RELEASE: Gottheimer, Tax Expert Slam Tax Hike Bill 2.0
Permanently Gutting the SALT Deduction Hurts Jersey Families and Businesses, Another Giveaway to Moocher States
RIDGEWOOD, N.J. – Today, Thursday, September 20, 2018, Josh Gottheimer was joined by Joe Cipolla, CPA, owner of Franklin Lakes-based Cipolla Advisors LLC, to discuss the Tax Hike Bill 2.0, the dangerous effort to make the Tax Hike Bill’s gutting of the State and Local Tax (SALT) Deduction permanent. Cipolla is a Republican and Certified Public Accountant in both New Jersey and New York with extensive experience with federal, local, and international taxation.
Just last week, the House Ways and Means Committee passed legislation that would make the Tax Hike Bill’s cap on the SALT deduction permanent. Earlier this month, the IRS released new data that shows that, in all four counties in the Fifth District, the average SALT Deduction claimed exceeds $10,000, the new cap on SALT Deductions.
“A year ago, the Moocher States gutted SALT and jacked up taxes on my state. Now, they are literally pouring salt on the wound and trying to stick it to our families and businesses for the long run,” said Josh Gottheimer. “New IRS data only adds more proof to what I’ve been saying all along: gutting SALT jacks up taxes significantly on New Jersey families. In all four counties I represent—Bergen, Passaic, Sussex, and Warren—the average SALT Deduction claimed exceeds the new $10,000 cap, meaning that, because of the Tax Hike Bill, our families’ taxes are going to go up. We need tax cuts, not tax hikes, and I’m committed to doing everything I can to lower taxes, fight back against the Moocher States, and fight for Jersey families.”
“I think Josh is right on the money when it comes to fighting for lower taxes. Capping the SALT deduction was a huge hit on Jersey families, and we need to be doing everything we can to stop the Tax Hike from the loss of the SALT deduction becoming permanent,” said Joe Cipolla.