Five Tax Facts

Ignore the biased media coverage and dishonest rhetoric from tax and spend politicians. Here are five things you need to know about the recent tax reform bill Tom helped to pass into law.

  • The doubling of the standard deduction and child tax credit will help middle-class families. In fact, the average family of four in our district will save over $2,000 per year.
  • The tax rate for small businesses will be the lowest since World War II, giving our local job creators more incentives to invest in our communities.
  • Employers responded to tax reform investing in frontline employees with bonuses, higher wages, and better benefits. This new law also encourages businesses to spend more on capital projects, which will help put our highly skilled construction tradesmen and women to work.
  • New Jersey families and businesses will pay nearly $9 billion less to the federal government in 2018.
  • Without Tom’s efforts, the state and local tax deduction would have been completely eliminated and New Jersey families wouldn’t be able to deduct a single penny on their federal taxes. Thanks to Tom, all state and local taxes up to $10,000 can still be deducted starting in 2018.

Don’t believe any of it? Just plug your own circumstances into this tax calculator, or just take a look at your recent paychecks to see an increase in take home pay.