Congressman MacArthur Votes to Permanently Lower Federal Taxes for South Jersey Families and Businesses
WASHINGTON, D.C. — Congressman Tom MacArthur released a statement following his vote to make the federal individual income and small business tax cuts permanent for all Americans. The legislation also made permanent or expanded provisions to help with the costs of child care and medical expenses.
“Making the federal tax cuts permanent is good for New Jersey families, small businesses, and the economy. New Jerseyans and the nation are already seeing the results of reducing the federal tax burden. On average, New Jersey taxpayers will see a federal tax cut of nearly $1,500 in 2018; more than half of our state’s taxpayers will see a reduction of $2,740. That is real money making a real difference in the lives of New Jersey families,” said Congressman MacArthur. “Americans continue to benefit from a thriving economy—small business optimism is at its highest level ever recorded, consumer confidence is rising, and Americans are seeing increased bonuses, higher wages, and more employee benefits because of the Tax Cuts and Jobs Act. Right here in Toms River, OceanFirst Financial Corp. raised its minimum wage to $15 per hour because of the newly lowered corporate tax rate.”
“At the beginning of the tax reform process, I worked with the White House and House and Senate leadership to make the bill better for New Jerseyans. I fought for our South Jersey seniors and those with high medical costs, and we expanded the medical expense deduction,” continued MacArthur. “The state and local tax deduction was slated to be zero, but I successfully preserved the deduction. Recent analysis of the SALT deduction cap found that if the cap was eliminated, it would benefit New Jersey’s richest 1.5% and hurt the middle-class. Keeping the SALT deduction cap at $10,000 is in line with New Jersey state law and covers nearly every taxpayer in Burlington and Ocean Counties.”
“The bottom line is that a vast majority of taxpayers in South Jersey have, and will continue to pay less in federal taxes, and will continue to benefit from provisions in this bill that help with medical costs, assist with the costs of child care, and lessen the tax burden on small businesses,” added MacArthur.
Background on how taxpayers in New Jersey’s Third Congressional District benefit from “Tax Reform 2.0”:
- A majority of New Jerseyans, more than 80%, are seeing an increase in tax-home pay due to the federal tax cuts.
- More than half of NJ-03 constituents take the standard deduction, which this law permanently doubles to $12,000 for individuals and $24,000 for families.
- 48,000 constituents claimed the child tax credit, which is permanently doubled to $2,000 per child.
- All NJ-03 taxpayers benefit from MacArthur’s advocacy to include a deduction on their property and state income taxes in line with New Jersey state law, which is made permanent.
- NJ-03 families caring for an elderly parent or a child in college are provided with an extra $500 due to the continuation of the non-child dependent tax credit.
- South Jersey seniors and those with high medical costs will benefit from the medical expense deduction that is extended through 2020.
- Permanently cuts the small business tax rate to its lowest since World War II.
- Permanently cuts the federal income tax rate so New Jerseyans will continue to keep more money in their pockets.