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State Sen. Joe Pennacchio. Photo by Kevin Sanders for New Jersey Globe

Pennacchio jabs Dems over blocked SALT cap workaround

SALT cap hits New Jersey particularly hard

By Nikita Biryukov, June 12 2019 3:40 pm

State Sen. Joe Pennacchio jabbed Democrats after the Internal Revenue Service issued regulations barring a workaround to the federal cap on state and local tax deductions that Democrats pushed through last year.

“Democrats need to stop making promises they can’t keep,” Pennacchio said. “There is a reason why we didn’t see scores of municipalities jump at the chance to take advantage of this scheme to get around the removal of the SALT cap. It was clear from the beginning that the IRS wouldn’t allow it, which is why I spoke out in opposition.”

The SALT cap hits blue states like New Jersey, where property taxes are among the highest in the nation, particularly hard.

Previously, taxpayers could deduct the entirety of their state and local taxes on federal returns. Now, SALT deductions are capped at $10,000.

“If we really want to cut property taxes, then we need to pass the fiscal reforms necessary to get our State budget back on track — and stop trying to circumvent the federal government,” Pennacchio said.

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