Menendez Introduces His Own ‘Tax Cuts and Jobs Act’ that Actually Cuts Taxes

Menendez Introduces His Own ‘Tax Cuts and Jobs Act’ that Actually Cuts Taxes

After Senate Parliamentarian Rejects Title for Trump Tax Bill, Menendez Introduces SALT Deduction Restoration Under Same Title

 
WASHINGTON, D.C. – As the Republican Party hurled their tax plan towards final passage, gutting state and local tax deductions that 40 million households across America rely on to avoid being double-taxed, U.S. Senator Bob Menendez introduced the Tax Cuts and Jobs Act to restore the full SALT deduction millions would lose under the Republicans’ yet-to-be-renamed bill.

“It’s appropriate that the Republicans weren’t allowed to call their bill the Tax Cuts and Jobs Act, because, despite its catchy title, it would actually raise taxes on millions of Americans and send jobs overseas,” said Sen. Menendez.  “If President Trump and the Republican Congress were a business, they’d be sued by the FTC for false advertising.” 

Menendez’s bill would make the state and local tax deduction permanent and prevent the Trump Tax Bill from repealing it.  It is cosponsored by Sens. Cory Booker (D-N.J.), Ben Cardin (D-Md.), Kirsten Gillibrand (D-N.Y.), Kamala Harris (D-Calif.), Patty Murray (D-Wash.), Dianne Feinstein (d-Calif.), Chris Van Hollen (D-Md.), Richard Blumenthal (D-Conn.), and Chris Murphy (D-Conn.).

“I went to the equivalent of the Senate’s GoDaddy.com to see if the bill name had been taken, and it turns out it had just become available,” said Sen. Menendez. “I went to Twitter and saw that it’s even trending, so I snatched that up right away.”

Asked if he was married to the name, or if he’d be willing to let the Republicans have it for one of their future bills, Menendez replied, “As soon as they come up with a bill that actually cuts taxes for the middle class and creates jobs, they can have it back.”

Data from the Senate Joint Economic Committee indicate that at least 40 million households across America rely on the SALT deduction to save hard-earned money on their tax returns.  According to New Jersey Policy Perspectives, 1.8 million New Jersey taxpayers deducted a combined $17 billion in state and local taxes in 2015 alone.  Across the country, 86 percent of taxpayers who claim the SALT deduction make under $200,000 year, and more than half make under $100,000.

SALT deductions are used most frequently in New York, New Jersey, Maryland, Connecticut, and California.

  

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Press Contact

geoff_corey@menendez.senate.gov