Mnuchin, Ivanka Trump, MacArthur Promise Simpler Tax Code

Ivanka Trump, Mnuchin push for GOP tax package in Ocean County

Trump and Treasury Secretary Steven Mnuchin appeared alongside GOP Rep. Tom MacArthur and Gov. Chris Christie at a discussion of the Republican tax reform plan in New Jersey.

US President Donald Trump said on Sunday that he believes USA intelligence agencies, which have concluded that Russian Federation meddled in the 2016 USA presidential election. "Simplifications ultimately democratizes the tax code".

The House bill allows homeowners to deduct up to $10,000 in property taxes while the Senate proposal eliminates the entire deduction. The House bill bumps that credit up to $1,600, the Senate to $1,650.

Mr. MacArthur, a Republican who represents southern New Jersey's Ocean and Burlington counties, said he won't support the tax bill without a property-tax deduction, and believes the $10,000 deduction would cover "the vast majority of people in this state".

Whatever Russia did during the presidential campaign in the US previous year, it had no impact on the outcome, US Treasury Secretary Steven Mnuchin said.

"For people who make $1 million in high-tax states, there will be a tax increase", Mnuchin said.

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They discussed the general goals of the Republican tax plan in a discussion that was about an hour long. More than half of the town's residents are senior citizens - many living on fixed incomes - and tax deductions are important, Republican Mayor Carmen Amato said.

"We're moving in the right direction", she said. "We really need tax reform in this country". The Senate bill dumps SALT deductions entirely. "I realize how hard it is to balance the competing demands of a working family and I'm more fortunate than most", she said. "I have yet to find anybody whose taxes don't go down".

But New Jersey Policy Perspective, a left-leaning policy group, said the Senate's tax plan would "overwhelmingly benefit wealthy New Jersey households" by 2027. We tax on worldwide income but people don't have to pay those taxes if the money stays off shore.

The average residential property-tax bill in New Jersey has increased 32% during the past decade, reaching $8,200 in 2016, according to state records.

After the event, Trump tweeted that it was a "great morning" and said the tax reform seeks to enact "historic tax cuts" that will "empower hardworking American families". But any bill has to preserve the state and local tax deductions, he said.

In high-tax states, including New York, New Jersey and California, the Senate plan would hit some taxpayers harder than others by eliminating all state and local tax deductions, a cut created to provide revenue that would offset the deep tax-rate cuts that have been proposed. "I am continuing to fight that issue", Mr. MacArthur said.

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