After working for months to improve this legislation on behalf of his constituents, Congressman Tom MacArthur will be voting in favor of The Tax Cuts and Jobs Act, which will provide a vast majority of his constituents with a tax cut.  While you are getting ready to write your stories about this legislation, I want to point out exactly what Democrats are voting against and the benefits included in the bill.

·         More than half of NJ-3 constituents take the standard deduction, which doubles in this legislation.

·          All NJ-3 taxpayers will benefit from Rep. MacArthur’s fight to include a deduction on their property and state income taxes in line with New Jersey state law.

·         Over 48,000 NJ-3 families currently claim the child tax credit. Under this legislation, the child tax credit will double to $2,000 per child.  Plus, many more middle class families will be able to take full advantage of this credit.

·         NJ-3 families caring for an elderly parent or a child enrolled in college, would be provided with an extra $500 with the creation of the non-child dependent tax credit.

·         Provides relief for NJ-3 seniors and residents with high medical bills by expanding the medical expense deduction for medical expenses exceeding 7.5 percent, which Congressman MacArthur successfully advocated for.

·         Protects the educator expense deduction for NJ-3 teachers, that Congressman MacArthur urged House Leadership to include.

·         Gives small businesses the lowest tax rate since World War II, which will help Main Street businesses from Toms River to Willingboro.

·         Lower tax rates, which will enable his constituents to keep more of their hard-earned money.

Politico notes this legislation will benefit:

·         Many people who work for a living “The bill would cut individual tax rates and double the standard deduction to $12,000 for single people and around $24,000 for couples.”

·         People with high medical expenses and adopted children “Taxpayers would be able to deduct the costs of medical expenses that exceed 7.5 percent of their adjusted gross income… A credit for adoptions also remains on the books…”

·         College students and K-12 teachers “College loan interest would remain deductible, and tuition waivers for graduate students wouldn’t get counted as taxable income… For lower levels of education, teachers would still be able to deduct some of their out-of-pocket expenses for school supplies they buy their students.”

·         Manufacturers “Major manufacturers would benefit the most from a provision that would let businesses immediately write off the cost of new investments, known as full expensing.”

·         Local governments, hospitals and housing “The legislation would preserve the tax-deductible status of private activity bonds.”

In the end, Congressman MacArthur fought for his constituents, instead of simply walking away from a tough fight.  Because of his work, working families in NJ-3 will finally see real tax relief and be able to keep more of their hard-earned money.