberal Democrat. He lies to taxpayers, deceiving them into thinking he is a fiscal conservative, but the reality is, Josh Gottheimer wants to send more money to Washington, DC from hardworking New Jersey taxpayers.

Josh Gottheimer released a so-called “tax plan” that shows he will blindly support Hillary Clinton’s trillion dollar tax increase, which The Tax Foundation finds would weaken the economy, reduce wages, and result in fewer jobs.  Simply put, you will be taxed more and paid less in the Gottheimer/Clinton tax plan.

Josh Gottheimer wants higher taxes so he can reward his special interests with New Jersey tax dollars.  What New Jersey families want and deserve is a congressman that will fight to keep more of your hard earned money in your own pocket.

This is why Rep. Garrett has been such a strong proponent of keeping our taxes as low as possible. He voted against President Obama’s increased taxes on the middle class.  Every time someone advocates higher income taxes, it actually means that more of our money goes to Washington, where bureaucrats decide how to spend it.

Rep. Garrett has always fought to protect your tax dollars, and he will continue to do so next Congress.