Booker calls it an insult if the Republican-led Senate eliminates middle class tax breaks for homeowners and the state sales and income tax deductions.
“This is not right or left,” Booker said. “This is an assault on our state that will hurt our state economy, cost us jobs and cost people their homes.”
Booker says many folks are locked into 30-year mortgages with the understanding that they could make critical deductions.
“This is outrageous. It is a direct assault,” he said. “They are targeting this state.”
He says Republicans are unfairly punishing New Jersey and other high tax states, most of them governed by Democrats, including California and Maryland, to fund tax cuts for the rest of the country.
“And that’s why you’re seeing some Republican congresspeople from this state coming out against this tax plan,” Booker said.
Booker says “you don’t need to be a tax accountant to understand that eliminating tax breaks like this would place a heavy burden on New Jersey families.”
Republicans in D.C. have a very different interpretation of the proposed tax plan.
Speaker Paul Ryan said the GOP’s tax plan will boost the country’s GDP by 3 to 4 percent, create 1 million jobs, and double the standard deduction for every single tax payer in America.
President Donald Trump also backed the tax plan.
“It will be the biggest tax reduction in the history of our country,” said Trump.
Booker says he has no idea how the vote on this tax plan will go. Republicans can only afford to lose two votes from their side and only one GOP senator has said publicly they will not vote for the plan.