Menendez Statement on Trump Tax Plan

WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, issued the following statement on the tax reform proposal unveiled by the White House earlier today:

“The President’s tax plan may be light on details, but it is jam-packed with budget-busting giveaways to corporations and billionaires at the top of the income ladder.  Meanwhile, New Jersey’s middle class families will pay the price when they lose the state and local tax deduction and find themselves facing double taxation.  Nearly 1.5 million New Jerseyans rely on this deduction to avoid being taxed twice – 80 percent of whom make under $200,000 a year.  As I look through this proposal, I see a plan that borrows trillions from China, writes a massive check to CEOs and hedge fund managers, and bankrupts our ability as a country to invest in education, infrastructure, research, and other engines for job creation and middle class prosperity so vital to our future.”