Rep. Pascrell Responds to Republican Tax Plan
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ), a member of the House Committee on Ways and Means, responded to the tax reform outline released by Congressional Republicans.
"The Republican tax proposal will hurt working families in New Jersey while piling on giveaways to a small number of extremely wealthy individuals. Right now, a hedge fund manager making $10 million is taxed at a lower rate than a middle class teacher or a doctor. Small businesses on Main Street pay all their taxes, while multinational corporations hide their profits in offshore tax havens to reduce their tax rates to single digits. This giveaway to the wealthiest and most powerful is outrageous and has got to stop. But instead of putting forward a proposal that makes sure everyone pays their fair share, Republicans are choosing to raise taxes on working Americans and give huge breaks to those at the top, especially the President himself and many of his cabinet members. Republicans tried tax cuts for the wealthy in 2001 and 2003 and it proved to be a disaster for the federal budget and our national economy.
"My constituents already pay some of the highest property taxes in the country, and I will not stand idly by as Republicans eliminate the deduction for state and local taxes. I hope that my Republican colleagues from New Jersey and others representing high-tax states will join me in opposition to this unnecessary and hurtful proposition. Eliminating the SALT deduction would double taxes what New Jerseyans already pay in property and sales taxes in their local communities. These families shouldn’t be hit with higher taxes just to give a windfall to hedge fund managers and corporate CEOs. I believe that we need a simpler, fairer tax code in which families and small businesses get more equitable treatment, and those who can contribute more do so according to their ability. It’s been a principle of our tax policy going back a hundred years, and today Republicans seek to turn that on its head.
"Let’s go back to the drawing board where I am convinced we can put together smart, responsible, bipartisan tax reform that simplifies the code for businesses, relieves the burden on the middle class, and promotes economic growth and prosperity for all, not just a few," Rep. Pascrell said.
In June, Rep. Pascrell and Rep. Leonard Lance (R-NJ) led a bipartisan letter to Treasury Secretary Steven Mnuchin asking the Trump Administration to preserve state and local tax (SALT) deduction in tax reform plan. Rep. Pascrell and Rep. Lance were joined by 68 colleagues in opposition to plans to eliminate the SALT deduction, which would be especially detrimental to high-tax states like New Jersey, California, New York, and Illinois.