Menendez on Trump Administration’s Proposed Rule on Charitable Contributions and State and Local Tax Credits

Menendez on Trump Administration’s Proposed Rule on Charitable Contributions and State and Local Tax Credits

 
WASHINGTON, D.C. –  U.S. Senator Bob Menendez, a senior member of the Senate Finance Committee that sets national tax policy and the leader in the U.S. Senate in the fight to preserve the State and Local Tax Deduction (SALT), reacted to the Trump Administration’s proposed rule on charitable contributions and state and local tax credits: 

“The Trump Administration’s latest attack on New Jersey’s middle-class families is as despicable as it was predictable.

“These new IRS regulations not only defy decades of legal precedent, they are clearly designed to punish states like New Jersey that stood up and fought back to protect our residents from being double-taxed. They will slam New Jersey homeowners with higher property taxes and endanger the investments in public safety, education, infrastructure and economic opportunity that make our state an economic powerhouse for the nation and an attractive place to live, work, and raise a family.

“The Trump tax scam was a hit job on middle-class pocketbooks from the start, giving billions in breaks to big corporations while capping the state and local property tax deduction hundreds of thousands of hardworking families in New Jersey rely on to afford their homes.

“That’s why I will continue to hold President Trump’s IRS nominee until this discriminatory, unfair tax policy is reversed.” 

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