By The Staff | The Save Jersey Blog
That’s the report this morning after Wednesday night’s undercard GOP debate where Governor Chris Christie touted his plan to simplify the U.S. tax code, Save Jerseyans.
Christie’s plan, calling for lower rates and fewer deductions, initially earned decent marks from some Republican-leaning quarters.
The challenge for New Jerseyans? According to NJ.com’s Jonathan Salant, IRS statistics show that 41% of New Jersey residents — claiming an average state and local federal tax deduction of $16,882 — would lose this major tax benefit under Christie’s reform proposal.
New Jersey is already ranked near the bottom of the heap among states for the return on federal tax dollars paid; as of 2013, it was 68 cents on the dollar.
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The tax break encourages rise of state and local taxes, and should therefore be killed, regardless of what NJ residents think of it, As for federal dollars going into the state, higher cost of living and real estate is the cause.
He isn’t going to be in a position to do anything.
If the tax bracket you are in is lower, the loss of deductions could net out. The devil is in the details.