SADDLE BROOK, N.J. — New Jersey Sen. Bob Menendez and other members of the state’s congressional delegation announced legislation Monday that would repeal the cap on state and local income tax deductions enacted as part of the Tax Cuts and Jobs Act, H.R. 1 (115). Menendez (D-N.J.) and Rep. Bill Pascrell (D-N.J.), the primary sponsors, say their bill would pay for the cost of removing the $10,000 cap by restoring the top income tax bracket to 39.6 percent. While that’s likely a nonstarter with many in the GOP, Rep. Chris Smith (R-N.J.) — New Jersey’s only Republican congressman — is...
