Gottheimer Praises NJ Tax Cut Plan Signed Into Law Today
Gottheimer Praises NJ Tax Cut Plan Signed Into Law Today
Clears Path To Real Tax Cuts for North Jersey Families and Businesses
Today, May 4, 2018, Congressman Josh Gottheimer (NJ-5) praised the bipartisan New Jersey Tax Cut Plan being signed into law, less than four months after he stood with mayors and other elected officials to introduce the plan in Fair Lawn. Less than five months ago, Congress passed the Tax Hike Bill that gutted the State and Local Tax (SALT) Deduction, imposing a massive tax hike on New Jersey families and businesses.
- This past Monday, April 30, the top tax scholars in the nation published a new legal analysis of the charitable tax plan in Tax Notes, the main weekly publication on federal and state tax policy developments, affirming the legal basis for states to help restore the value of the State and Local Tax (SALT) Deduction by providing a tax deduction for taxpayers who make charitable contributions to their state or other local governments. The analysis calls the Plan’s central mechanism, which thirty-three states, largely red states, from Alabama to South Carolina, have been taking advantage of for decades, a “correct and long-standing” principle of federal law. Back in January, when Gottheimer first introduced the Tax Cut Plan, the eight tax law experts released alegal briefsupporting the plan’scentral mechanism.
Gottheimer is also quickly working on next steps to help towns and taxpayers who want to take advantage of the new tax cuts.
- Gottheimer is coordinating with the state to set up a call forWednesday, May 9, with Budget and Appropriations Chairman Senator Sarlo, the 79 mayors in the Fifth Congressional District, and officials from the New Jersey Treasury Department and the New Jersey Department of Community Affairs (DCA).
- Gottheimer also recently requested a second meeting with the IRS to ensure North Jersey residents will receive the tax relief they deserve.
“In New Jersey, our taxes are simply too high — and they need to be cut for families and businesses alike. But the Tax Hike Bill passed in Washington did just the opposite. Gutting the SALT deduction amounts to a seven percentage point tax increase on many of the residents in my District, making families and businesses less likely to come or stay in our state,” said Congressman Josh Gottheimer (NJ-5). “I am proud of the New Jersey Tax Cut Plan we introduced back in January, and proud the legal basis for the plan was again affirmed by the nation’s top tax scholars this week. I’m doing everything I can to ensure that the new law is put into action quickly to deliver real tax cuts for New Jersey residents and families, including coordinating with the state to help Fifth District mayors put the plan into action quickly and pushing the IRS to meet with me. I commend both Democrats and Republicans in the Legislature for their work on helping make living in New Jersey more affordable.”
Back in January, in Fair Lawn, in response to the Tax Hike Bill that gutted the State and Local Tax Deduction (SALT), Gottheimerintroduced the new Tax Cut Plan for New Jersey. Gottheimer was joined by the then-Governor-elect, as well as the mayors of Paramus, Fair Lawn, and Park Ridge, who all plan to propose his tax cut solution in their respective towns.
After introducing the Tax Cut Plan, Gottheimer joined with Rep. Leonard Lance (NJ-7) to meet with Acting IRS Commissioner David J. Kautter to discuss the New Jersey Tax Cut Plan. At the end of February, Gottheimer joined with Senator Sarlo and Senate President Sweeney on the idea in Paramus, ahead of the legislation passing the State Senate the following week. On April 12, Gottheimer congratulated the New Jersey State Legislature on taking the next step toward lowering taxes for New Jersey families and businesses by passing the New Jersey Tax Cut Bill in the State Senate and State Assembly.
