GOP Tax Plan Hikes Taxes For Middle-Class Families Across New Jersey’s 11th District

Following the release of the GOP Tax Plan on Thursday, Democratic candidate for New Jersey’s 11th Congressional District Mikie Sherrill released the following statement:

“Today congressional Republicans unveiled a tax bill that raises taxes on middle-class families in the 11th district in order to subsidize tax cuts for the wealthy and for large corporations. In an assault on our wallets, the bill caps the state and local property tax deduction at $10,000 and eliminates the state and local income tax deduction. It will also discourage new homebuyers from choosing to live in the 11th because the bill halves the cap on the interest deduction for mortgages.

We need tax reform that eases the burden on the majority of Americans, not a bill that caters to the rich and powerful. Congressman Rodney Frelinghuysen must immediately join the rest of the New Jersey delegation and voice his opposition to this bill and any version that eliminates any part of the state and local tax deductions.”

The ramifications of this tax bill on the 11th district will be severe. More than half our residents use the state and local tax deduction, saving on average $4,000 in federal taxes. The tax bill changes the mortgage-interest deduction for future homebuyers, capping it at $500,000 or less. This bill impacts towns across the 11th – In Morristown, for example, the median closing price on homes is $536,000.