New Jersey Senator Sees Leverage to Remove ‘SALT’ Cap

Senator Bob Menendez, New Jersey Democrat, said he sees a potential path forward on eliminating the new tax law’s limit on state and local tax deductions.

Since Republicans “have some big challenges with corrections that they’re going to have to do as a result of the way they rushed through the tax bill, is that a leverage point to maybe get some relief here?” he told Bloomberg Tax Feb. 12.

• The 2017 tax law limited to $10,000 the amount of state and local taxes that taxpayers can deduct from their federally taxable income
• Earlier this week Menendez introduced a bill ...