Congressman Smith’s Statement on the Tax Bill
Congressman Smith’s statement on H.R. 1, the tax bill under consideration in the House this week:
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.