Obama Proposal to Limit Deductibility of Home Mortgage Interest and State and Local Taxes Will Be Devastating for New Jersey Families (who have the highest state and local tax burden in the country)
Republican State Chairman Tom Wilson issued the following statement today:
?Part of President Obama?s budget plan calls for dramatically reducing federal deductions for state and local taxes and for home mortgage interest. When this idea was presented in the past, Sen. Charles Schumer said it would be ?a dagger aimed right at the heart of New York. We have to stop it dead in its tracks, with no compromises?. We should be against all forms of double taxation .? Taxing taxes and home mortgage interest hurts states that have high taxes, high incomes and high home values like New Jersey and New York
According The Tax Foundation, New Jerseyans pay more in state and local taxes than residents of any other state. President Obama?s proposal would be a financial catastrophe for New Jersey. New Jersey taxpayers already give far more than we get when it comes to the federal budget and this proposal will not only put us deeper into that hole, it will make our state even less affordable and less attractive to the very people who create jobs. People are already fleeing New Jersey. If this plan is enacted, it will only accelerate the exodus as people will have another reason to seek out states with lower tax burdens.
The last thing we should be doing in a recession is raising taxes on anyone, but that?s exactly what President Obama?s plan will do. Jon Corzine said he looked forward to having a President he could work with. It?s time for him to stand up and show us what that means. He must lead the effort to stop this tax on taxes ?dead in its tracks with no compromises.?
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