Fayne Quoted on SALT Deduction
Adam Fayne, a partner in the Firm’s Tax Practice, is quoted in this northjersey.com article. In "Analysis: NJ Suit Over SALT Deduction Would Help the State’s Richest 1.5 Percent the Most," author Herb Jackson explains how New Jersey filed a lawsuit as a result of the new tax policy signed by President Donald Trump in December. Known as SALT, the new policy will cost New Jersey residents an additional $3.1 billion a year in federal income tax, according to the lawsuit filed.
According to Adam, this type of argument has its gaps.
"There are high earners who pay high income taxes in red states, and it’s not as though somebody who lives in a conservative state isn’t also going to be limited," said Adam. "States have often brought constitutional challenges to the federal government’s authority to tax. They consistently lose those cases."
To read the full article, click here.