Tell Congress to consider the Bipartisan Gottheimer-Lance Tax Cut Plan-it's not too late!
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See the 2 guys in the picture?
A Republican and a Democratic Congressman... who worked together to come up with a tax plan that should be considered, but right now...
As 2 New Jersey CPAs who are intimate in the lives of over 400 client families doing the living and the dying, we can tell you that the tax reform bill under consideration now - to be voted on as early as Tuesday - will hurt the majority of them. Among other painful changes, the right to deduct the state and local taxes that they pay, as well as their mortgage interest, isn't a trivial thing to them. It has an absolute economic value that were it suddenly to be dramatically diminished, would jeopardize their households, in ways that cannot be considered, as its effect will be felt well beyond this April 15th and April 15ths to come - it will be felt when they go to sell their homes, for what could easily be 15-20% less than if this legislation is not passed.
It's not just middle-class taxpayers in a few concentrated areas that will get hurt by the passage of the 2017 Tax Cuts And Jobs Act (“TCJA”), but generations to follow as piling more debt - over $1.4 trillion by Congress's own estimates - onto their shoulders will bring our country into damaging uncharted waters. But there is a better plan out there; one that has bipartisan support, that addresses many provisions of the TCJA that experts cite in its current proposed form will only benefit a precious few and are not proven at all to be pro-growth. While no piece of tax legislation can be perfect for all, the Joint Committee on Taxation recently predicted that if the TCJA is enacted that 20% of all Americans would see a tax increase. The nonpartisan Tax Policy Center had said that the TCJA would only boost GDP by 0.7% in 2018, well short of growth promised by those embracing it. And to boot, it's temporary...
Even state & municipal governments will find themselves at a serious disadvantage with nothing in the bill that speaks to our country’s crumbling infrastructure (the American Road and Transportation Builders Association reports almost 10% of the nation’s bridges are structurally deficient). And while the ACA is far from perfect, experts say that the elimination of the ACA penalty for the uninsured will raise premiums 10% for everyone else.
But even if the drag on the economy is better than initially projected, wouldn't it be a good idea to consider another idea... one that has received bipartisan support? One that doesn't hand our kids more red ink?
We believe so. The Gottheimer-Lance Tax Cut Plan (put forth by L. Lance, R-NJ, and J Gottheimer, D-NJ) framework yields a more equitable path and achieves funding that neither economically disenfranchises those areas punished by the TCJA, nor does it hand future generations a boatload of crushing debt.
As we mentioned, no tax plan is perfect. But while the TCJA is unfair and inequitable with consequences that cannot be predicted, the Gottheimer-Lance Tax Cut Plan is a great start. Please sign the petition to tell our elected officials - all of them - that it should be given a chance to do just that. It's not too late. But time is running out. By signing the petition you let our elected officials know that we want them to consider a fairer, more equitable solution...
And it's already in their hands..
(Photo: Herb Jackson/NorthJersey.com)
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