New Jersey is under attack
The Republican administration punished New Jersey for having good public schools and generous social services by forcing double taxation on New Jersey homeowners. In the past, New Jersey homeowners avoided being taxed twice on the same dollar by writing off taxes paid at the state and local level from their federal taxes. New Jersey has the highest property taxes of any state in the country. The 2017 tax law caps the amount of state and local tax deductions at $10,000. The cap does not make sense because New Jersey residents only get 82 cents back for every dollar paid in federal taxes. We must restore the full deduction for families and bring fairness back to the system.
New tax law increases wealth inequality
The 2017 tax law was a reward from the Republican administration to billionaires, wealthy shareholders and highly paid executives for their years of loyalty. The law lowered the corporate tax rate to 21 percent, eliminated U.S. taxes on foreign profits, created a 20 percent deduction for pass-through income, doubled the estate tax exemption, lowered the top individual income tax rate to 37 percent, and weakened the Alternative Minimum Tax. The law exacerbated wealth inequality by making the richest Americans richer at the expense of working- and middle-class families. The law must be repealed.
Tax wealth rather than income
We will close loopholes and eliminate exemptions to end the practice of corporations making huge profits but paying zero federal corporate income taxes. We will enact new taxes on the wealthiest Americans who have been avoiding taxes for generations. We will focus on taxing wealth and not income in order to protect hardworking families. We will include all assets in the net worth calculation, which will increase tax revenue and reduce tax avoidance and evasion. We will make sure the wealthiest Americans pay their fair share of taxes.