Opposing the Republican Tax Plan
Mr. Speaker, I rise today in strong opposition to the Republican tax plan. As I have said many times before, this plan gives tax breaks for the wealthy and corporations over the needs of American families while adding a predicted $2.1 trillion to the national debt over the next decade.
Particularly devastating for New Jersey is the partial elimination of the State and Local Tax deduction. More than 25 percent of New Jerseyans would face a tax hike over the next decade due to this change. Per person, New Jersey taxpayers paid $3,478 more in federal taxes in 2015 than they received from the government, more than any other state.
Not only would the bill aggravate this disparity in New Jersey, it would also eliminate vital deductions that give relief to those burdened with high medical costs, student debt, and unexpected losses due to natural disasters. I will not support a one-sided plan that harms New Jersey and those who are most in need of tax relief. I yield back.