{"database": "press", "table": "releases", "rows": [["https://www.menendez.senate.gov/news-and-events/press/audio-release_menendez-discusses-trump-tax-bills-devastating-effects-on-homeowners-housing-market-with-nj-realtors", "***AUDIO RELEASE***  Menendez Discusses Trump Tax Bill’s Devastating Effects on Homeowners, Housing Market with NJ Realtors", "2017-12-14", "2017", "2017-12", "Democrat", "House", "NJ", "Robert Menendez", "M000639", "www.menendez.senate.gov", null, null, "legacy", "***AUDIO RELEASE***  Menendez Discusses Trump Tax Bill\u2019s Devastating Effects on Homeowners, Housing Market with NJ Realtors \n\t\t\t\n\t ***AUDIO RELEASE***  Menendez Discusses Trump Tax Bill\u2019s Devastating Effects on Homeowners, Housing Market with NJ Realtors \n\t\n\t\t Calls SALT Compromise, \u201cnot my idea of how you make a deal.\u201d \n\t\n\t\n\tThursday, December 14, 2017\n\t\n\t\r\n\u00a0 \u00a0\r\nWASHINGTON, D.C. \u2013 U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, today held a conference call with NJ Realtors to explain the many problems with the Republican tax bill and the harmful impact it could have on New Jersey homeowners and the housing market.\u00a0\r\nAmong other issues, Sen. Menendez addressed the news that the Republican compromise tax bill may have a $10,000 cap on SALT deductions as a compromise with Republicans from California, New York and New Jersey. \u00a0\r\n \r\n\u201cOn this $10,000 cap,\u201d Sen. Menendez said, \u201cI have to be honest with you: when you get billions stolen away from you, and then you get pittance in return, it\u2019s not my idea of how you make a deal.\u201d\r\n\u201cRepealing salt and local tax deductibility as a way to raise revenue is so harmful for New Jersey. We all know how important this deduction is to making New Jersey a great place to live. It allows our state and local governments to support investments in infrastructure, public safety, education, and homeownership, and just as important, it ensures that families in New Jersey aren\u2019t double taxed,\u201d said Sen. Menendez. \u201cIn 2015, more than 1.5 million New Jersey homeowners with sky-high property taxes deducted nearly $15 billion from their federal tax bills. Slashing this deduction would mean higher taxes for families in New Jersey.\u201d\r\n \r\nSen. Menendez recognized that stopping the bill from becoming law is an uphill battle, since Republicans are trying to ram it through before Christmas, but he strongly encouraged the entire New Jersey delegation to oppose the bill. He also called on NJ Realtors to continue their action in encouraging Congress to protect middle class homeowners.\r\nDuring the Q&A, Sen. Menendez said if the bill were to pass, he vowed to fight over the next few years to repeal provisions that hurt New Jersey families.\r\n\u00a0\r\n\r\nCLICK TO LISTEN TO SOME OF SEN. MENENDEZ\u2019S REMARKS\r\nYou can read Sen. Menendez\u2019s opening remarks, as prepared, below:\r\n\u201cFirst, let me say thank you for joining me on the call today.\u00a0 We have a long and successful history working together on behalf of New Jersey homeowners.\u00a0 Whether we are fighting to protect homeowners from flooding, ensuring a stable and strong housing market, or shielding New Jerseyans from harmful tax changes, we are successful because we work together on behalf of our communities.\r\n\u201cQuite simply, the proposals outlined in both the House and Senate tax bills treat New Jersey unfairly.\u00a0 Taken together, the mortgage interest, capital gains, and state and local tax deductibility provisions would undercut middle class families in New Jersey and undermine our housing market.\u00a0\r\n\u201cBy sparking a decline in housing values, making it harder for families to buy their first homes or upgrade to a new home, and taking money out of the pockets of homeowners, this is a bad deal for New Jersey.\r\n\u201cLet me be clear I have always believed that our tax code needs simplification, and that\u2019s why I am on the Senate Finance Committee, and why I\u2019m proud to be appointed to the Conference Committee.\u00a0 I want to get into the details to reform the code so that it works better.\u00a0 But it has to work better for New Jersey and these bills simply fail to meet that requirement.\u00a0\r\n\u201cAs you all know, the House bill proposed lowering the cap on mortgage interest deduction from $1 million to $500,000.\u00a0 More than 23 percent of homes with a mortgage in New Jersey have a value higher than $500,000.\u00a0 That percentage is as high as 36 and 37 percent when you look at communities in northern New Jersey.\u00a0\r\n\u201cSo as a result of this lower cap, homes with mortgages that have values above $500,000 will see an immediate drop in value, because the lower cap will apply when the home is sold, depriving the new buyer of the $1 million interest deduction.\u00a0 With less mortgage interest deduction availability, the marginal cost of properties will go up ultimately decreasing the value.\r\nNow, there are media reports indicating that the final bill might drop the mortgage interest cap down to $750,000, and while this is better than a $500,000 cap, it\u2019s still a step in the wrong direction.\r\n\u201cAnd it doesn\u2019t end there.\u00a0 The tax bills would unfairly penalize homeowners who remain in their homes for less than five years, prohibiting them from excluding capital gains on the sales of their homes.\u00a0 More than 10 percent of owners in New Jersey have lived in their homes for 2-4 years, and as a result of the capital gains provision, they will no longer be able to take the exemption.\r\n\u201cLast but not least, repealing salt and local tax deductibility as a way to raise revenue is so harmful for New Jersey.\u00a0 We all know how important this deduction is to making New Jersey a great place to live.\u00a0 It allows our state and local governments to support investments in infrastructure, public safety, education, and homeownership, and just as important, it ensures that families in New Jersey aren\u2019t taxed doubly.\u00a0\r\n\u201cIn 2015, more than 1.5 million New Jersey homeowners with sky-high property taxes deducted nearly $15 billion from their federal tax bills.\u00a0 Slashing this deduction would mean higher taxes for families in New Jersey.\r\n\u201cI\u2019m fighting in the conference committee to protect New Jersey, but I\u2019d be lying if I said it wasn\u2019t an uphill battle.\u00a0 Here\u2019s what I know\u2014your voices are powerful, and I\u2019ve heard from thousands of realtors across the state.\u00a0 In my view, there\u2019s simply no reason for any member of the New Jersey congressional delegation to support the bill, so it is important for you all to continue doing what you\u2019re doing.\u201d\u00a0\r\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.menendez.senate.gov/news-and-events/press/audio-release_menendez-discusses-trump-tax-bills-devastating-effects-on-homeowners-housing-market-with-nj-realtors"], "units": {}, "query_ms": 2.171389991417527, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}