Government

US Rep. Payne, Jr., Speaks Out Against GOP's Plan to Eliminate State & Local Tax Deduction

a0d9a1e19d1d47ef3301_Payne_Donald_Jr.JPG
Rep. Payne, Jr., Speaks Out Against GOP's Plan to Eliminate State & Local Tax Deduction
a0d9a1e19d1d47ef3301_Payne_Donald_Jr.JPG

WASHINGTON, D.C. –  Rep. Donald M. Payne, Jr. (NJ-10) spoke on the House floor in opposition to the Trump-Ryan-McConnell tax plan’s proposed tax cut for the richest 1 percent of Americans and tax hike for 26.4 percent of New Jersey households in 2018. The average tax increase for families under the GOP’s proposed tax plan is $794 a year. The GOP plan would eliminate the federal deduction for state and local taxes.

“Eliminating the federal deduction for state and local taxes will take money out of people’s pockets and out of New Jersey to fund tax cuts for the wealthiest Americans,” Rep. Payne, Jr., said. “That doesn’t work for New Jersey, and it doesn’t work for the American people. If you pay state and local taxes on your hard-earned money, the federal government should respect that. After all, state and local taxes pay for our roads, our schools, our police, and all the essential services we rely on each day.”

Rep. Payne, Jr., released a new report detailing the deep damage the Trump-Ryan-McConnell tax plan would inflict on middle-income families in New Jersey.  While 80 percent of the tax benefits in the GOP plan go to the wealthiest 1 percent alone, 1.2 million hard-working families in New Jersey would pay higher taxes.

Sign Up for E-News

The state-by-state report finds that under the Trump-Ryan-McConnell framework:

·         1.2 million households will pay higher taxes;

·         The average nationwide tax increase for families earning up to $86,100 would be $794;

·         1.8 million New Jersey households will lose their state and local tax deduction, worth an average deduction of $17,850;

TAP Into Another Town's News:

Sign Up for E-News

East Orange/Orange

26-Year-Old Woman Fatally Struck by a DeCamp Bus in Montclair Identified

February 25, 2018

NEWARK, NJ --- Law enforcement authorities are currently investigating the fatal death of a Montclair au pair that occurred on Saturday evening.

Maya Moar, a 26 year old au pair from Holon, Israel was working for a Montclair family when she may have been struck by the Decamp bus as she exited, according to a release issued by Acting Essex County Prosecutor Robert D. Laurino and Montclair ...

Mayor Green and the City of East Orange Hosts A Black History Debate

February 19, 2018

EAST ORANGE, NJ - Mayor Ted R. Green, East Orange City Council and Department of Recreation & Cultural Affairs will host a reenactment of the age-old debate between Booker T. Washington and Dr. W.E.B. DuBois on Thursday February 22, 2018 at the East Orange Campus High School Auditorium.

The debate which pits those in favor of Washington’s philosophy of self-help and racial solidarity ...

Essex County Freeholders Celebrate African-American History Month

February 22, 2018

NEWARK, NJ – At its 2018 African-American History Month Celebration on Wednesday at the Hall of Records in Newark, the Essex County Board of Chosen Freeholders commemorated the heritage, culture, resilience, and spirit of the African-American community.

Brendan Gill, board president and Freeholder At-Large, first acknowledged African-American contributions, both past and present, in ...

Using the Wrong Financial Accounting Software for Your Needs

There is one thing that can make all this record keeping easier. That’s the amazing financial accounting software that is available today. There are so many choices - both paid and free - that are really awesome and work great. The trick is to figure out what you need and then choose based on your needs.

Before you look at financial accounting software you should ask yourself the ...

Procrastinating About Keeping Up to Date on Your Data Entry

Last time we talked about maintaining good records and saving receipts; this time we’ll focus on why you should not procrastinate on your data entry.

Taxes are on a pay-as-you-go basis. You owe taxes every quarter on your earnings minus your expenses. If you’re not doing your bookkeeping as needed, including reconciliation of accounts and closing out accounts, then you’re ...

Not Saving All Receipts and Keeping Good Records

We talked last time a little bit about overstating income and not counting the deductions that you can. We also talked a bit about receipts. But, it’s so important that we’re going to bring it up again here.

Keeping receipts and keeping good records is an important thing to do for your business because it’s going to make a lot of difference when you look at your financial ...

Upcoming Events

Carousel_image_b07ca45d1f7f7b57e6e4_spring_football

Mon, February 26, 6:00 PM

Lincoln Avenue School Gymnasium , Orange

Football Lovers, the Season Is Not Over: Orange ...

Sports

Carousel_image_637f7270be345db02418_mcoc-logo-500

Wed, February 28, 7:00 PM

BCB Community Bank Maplewood, Maplewood

Maplewood Chamber of Commerce February Business ...

Business & Finance Education

Carousel_image_b07ca45d1f7f7b57e6e4_spring_football

Thu, March 1, 6:00 PM

Lincoln Avenue School Gymnasium , Orange

Football Lovers, the Season Is Not Over: Orange ...

Sports