CALL TO ACTION - TAX "REFORM"

Talking points from NJ Citizen Action
See also NJPP Fact Sheet on Tax Reform

CALL REPRESENTATIVE SMITH at 202-225-3765. TELL HIM TO STOP MIDDLE-CLASS TAX HIKE TO PAY FOR TAX CUTS FOR THE RICHEST 1% & WEALTHY CORPORATIONS!

This week Congress will vote on a tax plan that will give a huge tax cut to the richest 1% of Americans and wealthy corporations. It will be paid for by raising taxes on many middle-class families here in New Jersey and by slashing funding for Medicare, Medicaid, education and more.

EFFECTS OF THE REPUBLICAN TAX PLAN IN NEW JERSEY

  • One-third of the tax cut will go to the richest 1% in New Jersey. They will get a $25,000 tax cut each year on average once the plan is fully phased in.
  • The tax plan gives a $1 trillion tax cut to wealthy corporations and business owners—twice as much as it gives to individual taxpayers.
  • 1 out of 4 middle-class families in New Jersey will pay $1,130 more in taxes a year when the plan is fully phased in.

[Source: Institute on Taxation & Economic Policy, Nov. 2017]

REP. SMITH: DON’T REPEAL THE STATE AND LOCAL TAX DEDUCTION

A big way the Republican tax plan hikes federal taxes on the middle class is by taking away our right to deduct state and local taxes (SALT) on our federal tax returns.

In Rep. Smith’s 4th Congressional District:

  • 45% of taxpayers take SALT deductions of about $16,900 a year on average. [Government Finance Officers Association]
  • Under the GOP tax plan, a middle-class couple with two children owning a home could face a tax increase of up to $3,200 next year—due to the partial repeal of SALT. [Source: Americans Against Double Taxation]
  • Repealing SALT means families will be double taxed: It is wrong to tax Americans twice on their hard-earned incomes. They should not pay federal taxes on the taxes they already paid to state and local governments. 
  • Repealing SALT is a double standard: The Republican tax plan cuts ends the SALT deduction for individuals and families, but still allows corporations to claim the SALT deduction—a clear and unfair double standard.

 TELL HIM: NO MIDDLE-CLASS TAX HIKES TO PAY FOR TAX CUTS FOR THE RICHEST 1% AND WEALTHY CORPORATIONS!