Gottheimer-backed SALT Bill Gives Massive Cuts on Taxes for Fifth District Families — Gottheimer Releases Model of Tax Cut Benefits at All Income Levels

Dec 19, 2019

Bipartisan bill fights back against Moocher States, repeals SALT deduction cap, saving Fifth District families $5.6 billion total each year New Jersey Chamber of Commerce, New Jersey Realtors backs tax cut legislation, will help businesses, real estate prices

WASHINGTON – Today, Thursday, December 19, 2019, U.S. Congressman Josh Gottheimer released a model for the massive tax cuts Fifth District families will receive from the bipartisan SALT repeal plan, H.R.5377 — Restoring Tax Fairness for States and Localities Act. H.R.5377 will ultimately save Fifth District tax filers $5.6 billion dollars total each year.

“I’m releasing this tax cut model to show the massive tax cut North Jersey families — at every income level — will receive from the bipartisan SALT repeal plan that the House is voting on today,” said Congressman Josh Gottheimer (NJ-5). “Joint filers in tax brackets from $100,000 to $2 million and above will finally get a tax cut from the 2017 Tax Hike Bill that’s slammed our hardworking families with thousands in extra taxes and lower property values. The Tax agile Bill has driven residents and jobs out of the Garden State in droves. Ever since I joined Democrats and Republicans in voting against the 2017 Tax Hike Bill, I’ve been fighting to fully reinstate SALT and finally cut taxes for North Jersey families. This bill delivers on that. It’s time we fought back against the Moocher States. This is a huge win for New Jersey families and businesses.”

“The impact of the SALT deduction has been very harmful to many New Jersey residents, not only increasing tax obligations but reducing real estate values — both have aggravated the affordability of living in New Jersey and prompted a growing number of citizens to look at exit strategies. The proposed SALT repeal bill will begin to rectify our affordability issue and take away the monetary penalty with which New Jersey has been saddled,” said Tom Bracken, the President and CEO of the New Jersey Chamber of Commerce.

“As a real estate broker, I applaud the work that Congressman Gottheimer has done to support the 5th District and New Jersey’s economy. Raising the SALT cap for married couples filing jointly in 2019 and eliminating the SALT deduction cap for 2020 and 2021 will help many of our neighbors realize the dream of homeownership,” said Randy Lyn Ketive, Vice Chair, New Jersey REALTORS Legislative Affairs Committee.

The model below estimates the massive tax cuts this legislation will deliver for New Jersey tax filers at all levels:

Recent Posts

Apr 11, 2024

RELEASE: Gottheimer, Problem Solvers Caucus Members Speak on Importance of AI at TechNet Day

Above: Gottheimer speaking at TechNet Day. WASHINGTON, DC — U.S. Congressman Josh Gottheimer (NJ-5), Susie Lee (NV-3), and Brandon Williams (NY-22), three members of the bipartisan Problem Solvers Caucus, joined TechNet to highlight the importance of their work on AI and technology and their commitment to American-led innovation. Other topics discussed included artificial intelligence, workforce development, […]

Apr 10, 2024

RELEASE: Gottheimer Meets with North Jersey AAPI Community Leaders

Discuss ways to work together, make life more affordable, support small businesses, and advocate for veterans. Above: Gottheimer with leaders from North Jersey’s AAPI community. FORT LEE, NJ — U.S. Congressman Josh Gottheimer (NJ-5), joined leaders from the Asian American Pacific Islander community to discuss his work to make life more affordable, lower taxes, support small businesses, keep communities […]

Apr 10, 2024

RELEASE: Gottheimer Resolution Denounces Rise of Antisemitism and Islamophobia Across the Nation

Condemns Acts of Hatred and Violence Reaffirms No One Should Be Targeted Because of Their Race, Ethnicity, or Religion WASHINGTON, D.C. —  U.S. Congressman Josh Gottheimer announced a resolution denouncing the rise of antisemitism and Islamophobia across the country. This resolution condemns attacks on Americans, who were targeted because of their race, ethnicity, and religion.  Full text of the resolution […]