Star-Ledger: “N.J. residents would lose big under the just-proposed GOP tax bill”

A new report from the Star-Ledger states that New Jersey residents would be disproportionately affected by the Republican tax bill. DNC spokesperson Elizabeth Renda issued the following statement in response:

“Once again, Donald Trump and Republicans in Congress want New Jersey’s hardworking families to foot the bill for a massive giveaway to the wealthiest Americans and corporations. After seven and a half years with Chris Christie as governor, New Jerseyans already know all too well just how damaging legislation that puts the 1% ahead of middle class families can be. Republicans need to get serious about actual tax reform and join Democrats in promising that not one penny in tax cuts should go to giant corporations or the 1%.”

Star-Ledger: N.J. residents would lose big under the just-proposed GOP tax bill

By Jonathan Salant

WASHINGTON — New Jersey taxpayers would lose their ability to deduct state income or sales taxes, and have their property tax break capped at $10,000 under tax-cutting legislation released Thursday by House Republican leaders.

The measure targets the state and local tax deduction, which disproportionately affects high-tax states like New Jersey whose federal tax dollars subsidize other, lower-tax states, as it seeks to reduce rates for individuals and corporations.

The details were obtained by NJ Advance Media in advance of the official rollout.

Four of every 10 Garden State taxpayers deduct either income or sales taxes, behind only Maryland and Connecticut, according to New Jersey Policy Perspective, a progressive research group. Of those taking the deduction, 83 percent make less than $200,000 a year.

Of the 44.3 million federal taxpayers who took the state and local tax deduction in 2015, 38 million, or 86 percent, reported income of $200,000 or less, according to the Government Finance Officers Association.

New Jersey taxpayers sent $3,478 per person more to Washington than they received from the federal government in 2015, more than any other state, according to a report from the State University of New York's Rockefeller Institute of Government.