Congressman Smith today released the following statement on H.R. 1, the tax bill under consideration in the House this week – just one day after Ivanka Trump made a special trip to region to push the tax plan:
While I believe Americans are overtaxed and need relief, I must vote “no” this week on the tax bill, H.R. 1, because of its negative impact on New Jersey and my congressional district.
Almost half – 47% ‒ of the taxpayers in my district itemize, claiming an average of $31,981 in deductions.
The elimination – even modification – of the state and local tax deduction (SALT) will significantly increase taxes for many. That’s unacceptable, and reason enough to oppose the legislation. Making matters worse are other provisions in the legislation that nullify or significantly scale back numerous well-crafted deductions including the medical deduction – utilized by 40,000 taxpayers in my district, largely the elderly and disabled, with an average deduction of $9,254 – as well as deductions for student loans, education, property damage, and mortgages, among others.
This is silly. Tax reform is absolutely necessary, and it’s going to happen whether we like it or not. What Smith should be doing is working on making the bill work for us – like what Mike Lee and other Senators have done in the Senate by further increasing the refundable child tax credits. If he would do that, it would end up being even better for us.
The House bill he’s opposing raises it to $1,000 per child, the Senate to $2,000. Can you imagine how much this reform would be worth to us if he could get a $2,500-$3,000 refundable tax credit per child? It would make up for any other deductions we lose.
Call Chris Smith’s office, and tell him not to lock himself out of the Tax Reform bill. Tell him to work with President Trump and the Republicans to further expand a refundable tax credit.
Lower our taxes.
Please all call Mr Smith and tell him that it’s morally wrong to tax the rest of the USA so his constituents could save money. CA/NY/NJ having the highest taxes is why they are the ones who care about these deductions.
If he really cares he should work with the state/local level politicians to REDUCE state and property taxes. SALT is just a way to make NJ sky high taxes more palatable. It is NJ who is responsible for their taxes, NOT the Federal government, (and as a result the rest of the country) to subsidize the cost.
not going to happen as NJ just elected a tax and spend democrat as governor with a tax and spend democrat legislature so our taxes will keep going up
Cut waste and spendig
Chris smith should work with the leadership in congress for some compromise. perhaps anyone that earns less than $300,000 should still be able to use the real estate tax deduction. we need to be able to deduct the real estate tax. some middle income people with large families are paying $20,000 in real estate taxes!
First off, I commend Congressman Smith for caring for his constituents instead of simply going with his party line, which would’ve been the easier thing for him to do.
But since the bill has not been voted on yet, i would like to bring up a very important point.
(fox business link removed)
In the last 2 paragraphs of the above article, it is mentioned that Senator Orrin Hatch was introducing an ammendment in the senate to consider TUITION PAYMENTS TO PRIVATE RELIGIOUS SCHOOLS as a Charity Deduction to itemize on your tax return. That would be a huge help for struggling families in this district.
I believe that Congressman Smith can introduce and push this in the House, both now when they vote on it, as well as when they will reconcile the House and Senate bills together.
Being that Congress has found an additional $300 billion, by getting rid of the Obamacare individual Mandate penalty, there should be more money available in the tax bill to BOTH put back the SALT deductions as well as giving private school parents a deduction with their tuition. (After all, they save the states tens of thousands of dollars for each child, by not going to public schools).
So instead on our respectable Congressman simply voting No on the tax bill, please call him to encourage him to fight to add back the Property tax deduction, AS WELL as a tuition deduction.
@Pay your fair share: let’s be honest ny nj California are all states that the feds love, we receive less federal money then what we actually pay in taxes! So we would actually save money if we get rid of the federal government
Political posturing – how much does the state and local income tax deduction really help, as it gets pulled out when calculating the Alternative Minimum Tax? In reality, it doesn’t save mcuh
Some CPA…. the new Tax Law removes the Alternative Minimum Tax.
I respect our congressman for looking out for us!
Yes, that’s his job, to represent us, the residents of his district, in Washington!
He did his homework, has the clear numbers to explain his reason for voting against the bil.
Let’s remember, it’s much easier to vote with your political party, with the president, to stand up for ‘us’ the residents of the district is what makes Mr. Smith so respected!
Good Luck
If Mr. Smith was looking out for us he would find a way to cut NJ taxes and stop blocking President Trump from doing something. Mr Smith would rather punish the entire country for the sake of keeping the status quo.
We need to elect people that will control spending and lower our taxes, not electing Murphy that said he intends to raise our taxes higher.