Media people should not be talking about policy. They are often not good with numbers, but they are often wonderful at creating outrage at the wrong things.
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New Jersey income tax brackets
For earnings between $0 and $20,000, the tax rate on every dollar of income earned is 1.4%.
For earnings between $20,001 and $35,000, the tax rate on every dollar of income earned is 1.75%.
For earnings between $35,001 and $40,000, the tax rate on every dollar of income earned is 3.5%.
For earnings between $40,001 and $75,000, the tax rate on every dollar of income earned is 5.525%.
For earnings between $75,001 and $500,000, the tax rate on every dollar of income earned is 6.37%.
For earnings of $500,001 and over, the tax rate on every dollar of income earned is 8.97%.
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So not being able to deduct 8.97% of your income means your income taxes may go up what? 11% but that only applies if you are making $500k and thus other changes in the tax rate such will probably cancel it out.
There were lots of important stuff in the tax bill, but SALT changes got WAY TOO MUCH AIRTIME, and overall we need to remember this.
US tax revenues in 2017 is expected 3.46 trillion, so 2018 to 2028 we are talking roughly 40 to 45 trillion dollars of tax revenue (34.6 trillion * 1.02^10=42 trillion)
So a "1.5 to 2" NET trillion tax loss over 10 years is going to end up 3.5% maybe 5% of revenues.
What is / was important is who is benefiting and who is losing from this 3 to 5% tax revenue loss. In reality about 4 to 5 trillion was being thrown around where some people taxes were reduced way more than the 1.5 trillion (and some estimates say it was closer to 1.9 trillion) but you raised taxes another 3 trillion to make up for it (and you call this reform) for a net 1.5 trillion.
I have not seen estimates of how much revenue lost for SALT for they added a $10,000 salt deduction in the final bill, but eliminating salt completely for all income brackets only raised 1.3 trillion over 10 years, so other things that had their taxes raise (so other people will get tax cuts / reform) were a much larger part of the bill but they barely got any air time.
*NM*