Mnuchin, Ivanka Trump, MacArthur Promise Simpler Tax Code


They discussed the general goals of the Republican tax plan in a discussion that was about an hour long. The Senate version would eliminate the deduction.

The House bill limits deductibility of mortgage interest to the first $500,000 of a loan, riling the real estate and housing industries, and eliminates a deduction for medical expenses that's often taken by families facing crippling nursing home costs. The Treasury has calculated that the proposed tax overhaul would deliver tax cuts for most families of four and people earning up to $300,000 in NY and New Jersey, he said.

That's because with the loss of state and local tax deductions, they'd benefit more by taking the plan's enhanced standard deduction, according to the NJPP study.

The House bill allows homeowners to deduct up to $10,000 in property taxes while the Senate proposal unveiled by GOP leaders last week eliminates the entire deduction.

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Treasury Secretary Steve Mnuchin has said that "by far the majority" of middle class taxpayers will see a break under proposed reforms, but stopped short of saying all would.

The state and local tax deductions or SALT has emerged as a major discrepancy between the House and Senate tax reform bills. "We have a lot of blue-collar residents paying $6,000 to $8,000 in (annual property) taxes", he said.He supports the House's proposed tax overhaul. This bill is bad for New Jersey, and we must push back on both sides of the aisle. "We really need tax reform in this country". "I have gone through every tax bracket from the very poorest to the very wealthiest", he said. "I don't know how a New Jersey member of Congress can vote no to reducing people's taxes".

As a result, the number of New Jersey households taking the property tax deduction would shrink to 658,000, down 60 percent from the 1.6 million that now take advantage of the full state and local tax break, NJPP said.

"Instead of reforming our tax code to support the middle class, the Republican tax plan simply hikes taxes on New Jersey's middle-class families in order to give huge tax cuts to big corporations and the ultra-wealthy", said Mikie Sherill, a Democrat who is seeking to challenge Frelinghuysen in the 2018 midterms. But any bill has to preserve the state and local tax deductions, he said.

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The elimination of the tax break would potentially raise federal income taxes for middle- and high-income residents in high-tax blue states such as California, New York and New Jersey.

"They're getting lower taxes", MacArthur said in an interview.

Ms. Trump said she was happy that both proposals would expand the Child Tax Credit, which would increase from $1,000 to $1,600 under the House plan, or $1,650 under the Senate's version.

Those Republican colleagues faced new pressure Monday to vote yes from two GOP-aligned nonprofit groups that keep their donors secret. The Senate, which released its proposal Thursday, began committee discussions Monday.

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