An agreement was reached between Congressional Democrats and the Trump administration on a new trade deal between the US, Canada and Mexico. The deal, backed by the business community, is important for New Jersey, according to State Chamber of Commerce President Tom Bracken. He notes that trade provides 16,000 jobs in New Jersey currently, and officials expect the new trade pact will help create additional manufacturing jobs.
Another effort is underway to repeal the federal cap on state and local tax deductions. New Jersey Congressman Bill Pascrell has introduced a bill to lift the cap. Previous efforts to get rid of the SALT cap has have failed.
Will New Jersey eventually get a new millionaire’s tax? Gov. Phil Murphy says a big goal for 2020 is raising taxes on the state’s millionaires. So far, the state Legislature has failed to sign off on that.