U.S. Reps. Josh Gottheimer (D-5th Dist.), Mikie Sherrill (D-11th Dist.) and essentially every other New Jersey elected official have been fighting to repeal the $10,000 state and local tax deduction limit since it was first imposed as part of the 2017 tax package.
They have gotten nowhere.
Now, there may be hope.
U.S. Senate Majority Leader Chuck Schumer (D-N.Y.), speaking Tuesday at the Democratic National Convention in Chicago, said he will fight to end the SALT cap if he remains in control of the Senate after the November election.
The deduction, which is set to expire at the end of 2025, obviously is a big issue in high-tax states such as New Jersey and New York — as well as California. And, despite the fact that, it also impacts wealthy pockets elsewhere in the country, the effort to repeal it has resulted in strongly worded statements and pledges — but little actual movement.
“As long as I’m leader, when the state and local deductibility (cap) expires, it will be gone,” Schumer told reporters.
