Breaking: Trump Tax Cuts Take Effect in 2017
Many middle income families could realize a huge tax cut in 2017
Hackensack, NJ -- Conservative republican Steve Lonegan, candidate for Congress in New Jersey's fifth district, is calling on North Jerseyeans to take advantage of the Republican tax cuts in 2017 -- before its too late.
"Most people think they have to wait until 2018 to realize savings under the Republican tax cut, but that's not necessarily true," Lonegan said. "Many middle income families could realize a huge tax cut in 2017 by prepaying their 2018 property taxes."
Lonegan said the idea came to him as he discussed the implications of the Republican Tax Cut with his daughter and son-in-law.
"As I was helping them talk through the best way to prepare for 2018 and take full advantage of the tax cuts, it first became clear they were going to do very, very well under the President's bill in 2018," Lonegan said. "But then we realized that by prepaying their property taxes today or tomorrow, they could effectively get the same tax cut in 2017 that they're going to get in 2018."
Lonegan said his daughter's family is representative of many, many families in North Jersey.
"Under the 2017 law, she and her husband have the option of taking the married standard deduction of $12,000 or itemizing about $16,000," Lonegan said. "So of course, they itemize. Now, by prepaying their property taxes of about $8,000, they will be able itemize $24,000 in 2017 -- the same amount they'll get under the new married standard deduction next year."
Lonegan lauded the opportunity as the "Trump Tax Cut of 2017."
"This is all due to the leadership President Trump showed in pushing Congress to get this bill passed by Christmas," Lonegan said. "Anytime American families can realize more savings, keep more of their own money, and invest in their own futures, that is a very Merry Christmas, indeed."
But Lonegan warned that many families don't yet realize they have this tremendous opportunity.
"With the hustle and bustle of the holidays, far too many families who could avail themselves of a huge tax cut in 2017, don't realize it yet," Lonegan said. "When Congress returns, they must immediately enact a one-month grace period during which towns and school boards can more accurately calculate property tax bills for 2018 and during which families can make the prepayments.
"This is now not just a great tax advantage, but its also an issue of equity. Americans deserve a little more time to take advantage of this incredible opportunity and America as a whole deserves the economic growth that will result from these enormous savings in 2017."
He has been endorsed by the National Republican Congressional Committee (NRCC), Bergen County State Senator Gerry Cardinale, Mrs. Ann Kievit, President of the Northwest New Jersey Taxpayers' Association, Rev. Greg Quinlan, President of the Center for Garden State Families on behalf of New Jersey for a Conservative Majority, Alexander Roubian, President of the New Jersey Second Amendment Society (NJ2AS), United States Senator Ted Cruz, Warren County State Senator Mike Doherty, Sussex County State Senator Steve Oroho, Assemblyman Parker Space, Assemblyman-elect Hal Wirths, Sussex County State Committeewoman Jill Space, Morris County State Senator Joe Pennacchio, Assemblyman John DiMaio, Assemblyman Erik Peterson, Assemblywoman Betty Lou DeCroce, Warren County Freeholder Director Richard D. Gardner, Warren County Freeholder Deputy Director Edward J. Smith, and Warren County Freeholder Jason J. Sarnoski