New Jersey Accountant, PNF CPA explain the impact of the Federal Tax Law in the Garden State

Industry: Accounting

Many people felt the full brunt for the first time this tax season of the SALT deduction$10,000 cap on the state. NJ Accountant Says

East Brunswick, NJ (PRUnderground) April 19th, 2019

Many people felt the full brunt for the first time this tax season of the SALT deduction$10,000 cap on the state. Also tax rates have dropped under the new law signed by President Donald Trump, and that’s evened out the tab for many filers.

Many filers are not paying as much in federal taxes as expected, but the very wealthy with higher property tax bills have wound up forking over more to the federal government.

The worry is that high taxes are pushing high earners who carry a big share of the state’s income-tax burden to move to places with lower taxes, where the new SALT cap is less of a concern. But nonpartisan fiscal analysts who testified in Trenton last week said there’s no evidence at this point of a mass exodus, and a recent report from Moody’s Investors Service said the jury is largely out on this issue.

For over 100 years, the uncapped SALT write-off offered some solace for New Jersey taxpayers who are hit with some of the highest property-tax and income-tax bills in the country. In fact, according to Internal Revenue Service data, the average New Jersey taxpayer who used the SALT deduction during the 2016 tax year was able to write off more than $10,000 in 20 out of the state’s 21 counties.

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