SALT Tax Cap Hits 11 Million Americans, Targets New Jersey Families
Washington, DC - Congresswoman Mikie Sherrill (NJ-11) released the following statement in response to the Treasury Inspector General for Tax Administration report outlining the widespread tax increases from the cap on the state and local tax deduction.
“New Jersey residents are bearing the brunt of the 2017 tax bill, but the state and local tax deduction cap isn’t just a New Jersey problem. Eleven million Americans will feel the impact of the hastily written bill as they go to file their taxes. I’m working with members of our region to restore the full state and local tax deduction and end this double taxation of New Jerseyans.”
The 2017 tax bill capped the state and local tax deduction at $10,000. According to the Treasury Inspector General for Tax Administration, American taxpayers have racked up $323 billion in state and local taxes that they can no longer deduct from their federal tax bill as a result of the cap.
Congresswoman Sherrill is a co-sponsor on H.R. 188, the SALT Deductibility Act, a bipartisan proposal to strip the cap from the tax code and restore the full state and local tax deduction.