Democrat Murphy calls GOP tax plan 'scam'

Treasury Secretary Steve Mnuchin has said that'by far the majority of middle class taxpayers will see a break under proposed reforms but stopped short of saying all would

The Treasury has calculated that the proposed tax overhaul would deliver tax cuts for most families of four and people earning up to $300,000 in NY and New Jersey, he said.

'For most people - and, again, it may not be 100 percent, but by far the majority - both the House and Senate version provide middle-income tax relief, ' Mnuchin said on CNN.

The liberal think tank New Jersey Policy Perspective estimated that the SALT deductions now benefit almost 41 percent of New Jersey households and that New Jersey would be among the hardest-hit states in the country if the plan goes through.

Gov. -elect Phil Murphy on Monday blasted the House Republican tax plan as "devastating" for the middle class, elderly and seniors as a new study showed that few New Jersey residents will benefit from allowing some property tax deductions in the legislation.

And New Jersey Policy Perspective, a progressive research group. reported Monday that nearly 1 million New Jersey taxpayers wouldn't be able to take advantage of the remaining property tax break that MacArthur pushed for.

Reps. Bill Pascrell (D-9), Albio Sires (D-8), Donald Payne (D-10), Donald Norcross (D-1) and Frank Pallone (D-6) all joined Murphy on Monday to criticize the plan.

As a result, the number of New Jersey households taking the property tax deduction would shrink to 658,000, down 60 percent from the 1.6 million that now take advantage of the full state and local tax break, NJPP said.

"We need a simpler, fairer system for our country", he said. "We believe that we should be helping the middle class".

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Pascrell, a member of the House Ways and Means Committee, said that the cuts that go along with the bill could kick the can down the road and lead to a potential reduction in federal services down the line.

"Abolishing state and local tax deductions would disproportionately harm residents of states like New Jersey and be akin to paying taxes-on-taxes", Lance spokesman John Byers said. And if they are, why don't they move?

The House bill limits deductibility of mortgage interest to the first $500,000 of a loan, riling the real estate and housing industries, and eliminates a deduction for medical expenses that's often taken by families facing crippling nursing home costs.

The House bill would keep the deduction for property taxes and eliminate state and local income taxes.

Democrats in New Jersey's Republican-leaning districts have seized on MacArthur and Frelinghuysen's stances on the tax plan.

"The code has become so complex", Ivanka Trump said. Republicans are also calling for reducing the number of tax brackets and lowering corporate rates. Earlier this year, MacArthur was the primary architect of a failed bill that would have repealed and rewritten the Affordable Care Act.

They discussed the general goals of the Republican tax plan in a discussion that was about an hour long. "I am continuing to fight that issue", Mr. MacArthur said.

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