As congressional Republicans’ disastrous tax plan inches closer to reality, New Jersey’s legislative leaders are getting cold feet about the Garden State’s own tax plans that would boost working families, clean up the tax code and allow policymakers to invest in the assets critical to the state’s future. But the GOP tax plan is no reason for lawmakers to shelve these plans — it actually gives them more reason than ever to move forward.In particular, these policymakers are suggesting that New Jersey might need to press “pause” on long-held efforts to make New Jersey’s income tax fairer by asking the wealthiest residents to pay a little more so our state can build a brighter and stronger economic future. The reason: Fears about a “double whammy” if the Republicans’ federal tax proposal raises taxes by eliminating state and local tax deductions used heavily by New Jerseyans. Those fears, however, are unfounded.In fact, the Republican tax proposals in D.C. all favor the wealthy — even if these deductions disappear. Once the bill passed by the Senate is fully phased in, for example, it’s New Jersey families in the bottom 60 percent — those earning under $111,000 a year — who will, on… Read full this story
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