Promoting bipartisanship, Sen. Joe Pennacchio (R-26) will introduce a resolution to urge Congress to make the individual tax cuts permanent and to revisit the SALT deduction cap in the 2018 legislative year.
“This is not a Republican issue, nor a Democratic one. In the past, both parties were able to set aside their differences and work on tax reform together for hardworking Americans,” stated Sen. Pennacchio. “In 1986, Congressional bipartisanship saved the SALT deduction and led to the passage of tax reform with votes from both sides of the aisle. By working together, Congress created long-term relief for families and retirees.”
Promoting bipartisanship, Sen. Joe Pennacchio will introduce a resolution to urge Congress to make the individual tax cuts permanent and to revisit the SALT deduction cap in the 2018 legislative year. (SenateNJ.com)
Pennacchio called on both Republicans and Democrats in Congress to work together to secure enough votes to get past the filibuster. This would focus on reinstating SALT and providing permanent tax relief for middle-class families. Under the new law, New Jersey families face a $10,000 cap on deducting their state and local property taxes from their federal taxes. The new law provides no long-term plan for property tax relief after it expires in 2025.
“The new law creates many challenges in the upcoming 2018 tax year and results in a halt of relief after the law expires,” said Pennacchio. “By introducing new legislation, Republicans can protect our hardworking families and Democrats can become engaged instead of sitting on the sidelines and complaining.”
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