National Tax Reform

 

Key Details Revealed in Republican Tax Deal

Posted: December 14, 2017
House and Senate Republicans have struck a tentative deal on a tax bill Wednesday, a major step in ensuring the GOP majority is on its way to deliver an overhaul of the US tax system by the holidays.

House vs. Senate Tax Bill: Which Benefits New Jersey?

Posted: December 8, 2017
An analysis of how New Jerseyans would be impacted by the two versions of proposed tax relief.

NJ Lawmakers Unveil Bipartisan Plan to Save SALT, Cut Taxes

Posted: December 7, 2017
Democratic Rep. Josh Gottheimer (NJ-5) and Republican Rep. Leonard Lance (NJ-7), two members of the Problem Solvers Caucus, unveiled a Bipartisan fix to save the State and Local Tax Deduction, cut taxes for New Jersey families and businesses, and reduce the deficit.

Senate Passes Tax Reform Bill, But It Isn’t Over Yet

Posted: December 6, 2017
On Saturday, Dec. 2, in the early morning hours, the Senate voted to pass the “Tax Cuts and Jobs Act,” after vigorous debate and a number of amendments.

Trio of Top Democrats Could Go to Court to Scuttle GOP Tax Reform

Posted: December 5, 2017
New Jersey’s Gov.-elect Murphy, New York’s Cuomo, California’s Brown could mount a repeal-and-replace effort to fight Republican changes to tax code if they become law

Senate Passes Tax Reform Bill

Posted: December 2, 2017
In the early hours of Saturday, the Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51-49. The bill would lower the top individual tax rate to 38.5% and would lower the top corporate tax rate to 20% from 35%, among many other changes to tax law.

Published on 12/15/17

NJCPA Member Tony Nitti, CPA, Tax Partner at WithumSmith+Brown and Contributor at Forbes.com Skyped with us to discuss the Senate and House tax reform compromise bill.


Republican Tax Plans Will Increase Taxes for More Than 70 Percent of New Jersey CPAs’ Clients, Says Poll

 – December 11, 2017
Republican Tax Plans Will Increase Taxes for More Than 70 Percent of New Jersey CPAs’ Clients, Says Poll

ROSELAND, N.J. – More than 70 percent of the 865 certified public accountants (CPAs) who were polled in December by the New Jersey Society of CPAs (NJCPA) said their individual and family clients in New Jersey would face increased taxes due to the Republican tax plans from both the House and the Senate.

Both the Senate Republican plan, which passed on Dec. 2, and the House Republican plan, which passed last month, called for the elimination of state and local tax deductions, and would cap the deduction for property taxes at $10,000. Since other differences remain, both plans will go to conference to make the two bills compatible.

Close to 70 percent of respondents said that “almost all” of their clients currently take state and local income tax deductions. The income groups that would be most affected by any such elimination of those deductions would be the “$150,000-$325,000” income bracket, say 53 percent of survey respondents, followed by the “$75,000-$150,000” bracket at 49 percent. And almost 80 percent of respondents said they expect the net federal tax bill to increase for those clients in the $150,000-$325,000 income group.

“High-tax states like New Jersey would feel the bulk of the impact from this plan,” said Ralph Albert Thomas, CEO and executive director at NJCPA. “New Jersey businesses and residents should not be forgotten in the midst of tax reform.”  

Additionally, NJCPA survey respondents said elimination of the state and local tax deduction would either “definitely” (40 percent) or “somewhat” (39 percent) influence their advice to clients on whether to leave New Jersey. Only 22 percent said “not at all.”

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  • Full survey results can be accessed here.
  • Ralph Thomas, CEO and executive director of the NJCPA, is available for interviews on these survey results. Contact Rachael Bell at rbell@njcpa.org or 973-226-4494 x220.


The New Jersey Society of Certified Public Accountants, with more than 15,000 members, represents the interests of the accounting profession and advances the financial well-being of the people of New Jersey. The NJCPA plays a leadership role in supporting the profession by providing members with educational resources, access to shared knowledge and a continuing effort to create and expand professional opportunities. Visit njcpa.org