How NJ Is Helping to Lessen the Burden of U.S. Tax Reform

The video features a discussion with Marcie, a senior director at Fitch, about New Jersey's financial challenges following the 2017 tax reform. The state is exploring charitable deductions to mitigate the impact of the SALT deduction cap. New Jersey faces budget constraints, including pension and infrastructure needs. As fiscal year 2020 approaches, there is concern about raising taxes, despite the governor's interest in expanding programs like community college access. The budget season is expected to be contentious.

What is one of the main impacts of the 2017 tax reform on New Jersey residents?

• Increased federal tax burden due to the SALT deduction cap

• Decreased state taxes

• Increased funding for public services

• Unlimited charitable deductions

What is one of the budget constraints faced by New Jersey?

• Excessive surplus in state funds

• Lack of infrastructure needs

• Pension liabilities

• Overfunded transit systems

What is a potential solution New Jersey is considering to address budget constraints?

• Increasing state taxes

• Allowing charitable deductions for municipal services

• Reducing public services

• Eliminating pension liabilities

What is a concern for New Jersey's legislature as they look ahead to fiscal 2020?

• Decreasing community college access

• Raising taxes to fund increased services

• Increasing party disagreements

• Reducing budget for public services

What is one of the governor's interests despite budget constraints?

• Expanding free access to community colleges

• Decreasing funding for education

• Increasing taxes on local businesses

• Reducing access to community colleges