$3,522

November 16, 2017 | Number of The Day
Average annual tax increase for NJ residents if SALT is repealed

According to a recent analysis by the Rockefeller Institute, the average New Jersey taxpayer would pay $3,522 more if the state and local tax deduction (SALT) were repealed as part of a broader plan to cut corporate taxes and make other tax-policy changes. Currently, the Senate bill repeals SALT, while the House bill repeals SALT for state sales and income taxes while keeping a deduction for local property taxes up to $10,000.