Congressman Pascrell - Stop The Attack on Local Tax Payers
https://www.insidernj.com
The Stop the Attack on Local Taxpayers (SALT) Act strikes the $10,000 cap and fully restores the SALT deduction. Providing further tax relief to families struggling during the pandemic, the measure also eliminates the cap retroactively. Further, the Pascrell plan restores the top individual income tax rate to 39.6%, the rate at which the highest bracket was taxed prior to passage of the Trump Tax Law. Rammed through the Republican-controlled Congress on a party-line vote in December 2017, the Trump Tax Law gave huge tax breaks to the super rich and giant corporations, while hiking taxes on the middle class and capping SALT at $10,000
In 2017, about 30% of taxpayers claimed the deduction, and more than 80% of those filers earned less than $200,000 – middle class in high cost-of-living states. In New Jersey, 1.9 million taxpayers deducted their local property and state income taxes in 2017, approximately 42% of New Jersey taxpayers, averaging $19,162 per deduction
Your Home Is Worth Less in NJ
https://www.nj.com
The average Essex County home, according to Zillow, is worth $391,500. But it should really be about $40,000 more than that, a new independent study has found.
It isn’t because of a bad housing market.
The culprit is the Republican tax law signed by President Donald Trump, according to Moody’s Analytics.
The law’s limits on how much you can deduct from state and local taxes — a $10,000 cap — contributed to reducing the average value of a home in Essex by as much as 11.3 percent below what it would have been if the law was not passed, the study found.
It’s a bigger loss than any county in America.
And it’s felt all around New Jersey — of the 30 counties with the largest estimated percentage loss of home value, 16 are in the Garden State. All 21 counties in New Jersey had reduced home values, the study found.
In addition to Essex, six other New Jersey counties were in the top 10: Union, Bergen, Passaic, Somerset, Mercer and Hunterdon, all with reduced home values of at least 9.6 percent due to the tax law.
NJ Congress members demand repeal of SALT cap as part of Biden mega-plan
https://www.njspotlight.com
A letter sent to Biden’s Treasury Secretary Janet Yellen on Thursday by eight members of Congress — including six from New Jersey — calls for a repeal of the cap on the federal write-off for state and local taxes known as SALT to be added to Biden’s broader tax and infrastructure proposals.
The previously unlimited SALT write-off was capped at $10,000 by former President Donald Trump in 2017, leaving many New Jersey residents with higher federal tax bills while wealthy individuals and corporations were handed generous tax breaks.
“For our constituents and millions of taxpayers throughout the country, the SALT deduction cap has imposed a harmful double tax and has created one of the largest marriage penalties in the federal tax code,” the letter said.
“We could not vote for a bill that has a meaningful tax impact on our constituents unless it restores SALT deduction relief to our middle-class families,” the letter said.
Say good bye to my Congressman (Malinowski), Gottheimer, and Mikie Sherrill if this doesn't get done.
No SALT lift - not a single NJ House Rep or our Senators should vote for the Jobs/Infrastructure Act.
Its not our fault that other states don't pay taxes educate their children. I'm not taking from kids in my borough to give it to some dam segregationist in Mississippi to pay for busing to their "Christian" aka white - schools.
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Manchin has to get onboard with E VERYTHING our party wants to do!
