I support reforming our tax system in a way that will create jobs, strengthen the middle class, encourage entrepreneurs, and help small businesses grow and hire. However, I am strongly opposed to the Republican tax bill that was rushed through Congress in order to create tax breaks for corporations and the wealthy.
On December 22, 2017, President Trump signed the GOP tax plan into law, restructuring our current tax code in a way that prioritizes tax cuts for the wealthy and corporations over the needs of American families. Tax breaks for corporations that will benefit foreign shareholders are permanent, while 86 million middle class American families will see their taxes increase once temporary tax breaks expire. The state and local tax (SALT) deduction is limited, directly and negatively impacting millions of New Jersey families where the average SALT deduction is worth well over the new limit of $10,000. While families will be hit with higher tax rates as a result of the limiting of SALT and property tax deductions, the wealthiest income bracket will be receiving a 2.5% tax break on their income tax.
In addition, by adding an estimated $2.2 trillion to the national deficit, this tax plan would trigger an automatic cut to vital programs, like Medicare, that millions rely on. The bill also includes another attack on health care by repealing the individual mandate. According to the Congressional Budget Office (CBO), this will result in 13 million Americans losing coverage over the next decade and cause premiums to spike for those who are most desperately in need of care.
I am ardently opposed to this restructuring and believe that comprehensive tax reform must be a bipartisan effort that helps those most in need of tax relief rather than funneling benefits to the wealthy. The wealthiest in our nation, including those who hold public office, are the last people we should be prioritizing when there are millions who need tax relief in order to keep their heads above water.