Tax relief for middle, working class families? — NJ congressman explains Trump tax solution
Looks like the Republicans in Congress may have finally found a way to get out of the way of President Donald Trump's plan to streamline the tax code and bring much needed relief to middle and working class families.
There are still a few holdouts including Congressman Leonard Lance who seems to be trying hard to live up to the GOP nickname as the "Party of No." The President's tax plan as presented by the Republican leadership in the House looks great for anyone who is struggling to get ahead in New Jersey.
As presented, the bill will eliminate the Alternative Minimum Tax which begins to impact working and middle class taxpayers at $53,000 a year of income. It will also double the standard deduction which is huge for the nearly 70 percent of taxpayers who file this way. Then there's the lowering of rates and the simplification of the process. And the best part is that thanks in part to the courage and leadership of New Jersey's own Congressman Tom MacArthur, the real estate tax deduction will stay in the bill. It will be capped at $10,000 but that is much higher than the average homeowner in New Jersey is paying. Some studies show it as high as $8,600 and others at close to $7,000.
Either way, you're covered by the new tax plan. As Congressman MacArthur explained to our listeners Friday morning, this is going to be a strong tax cut of middle and working class income earners. He made a very important point that people should not be persuaded to blind opposition as the special interests who may benefit from your high taxes will pull out the stops to hinder the bills passage.
More from New Jersey 101.5:
[gravityform id=221 name=Signup for the NJ1015.com Newsletter