State Lawmakers React to Trump-Named 'Cut, Cut, Cut' Tax BillLast Edited:
Congressional Republicans released their plans for the first tax overhaul in three decades, and South Jersey representatives are not thrilled with the changes.
The plan — dubbed the "Cut, Cut, Cut Bill" by President Donald J. Trump — proposes to place new limits on the tax deduction for mortgage interest as well as slash the corporate tax rate, double the standard deduction, and increase the child tax credit, all while adding an expected $1.5 trillion to the national debt over the next decade.
Second District Congressman Frank Lobiondo (NJ) is a Republican, but says he is voting "nay" due to the elimination of state and local income tax deductions, and the cap on property tax deductions.
LoBiondo, who has come out before against Trump and some of his agenda, says he is working on a counterproposal to make tax reform a "net positive" for the residents of South Jersey.
First District Congressman Donald Norcross (NJ) is a Democrat, and called the tax reform bill the "Ryan, Trump, Billionaires First" tax bill.
Norcross said in a statement that the plan is really welfare for the wealthy, paid for by hardworking Americans and that New Jersey families will suffer most because of the cuts to critical state and local tax deductions.
President Trump says the bill is "a great bill," and he is optimistic that it will be passed into law by the end of the year.
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