Republicans are targeting four Democrat U.S. House district for 2022, Save Jerseyans, a large percentage of the seats they need to flip to erase Nancy Pelosi’s razor-thin 9-seat majority.
Unfortunately and awkwardly for the Democrats representing those districts, President Biden’s proposed federal tax changes would mean increases for taxpayers in all four districts; three of the districts would see four-figure jumps.
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Here’s the list (h/t Tax Foundation):
$371.63 (NJ-03 Kim)
$2,056.32 (NJ-05 Gottheimer)
$2,633.56 (NJ-07 Malinowski)
$2,299.04 (NJ-11 Sherrill)
The average statewide increase for tax year 2022 would be $724, but the average increase between 2022 and 2031 would be $13,147.
Major drivers of the tax burden jump include the proposed new corporate tax rate of 28% (it’s currently 21%) and Biden’s plan to hike the top individual income tax bracket to 39.6% (it’s 35% at the moment).
It’s going to be very, very interesting to see whether Kim/Gottheimer/Malinowski/Sherrill rally around the Biden proposals or back slowly away, Save Jerseyans. Stay tuned…
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