Washington, DC–– Today, Representative Mikie Sherrill (NJ-11) voted to pass the Build Back Better Act. This legislative package will raise the SALT cap, grow the economy, cut taxes for New Jersey families, lower prescription drug costs, increase access to affordable childcare, and strengthen the clean energy economy.
Due to Rep. Sherrill's advocacy, this legislation finally fixes the harmful state and local tax (SALT) deduction cap, which has unfairly double taxed NJ-11 families since it was implemented in the 2017 Republican tax bill. The SALT provision included in this legislation effectively eliminates the impact of the cap for virtually every family in NJ-11.
"The core issues of my work for the 11th Congressional District since my first day in office have been simple -- addressing the SALT deduction cap, lowering prescription drug prices, and making New Jersey more affordable for families in our communities. On all of those points, I'm proud to say this legislation delivers," said Rep. Sherrill. "Earlier this week we signed the bipartisan Infrastructure Investment and Jobs Act into law, which funds another one of those core priorities, the Gateway Tunnel. The legislation we passed today is another piece of the puzzle. Together, these packages will help grow our economy by putting money back in the pockets of families in our district and getting people back to work by addressing the childcare crisis. It will grow our clean energy economy, make our communities healthier, safer, and more affordable, and ensure that our nation maintains our competitive edge around the globe for decades to come. From Bloomfield and Woodland Park to Lake Hopatcong and Sparta, New Jerseyans across the district will finally get our hands on the benefits that our communities need and deserve."
This package will have a direct benefit for New Jersey families, by:
Eliminating the SALT deduction cap for 98% of NJ-11 families
Allows families in NJ-11 to deduct an additional $7.6 billion in state and local taxes over the next five years
Ensures that an NJ-11 family with two teachers each earning $75,000/year will now be able to deduct an additional $7,000 in state and local taxes
Addressing the Childcare Crisis
Ensures access to affordable childcare by capping costs for kids under 6 at 7% of income for nearly every NJ family
Incentivizes over 1.6 million mothers to re-enter the workforce which would boost long-term GDP by almost $360 billion
Removes obstacles for approximately 34,000 New Jersey parents to enter the labor force and drive $4.2 billion of new economic activity in New Jersey
Saves a typical NJ family of four with two children in care $17,000 annually on child care costs, freeing up 14% of their post–child care annual income to spend on other necessities
Growing the Clean Energy Economy
Drives climate change mitigation, saving New Jerseyans billions of dollars in climate and public health costs each year and reducing greenhouse gas emissions by 50% by 2030
Saves the average American family hundreds of dollars per year in energy costs through clean energy tax credits
Creates hundreds of thousands of good jobs by ensuring clean energy technology – including wind turbine blades, solar panels, and electric cars – will be built in the United States
Protecting Workers' Rights to Organize and Collectively Bargain
Creates new penalties for employers who violate the rights of workers under the National Labor Relations Act
Helps thousands of workers across New Jersey organize and collectively bargain without fear of retribution from their employers
Providing Middle Class Tax Relief
Puts almost $300 million back in the pockets of middle-class families' in NJ-11 through the Child Tax Credit
Cuts child poverty by half and produces economic and health benefits worth $800 billion
Improving Workforce Development
Prioritizes workforce development and job training programs to address shortages and get people back to work
Creates over one million Registered Apprenticeship positions, to help workers access highly-skilled, well-paying jobs in manufacturing and other industries
Offering College Retention and Completion Grants
Creates the College Retention and Completion Grants program, which will support evidence-based initiatives so students graduate on time with a degree or credential that will propel them into good-paying jobs
Providing Paid Family and Medical Leave
Provides four weeks of paid leave with benefits of up to $4,000/month, incentivizing parents to reenter the workforce and prevent lost wages after they return to work
###
Original source can be found here.
