WASHINGTON – Stafford and LBI has a strong representative who noted only voted in favor of Thursday's Tax Cuts and Jobs Act but has been a strong leader in this endeavor.
Today, Congressman Tom MacArthur voted in favor of The Tax Cuts and Jobs Act, which is the first meaningful overhaul of America’s tax code in 31 years. He specifically discussed his successful efforts to restore the deductibility of property taxes, which led to a compromise that benefits all property owners in South Jersey.
The average homeowner in Burlington and Ocean Counties respectively pay $6,682 and $6,102 in property taxes annually, and the amended tax bill allows a deduction of $10,000, while also completely eliminating the AMT, which has trapped increasing numbers of working families.
Congressman MacArthur explained, “Our tax code hasn’t been updated in 31 years—it’s outdated, over-complicated and needs to change. It burdens working Americans with sky-high rates and is filled with special loopholes that benefit the favored few. The Tax Cuts and Jobs Act puts an end to this. It provides real relief for families and businesses—by simplifying the tax code, reducing rates, doubling the standard deduction, providing tax credits for childcare and care of adult dependents, and eliminating the AMT that has trapped working families.”
“I came to Washington, D.C. to get things done and work to improve the lives of my constituents, not walk away from tough fights. Months ago, some in my own party wanted to eliminate the state and local tax deduction, which would have had a devastating impact on the overburdened taxpayers in New Jersey. After months of negotiations with The White House and House Leadership, I was able to successfully restore the property tax deduction, which will benefit all South Jersey property owners.”
“In the end, we built consensus, got results, and working families will reap the benefits, while enjoying significant rate cuts on their income taxes.”
"Congressman Tom MacArthur has worked tirelessly to ensure property tax deductions are included in our tax reform plan,” said Chairman of the House Ways and Means Committee, Congressman Kevin Brady. “I appreciate his leadership as we work to pass historic pro-growth tax reform.”