Spadea — It’s our money, give it back now!
The President unveiled his tax reform proposal to an almost immediate negative reaction from local politicians and media pundits. No surprise that the fear mongers and biased wannabe journalists at at NJ.com immediately pounced on the proposed elimination of the local tax deduction. This is the worst kind of selective news reporting.
The tax plan is a simple one. Tax rates will be reduced. Standard deductions will double. Loopholes for the wealthy closed. Companies will have an incentive to bring back foreign profits and jobs that have been shipped overseas back home.
I've read the proposal and it's a simple plan that will be turned into a bill for Congress to vote up or down. If you're a middle class taxpayer, the elimination of the Alternative Minimum tax alone is a reason to support this. Especially if you're a middle class taxpayer making between $50,000 and $200,000 a year. If you're a working class homeowner, the reduction in rate and the increasing in standard deductions alone will more than offset the elimination of the real estate tax deduction. And since that nearly 7 out of 10 tax filers are using the standard deduction the proposed plan could be a huge windfall.
In New Jersey our average homeowner is paying more than $8,600 in real estate taxes. Across the nation that average is just shy of $3,300. The rally cry from the middle class in New Jersey needs to be opposed to the outrageous cost of living in the Garden State, not the elimination of a deduction that will be offset almost entirely by other cuts. If our taxes are nearly triple the national average we have a problem that won't be fixed by retaining the current deduction. How about we take the overall reduction in rates and increase in the standard deductions and then fight Trenton to reduce our taxes? Kim Guadagno, the GOP candidate for Governor has such a plan.
Don't let the fear mongering and selective outrage on one out-of-context point scare you away from supporting a very important change in the law. And don't let them scare you into thinking that the new tax code will spike the deficit. That only happens in a fantasy world where the taxes go down and EVERYTHING else stays the same. Which of course never happens. If history is a guide, there will be trillions of dollars in economic growth. Did you know in 2003 after the last major tax cut initiated by Washington, the federal government had the largest four-year-increase in revenue in HISTORY? That's right, millions of jobs and hundreds of billions in additional revenue. The Trump plan will not only be a huge help to the working poor and renters, but also middle class homeowners and small businesses. If the working and middle class get the huge break they deserve and government revenue rises with economic growth as it has with previous tax cuts, they do you care that the top earners save a few million bucks? I sure don't. Whether the top 1% gain or lose has no bearing on my taxes or yours. Let's not play class warfare. The 99% need a break. We're not looking to get it anytime soon in New Jersey, let's make sure Congress doesn't prevent us from getting it what we need and deserve from the federal government.
It's time to push back on the politicians and pundits and their #FakeOutrage. Governor Cuomo, Cory Booker and everybody in between are only in it for themselves and their own ambition. We're in this to raise our families, pay our bills and maybe grab a little time for our selves. Living paycheck to paycheck is hard enough. Politicians trying to prevent the President from giving us back our own money are the real problem here. Not a tweeting, brash President. Let's push back on the rhetoric that is designed to confuse and distract us from the fact that almost every politician on the right and left before Trump has been working on more creative ways to steal your money.
Trump is gonna give it back. Let's make sure Congress and their special interest shills don't stop him.
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