It’s important to know what’s going on in Washington because the decisions made there affect all of us. There has been a flurry of activity since Congress returned from its recess, and we must remain vigilant in the fight to defend our livelihoods. Two of the top issues confronting working families are Trump’s reckless tax proposal and Congressman MacArthur’s health care amendment. The onslaught of information is intended to trip us up, but we’re not going to let them pull the wool over our eyes. The below list provides highlights of how these proposals may impact us so that we can stay informed and defend our economic future.
Trump Tax Plan
- Eliminates the federal deduction for state and local taxes, including property taxes, increasing the average annual tax bill for a New Jersey resident by more than $3,500.
- Lowers the capital gains tax primarily paid by wealthier Americans.
- Reduces the top tax rate from 39.6 percent to 35 percent.
- Repeals the 3.8 percent Medicaid tax levied only on individuals with at least $200,000 in investment income and married couples with