The federal tax reform bills pending in the U.S. House and Senate are correct to propose eliminating or reducing the deduction for local property taxes that is currently allowed for homeowners who itemize on federal income tax returns.
What better way could there be to tell New Jersey’s leaders to reduce spending? Reducing spending and paying down debt will equals lower local taxes. (Experts say wiping out or cutting the federal deduction will sharply impact negatively New Jersey filers, whose average property taxes are now the nation’s highest.)
With the majority vote Nov. 7 for Democrat Pat Murphy as our next …read more
Source: NJ.com Cumberland