Renewed fight to bring back major tax break for residents
U.S. Rep. Mikie Sherrill (D-11th) this week introduced bipartisan legislation to lift the $10,000 cap on state and local taxes from federal tax returns. The so-called SALT cap was signed into law by former President Donald Trump in 2017. It has mainly affected residents in New Jersey, which has the highest property taxes in the nation, but also other higher-income property owners in New York and California. Sherrill’s bill is being called the “Middle Class Tax Relief Act.” It would eliminate the cap for most residents in her district —which spans suburban Morris, Essex and Passaic counties — by raising the cap from $10,000 per household to $100,000 for a single filer and $200,000 for a married couple. Restoring SALT relief became a key point in last year’s midterm election as some proponents are looking to make it permanent.