This week, Congress passed the Tax Cuts and Jobs Act. It’s been 31 years since the last overhaul of America’s tax code, and American families are finally catching a break. I supported this legislation after studying how it would impact my constituents and negotiating to make it better. Despite all the partisan misinformation and fear-mongering, this bill will absolutely help the overburdened taxpayers in New Jersey’s Third Congressional District.
When I was back in New Jersey last week, I visited with a small business in Burlington County to talk tax reform and to learn about their business. Centryco is a multi-generational, woman-owned manufacturing business with 36 employees. Small businesses like this are the heart of our economy, and their employees will help our economy grow with the real tax relief they will see from the Tax Cuts and Jobs Act.
Here are some specifics about what this historic tax reform bill mean for South Jersey:
· More than half of my constituents in south jersey take the standard deduction, which is now being doubled from $12,000 to $24,000 for a family.
· All taxpayers in New Jersey’s Third Congressional District will benefit from my successful fight to include a deduction for property and state income taxes.
· Over 48,000 families in New Jersey’s Third Congressional District currently claim the child tax credit, which will double to $2,000 per child. Plus, many more middle class families will be able to take full advantage of this credit, instead of it phasing out at a lower income as it does today.
· South Jersey families caring for an elderly parent or a child enrolled in college, will get an extra $500 with the creation of the non-child dependent tax credit.
· Seniors and residents with high medical bills will see an expanded medical expense deduction, which I successfully advocated for.
· This bill includes the educator expense deduction that I urged House Leadership to include, giving South Jersey teachers much-deserved tax relief.
· Small businesses will enjoy the lowest tax rate since World War II, which will help Main Street businesses from Toms River to Willingboro.
· Lower tax rates will enable you to keep more of your hard-earned money.
I came to Washington to fight for my constituents and solve the tough problems that impact their lives. During this process, I urged the White House and House Leadership to preserve the deductibility of property and state income taxes, restore the medical expense deduction for seniors and those with high medical costs and protect the educator expense deduction for our dedicated teachers. I didn’t back down from this fight and I’m grateful my colleagues listened and preserved these critical provisions.
The bottom line - this legislation will provide almost everyone with a much needed tax cut and allow you to keep more of your hard-earned money.