HAMILTON >> Homeowners in Hamilton Township and across New Jersey scrambled in the final days of 2017 to make early local property tax payments to evade a future federal tax hike…
Trump signed his sweeping $1.5 trillion tax cut legislation into law on Dec. 22, but the measure amended IRS provisions in a way where property owners beginning in 2018 will only be able to deduct up to $10,000 in state and local taxes for income, sales and property taxes when filing future federal tax returns with Uncle Sam…
U.S. Rep. Chris Smith, a Republican who represents Hamilton Township and surrounding communities, is one of the few GOP members in Congress who voted against Trump’s tax cut bill in the House of Representatives.
Smith issued a statement on Dec. 20 saying he voted against the legislation “because while I believe that Americans are overtaxed, this bill does not provide needed tax relief for New Jersey residents.”
Some politicians wanted to kill the entire SALT deduction altogether, but Smith said the prevailing new $10,000 cap on the SALT deduction “just isn’t enough” and suggested it should have been much higher.
“The bill rolls back or entirely eliminates certain itemized deductions, and almost half —47 percent — of the taxpayers in my district itemize, claiming an average of $31,981 in deductions,” Smith said in his statement. The average SALT deduction in Smith’s district was $18,355, according to the congressman.
“Many New Jersey taxpayers, including homeowners who pay some of the highest property tax rates of any state, could see their taxes go up,” Smith said in his statement. “New Jersey residents already pay one of the highest tax rates per household to the federal government but see one of the lowest returns on federal spending of any state. We need tax relief, but relief must be fair to the taxpayers of New Jersey.”
Excerpted & emphasis added. Read the entire Trentonian article here.