How much will you get in latest stimulus? — NJ Top News 2/8
As Congress continues to work on a massive new stimulus bill, there are a few add-ons that could benefits a good number of New Jersey residents.
The fight over the weekend surrounded at what income level to cut off receipt of stimulus cash. A full payment of $1,400 appears set to go to anyone making $75,000 a year or less. Some Republican members of the Senate attempted to make the cutoff $50,000. Sen. Bernie Sanders, who chairs the Senate Budget Committee rejected that idea. In a high-income state like New Jersey, a cutoff at 50k would leave thousands of middle-class families without the relief intended in the bill.
Lawmakers are also attempting to include a repeal of the SALT cap. The Trump-era tax policy capped the amount of state and local tax you could deduct on your federal income tax return at $10,000. It was a valuable deduction in high tax states like New Jersey, where U.S. Sen. Bob Menendez is among those lobbying for the removal of the cap, calling it middle-class tax relief. Gov. Phil Murphy and New York Gov. Andrew Cuomo joined together Friday to urge Congress to get rid of the SALT cap.
There is also a chance lawmakers take the complete opposite tack, and get rid of the deduction entirely. Republican Sen. Mitt Romney has proposed eliminating the deduction for all state and local taxes, and use the money to pay direct cash benefits to parents with young children. Romney wants to send up to $350 per month to families with young children, starting before the child is even born. It's not clear how much support the proposal has, but it is the biggest threat to emerge to democratic plans to eliminate the SALT cap.
In New Jersey, the payments for children may not offset savings from deducting more property tax. It would also leave out tens of thousands of older New Jerseyans who no longer have kids at home but still pay high property taxes.
There is also negotiation over possibly raising the Child Tax Credit from a maximum $2,000 up to $3,600. House Democrats plan to add that to their version of the $1.9 trillion dollar relief bill.
More NJ Top News:
- New Jersey-based CURE Auto Insurance is under fire for trivializing workplace sexual harassment in their Super Bowl ad.
- New Jersey approaches a million vaccinations, but only 180,000 people have received their second and final doses for full immunity.
- Most residents now say they will get vaccinated.
- New York adds teachers and restaurant workers to the vaccine priority list. New Jersey has refused to do so.
- This New Jersey district sets the model for how all schools could reopen to full-time in-person instruction.
- RWJ/Barnabas Health doctors say the Monoclonal Antibody Therapy is 95% effective at keeping those infected with COVID-19 out of the hospital.
- Residents who exhausted their initial jobless benefits can now re-certify for an 11-week federal extension.
- Many colleges are reducing tuition or keeping rates stable as the pandemic impacts the 2021 year.
COMPARE: Highest 2020 property taxes in each county