December 9, 2021 96% of N.J. residents would get their full property tax break restored under this Senate plan

media mention

According to the progressive Institute on Taxation and Economic Policy, the Senate proposal would encompass 96% of New Jersey taxpayers. The higher cap for what is known as SALT would be phased out for those making $400,000 to $475,000, and anyone making more than that would be limited to the $10,000 deduction currently in the 2017 Republican tax law.

In New Jersey, that proposal would give 91% of the benefits to those making $400,000 or less and the remainder to those making between $400,000 and $475,000. Under the House-passed provision, 44% of the benefits would go to those making $400,000 or less, 8% to those making between $400,000 and $475,000, and the remaining 48% to those making more than $475,000. Read more