Around 3 in 10 New Jersey taxpayers would benefit if SALT cap were discarded

(Wikimedia)
(Wikimedia)

Around 30 percent of New Jersey taxpayers would have a lower tax bill if the federal government scrapped the $10,000 cap on state and local property tax (SALT) deductions adopted in 2017, according to NJ.com. That’s the highest percentage of any state in the nation per a study by the progressive research group Institute for Taxation and Economic Policy. Around 27 percent of Connecticut taxpayers would pay less in taxes if the deduction were reinstated. A $3 trillion stimulus package passed in the U.S. House of Representatives calls for removing the cap, although President Donald Trump has threatened to veto the bill because if it doesn’t also include a payroll tax cut for corporations. [NJ.com] – Dennis Lynch

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