NEW JERSEY – Governor Murphy spent Monday morning with President Joe Biden at the groundbreaking for the Portal North Bridge, and Senator Anthony M. Bucco said he hoped the two discussed the urgent need to repeal the federal cap on state and local tax deductions.
“The Portal Bridge is a crucial component to the Gateway transportation project and restoring the full SALT deduction is crucial to the fiscal stability of families all across our high-tax state,” Bucco (R-25) said. “New Jersey taxpayers are crushed with some of the most aggressive property taxes in the nation, and the SALT deduction allowed people to recoup some of the money. The cap adds insult to injury to hard-working taxpayers who are severely limited in how much they can deduct at tax time.”
The $10,000 cap was enacted by the Tax Cuts and Jobs Act in 2017. Some Democrats in Washington have advocated for repealing the cap, Bucco said.
“Now is the time to do it,” Bucco said. “Tense negotiations are ongoing in the Capital on a budget reconciliation package, and Murphy should have taken the opportunity to pressure the President to make it a priority. Restoring the deduction is the right thing to do. It will help taxpayers in this state hold on to more of their hard-earned money and provide a boost to New Jersey’s economy.”
