Sweeney Swims North: Senate Prez Joins with Gottheimer for Tax Cut Plan in Advance of Monday Voting Session
PARAMUS – Senate President Steve Sweeney (D-3) this morning affixed thumbprints of alliance on the shoulders of U.S. Rep. Josh Gottheimer (D-5) as the battleground federal Democrat rose his voice in opposition to the impacts of President Donald Trump’s federal Tax Plan, and welcomed what he identified as statewide relief.
“We’ve got to get tax cuts for people,” the congressman said in City Hall. “We’re here today to announce the progress we’re making to fight the tax hike bill. I want tax cuts. As Steve said, we need to make New Jersey more affordable. When Congress jammed through the tax hike bill, they gutted the state and local [SALT] tax deductions. If you live in Florida, you love this deal. You just got a tax cut paid for by the people of New Jersey. Now moving trucks are actually leaving our state than moving in. Home values are off seven percent already.
“I don’t need the moocher states to teach a lesson to New Jersey,” he added. “They should stop taking our hand-outs.
“The rates need to be lowered for families in New Jersey,” said Gottheimer, surrounded by Democratic mayors and lawmakers. “When you do the math, the elimination of SALT is a seven percent tax increase on homeowners in my district.
“In New Jersey, we don’t just sit back and take a punch,” he added. “No one is tougher in ring than this guy here.”
He gestured to Sweeney.
“Thanks,” the senate president beamed.
A New Jersey tax cut bill goes to the floor of the state senate on Monday.
“This New Jersey tax cut bill will become law this spring,” the congressman said.
The bill would create a mechanism to increase the opportunity for residents here to make charitable deductions to offset the impact of the feds’ tax bill. What the plan would do – implemented in 33 other states – is authorize the state to develop and generate regulations and guidelines for every tax office so that when people go in to their local tax office they can make a donation to a charitable program – like local recreation, for example – and get an itemized tax benefit. The legislation caps it at 90%, but it could be less.
The bill would require multiple local line items. In essence, the town sets a tax cap on the credits an individual is able to use. As long as the fund still has tax credits available, the taxpayer can make contributions to that place.
“Congressman, I’m thrilled to be here with you,” Sweeney said. “Paul and I are advancing legislation, and the Governor has embraced it, but let’s give credit where it’s due.”
It started with Gottheimer, said Sweeney, the South Jersey senate leader who appeared here this morning at City Hall.
“New Jersey has a tax problem,” the senate president said. “This is why I have Senator Sarlo chairing a panel with Senator Oroho right now. We’ll be coming back with some very controversial ideas.”
“I was glad to see the governor come on board – after the fact,” Sarlo said. “We’re not going to allow New Jersey to get kicked in the teeth by President Trump and a Republican majority.”
Sarlo, chair of the Senate Budget Committee, said the plan provides “immediate relief” to taxpayers.
Sweeney said he’s had conversations with the Assembly Speaker.
“We were in a position to move faster,” said Sweeney. “We are both meeting on the 26th. I would hope by the 26th, we should have it done in both houses and on the governor’s desk. If we sit back, we have no chance to reverse this. We’ve got nothing to lose. People expect us to fight for them. That’s why I really appreciate the congressman coming up with a vehicle to lower property taxes in this state.”
We need to attempt this (though the IRS/Treasury will oppose it) to enable wealthy NJ residents and others who itemize deductions to stay in NJ!
Everyone knows NJ’s own income and property taxes can never be reduced.