Congressman Sires’ Statement on the Republican Tax Plan
(Washington, D.C.) – Today, Congressman Sires released the following statement regarding the Republican tax plan:
“As I’ve said before, this Republican tax plan prioritizes the wealthy and corporations over working American families while adding $1.5 trillion to our national deficit over the next decade. Tax reform should be a bipartisan effort to simplify the tax code in a way that is fair and stimulating for the economy, not a one-sided plan crafted behind closed doors.
The Tax Cuts and Jobs Act eliminates numerous deductions that millions of middle class families use every year to pay for cuts in the corporate tax rate, massive tax breaks for the wealthy and the delayed repeal of the estate tax. Particularly devastating for New Jersey is the partial repeal of the state and local tax deduction which has been part of the tax code for over 100 years and is used by many New Jersey families. The local property tax would be capped at $10,000 and the deduction of state incomes would be eliminated. On top of this, mortgage interest deductions for new homebuyers would be cut in half, capping the deductible interest to the first $500,000 worth of home loans.
The bill also does away with a standard deduction for the elderly as well as deductions for student-loan interest, medical expenses, and property losses. These eliminations heartlessly target those who are most in need of tax relief and are particularly cruel in the wake of the numerous natural disasters we have experienced this year that have left millions with property damage and unexpected medical bills.”