Here in New Jersey, I think we can all agree we pay a lot in taxes. But the real question is: what are we getting in return? Right now, the answer is not much. New Jersey sends $3,478 more per person to Washington in tax dollars than we get back in investment in our communities.
Instead of passing tax relief to help grow our economy and ease the tax burden on New Jersey’s middle-class families, Congress raised our taxes.
New Jersey has the highest property taxes in the country, and our residents depend on the ability to deduct our state and local taxes (SALT) from their federal tax burden. The average state and local tax deduction in our district is more than $20,000 dollars – twice the cap that Congress placed on the deduction with the tax bill. The cap on SALT amounts to a double taxation on the people of New Jersey who already send more and get less back from the federal government than any other state in the nation.
This tax bill also threatens our long-term economic growth and places an undue burden on our children by adding $1.9 trillion to our national deficit. And now, Congress wants to use the increase in the deficit they created to come after Social Security and Medicare.
Our tax system should treat people in New Jersey fairly. I am committed to real tax relief that that invests in growth, simplifies our tax code, ensures work is valued the same as wealth, maintains our revenues and protect our middle class. And mostly importantly, a tax bill that restores our full state and local tax deductions.
I will work to find a truly bipartisan tax plan that strengthens our middle class and ensures New Jersey and the 11th district get a fair return on our federal tax dollars.