Congressman MacArthur’s Statement on The Tax Cuts and Jobs Act
WASHINGTON –Today, Congressman Tom MacArthur released the following statement after The Tax Cuts and Jobs Act passed the House:
This is good news for the overburdened taxpayers in South Jersey. The Tax Cuts and Jobs Act provides real relief for families and businesses—by simplifying the tax code, lowering rates, doubling the standard deduction, providing tax credits for childcare and care of adult dependents; all while preserving the deductibility of property and state income taxes.
I came to Washington to fight for my constituents and solve the tough problems that impact their lives. During this process, I urged the White House and House Leadership to preserve the deductibility of property and state income taxes, restore the medical expense deduction for seniors and those with high medical costs and protect the educator expense deduction for our dedicated teachers. I didn’t back down from this fight and I’m grateful my colleagues listened and preserved these critical provisions.
In the end, this legislation will provide a vast majority of my constituents with a much needed tax cut and allow them to keep more of their hard-earned money.
This legislation will benefit NJ-3 taxpayers in multiple ways including:
- More than half of NJ-3 constituents take the standard deduction, which doubles in this legislation.
- All NJ-3 taxpayers will benefit from Rep. MacArthur’s fight to include a deduction on their property and state income taxes in line with New Jersey state law.
- Over 48,000 NJ-3 families currently claim the child tax credit. Under this legislation, the child tax credit will double to $2,000 per child. Plus, many more middle class families will be able to take full advantage of this credit, instead of it phasing out at a lower income as it does today.
- NJ-3 families caring for an elderly parent or a child enrolled in college, would be provided with an extra $500 with the creation of the non-child dependent tax credit.
- Provides relief for NJ-3 seniors and residents with high medical bills by expanding the medical expense deduction for medical expenses exceeding 7.5 percent, which Congressman MacArthur successfully advocated for.
- Protects the educator expense deduction for NJ-3 teachers, that Congressman MacArthur urged House Leadership to include.
- Gives small businesses the lowest tax rate since World War II, which will help Main Street businesses from Toms River to Willingboro.
- Lower tax rates, which will enable his constituents to keep more of their hard-earned money.