Would restoring N.J. property tax break worsen the economic gap between Blacks and whites?
Today 9:30 AM
Rep. Josh Gottheimer announces the formation of a new congressional caucus to fight for restoring the full federal deduction for state and local taxes. Surrounding him are other founding members of the caucus.
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President Joe Biden spent his first week in office taking action to address economic inequality. But a recent study says that restoring the federal deduction for state and local taxes — something strongly supported by Gov. Phil Murphy and other Democrats — could make things worse.
The argument over economic inequality provides yet another hurdle for proponents of restoring the deduction. Already, they have faced blowback because the tax break disproportionately helps the rich, even though plenty of middle-class homeowners in New Jersey and other high-tax states would benefit as well.