The Center Square: New Jersey politicos want repeal of SALT cap, but report indicates it will worsen racial, wealth ‘inequities’

The ITEP analysis found that repealing “the SALT cap would worsen the racial income and wealth divides by primarily benefiting wealthy white households. It would also likely crowd out other, much more progressive policies and programs from the upcoming infrastructure package while doing comparatively little to encourage progressive revenue raising at the state and local levels.”

Instead, ITEP said lawmakers should replace the cap with “a more expansive limitation on itemized deductions such as a broader cap, a floor” or its proposed High-Income Tax (HIT) proposal. Read more