n blue New Jersey, for instance, the new law will raise taxes on about 285,000 filers earning between $79,890 and $336,620, with a typical hike of about $1,400, according to an analysis by the liberal Institute on Taxation and Economic Policy. However, more than 1.2 million New Jerseyans in the same income range will get a cut, with typical savings of about $3,000, according to the analysis.
That hasn’t stopped blue-state governors from supporting workarounds to thwart parts of the $1.5 trillion tax regime, signed into law Dec. 22 by President Donald Trump. …
Steve Wamhoff, a senior fellow at the Institute on Taxation and Economic Policy, agreed that the workarounds would benefit the rich.
“The federal government gave out tax cuts that disproportionately favored wealthy people,” Wamhoff said. “Is the answer for states to give more tax cuts that favor wealthy people?”