Today, Rep. Josh Gottheimer and members of the Practioner’s Forum, a committee of the Bergen Chapter of CPAs met to discuss the detrimental impact of the House and Senate Tax Hike Bill on New Jersey families and small business.
Below: Congressman Gottheimer and CPA Tax Experts Discuss the House Tax Hike Bill
As part of Rep. Gottheimer’s Tax Cut Tour, the conversation addressed the impact of eliminating the State and Local Tax Deduction and the mortgage interest deduction. Gottheimer and his team of Tax Experts emphatically agreed that the current Senate and House plans represents a tax hike, not a tax cut for New Jersey. Removing the State and Local Tax Deduction would be disastrous to the entire state.
“Eliminating the State and Local Tax Deduction would be catastrophic tax hike on the entire state. It will slash our ability to deduct our state and local taxes, our mortgages by fifty percent, and will drive property values down by more than ten percent. Most small and medium sized businesses will not get a break. And on top of sticking us with higher taxes, the tax hike bill is an economic disaster – it is anticompetitive and will shift jobs and people out of New Jersey,” said Rep. Gottheimer. “From day one, I have been somebody who has been trying to get to yes to bipartisan Tax Reform. But I can’t support a tax hike bill.”
“This tax hike bill will be extremely detrimental to New Jersey. I think it’s going to kill northern Jersey. On the individual side, no one is going to be able to itemize with the elimination of the state and local property tax deductions. My clients are going to be paying more taxes and they won’t be able to stay in New Jersey,” added Norman M. Fleischer, CPA, Chairman of the Practitioner’s Forum.
While hosting this roundtable discussion, Rep. Gottheimer also announced the Fifth District Tax Cut Hotline to serve as a nerve-center and answer any inquiries or concerns from New Jersey 5th District residents ahead of the House Tax Hike Bill vote later this week.
The new Fifth District Tax Cut Hotline is a toll free number for Jersey families and businesses at 800-932-1908. Additionally, residents of New Jersey’s Fifth District can email any tax-related questions or concerns to email@example.com.
“Residents in my district are set to lose big-time with the elimination of the State and Local Tax Deduction in this Tax Hike bill ” Said Rep. Gottheimer. “People everywhere in my district are nervous about their finances and have questions. We are launching a Tax Hotline to help address their questions during this tumultuous time period.”
In addition to unveiling the Tax Hotline, Rep Gottheimer has also started a tax blog, revealing a running list of groups opposed to the new Tax Bill. This blog can be found at gottheimer.house.gov/taxcutblog/.