TRENTON – Now that President Trump has taken office, Senator Paul Sarlo, the Chair of the Senate Budget and Appropriations Committee, issued the following statement urging members of Congress and the President to follow through on the progress they made in their discussions to restore the SALT tax deduction:
“Reports of momentum in the effort to restore a more substantial SALT deduction was good news for residents of New Jersey. The discussions among members of Congress and then President-elect Trump showed progress on a critical issue of affordability for New Jersey residents. I urge the members of the State’s Congressional Delegation and others to follow through on the progress they made and hold the President to his stated commitment to rectify what is a financial burden for so many.
“Denying homeowners the ability to fully deduct state and local taxes resulted in a tax increase that is unfair to states like New Jersey that send more tax dollars to Washington than others.
“The SALT deduction needs to be significantly increased. A substantial deduction is vital to New Jersey’s economy as well as the financial well-being of our hardworking residents.”