STATEMENT: Gottheimer Statement on Inflation Reduction Act

WASHINGTON, D.C. — Today, August 7, 2022, U.S. Congressman Josh Gottheimer (NJ-5), released the following statement: 

“After careful review, it is clear that the Inflation Reduction Act is good for the families and small businesses in northern New Jersey. This bill passes my key test that I’ve pushed for since day one: it does not raise taxes on individuals, families, or small businesses in my District. The Inflation Reduction Act makes no changes to personal income tax rates or those impacting small businesses. That has always been my red line, and it is the key to delivering affordability for our families. In fact, it cuts costs and represents a projected tax cut of more than $550 million for my District — more than $2,000 for every family. 

This legislation is a huge win for New Jersey — it will lower prescription drug prices, especially for seniors, boost domestic manufacturing, provide support for families struggling with the high cost of health insurance, create jobs, and put in place the most important climate investments in our nation’s history. 

The bill is fully paid for, in part, with provisions that go after tax cheats. It will also help pay down the debt — a fiscally-responsible way to get inflation down.

As for SALT, my line in the sand remains the same. If someone tries to change the tax rates on families in my District, I will insist that we restore the State and Local Tax Deduction. This legislation doesn’t raise taxes on families in my District — it reduces the financial burden on them. For that reason, and for its strong support of the climate, lower prescription drug prices, and job creation, I’ll be voting for it.”

 

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