Today Congressman Pascrell and Senator Menendez released the details of the bi-partisan, bi-cameral Stop Attacking Local Taxpayers (SALT) Act of 2019. The legislation will fully remove the SALT cap and off sets costs by restoring the top tax rate back up to 39.6%, where it was prior to the 2017 GOP tax bill. As tax season begins many Americans are just now realizing they will owe significantly more as a result of the cap.
The 2017 GOP tax bill directly targeted high tax states like New Jersey and led to the double-taxing of millions of Americans. According to the IRS there are 860,000 middle class households in New Jersey alone that will be directly impacted, and The New Jersey Society of Certified Public Accountants (NJCPA) stated that more than 63% of their individual and family clients who make under $200,000 a year will see a higher federal tax bill under the SALT cap.
“Capping our SALT deduction was a deliberate attempt to punish states that value quality public services,” said Malinowski. “They want us spending less on schools, transit, and the environment so that corporations have more money to buy back their shares on Wall Street. I look forward to working with Congressman Pascrell to right this wrong.”
Congressman Malinowski will continue to work with the New Jersey delegation, and all of Congress, to take the unfair tax burden off New Jersey residents.