New Jersey urges federal government to repeal state and local tax deduction caps.
New Jersey, a "donor state" paying more in federal taxes than it receives in federal funding, urges the federal government to repeal the state and local tax deduction caps. The resolution highlights the economic hardships faced by New Jersey residents, exacerbated by the COVID-19 pandemic, and the disparity between federal taxes paid and funding received. The "Tax Cuts and Jobs Act" capped the SALT deduction at $10,000 for single filers and married taxpayers filing jointly, and $5,000 for married taxpayers filing separately.
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