NEWARK – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, released the following statement regarding the tax plan unveiled by Senate Republicans today:
“Senate Republicans have put New Jersey in the crosshairs with a partisan tax plan that imposes punishing tax increases on middle class families by robbing them of billions of dollars’ worth in valuable deductions for state and local income taxes, property taxes, student loans, and more. Without the SALT deduction, 1.6 million New Jersey homeowners who already pay sky-high property taxes will be subject to double taxation. New Jerseyans can’t afford to subsidize the rest of America more than we already do, and it is up to every member of Congress from New Jersey to put party aside and defeat this morally bankrupt bill before it bankrupts our future.
“I am sick and tired of listening to Republicans preach about fiscal responsibility and reforming our tax code to make it simpler and fairer, when there’s nothing fair about increasing taxes on millions of middle class families just to hand debt-exploding giveaways to corporations and the super-rich. Corporations get a massive tax cut with no strings attached, no stipulations that any of that windfall goes to higher wages for workers or more jobs here at home. And there’s nothing fiscally responsible about saddling our children with another $1.5 trillion in debt while letting the heirs to massive fortunes inherit billions without paying a dime.
“It seems that Republicans are only budget-hawks when it comes to funding Medicaid for families with long-term care needs, protecting Medicare for seniors or helping a kid from a poor family like me pay for college.
“This isn’t tax reform, it’s a budget-busting abomination that treats New Jersey’s middle class like America’s piggy bank and I will not stand for it.”