The resolution urges the federal government to repeal the caps on the state and local tax (SALT) deduction, which were established by the Tax Cuts and Jobs Act of 2017. These caps limit the SALT deduction to $10,000 for most taxpayers and $5,000 for married individuals filing separately. The resolution highlights that New Jersey, a donor state that pays more in federal taxes than it receives in federal funding, has seen a significant increase in property taxes since the caps were enacted, with the average property tax bill reaching $9,112 in 2020. This financial burden has led many residents, particularly from the middle class, to relocate to lower-tax states, further impacting New Jersey's economy.

The resolution also addresses the economic hardships faced by New Jersey residents due to the COVID-19 pandemic, which has exacerbated existing financial struggles. It argues that repealing the SALT deduction caps would provide much-needed relief to residents and help make the state more affordable for living and business. The resolution calls on New Jersey's congressional delegation to work with President Biden, who has expressed a willingness to repeal these caps, to achieve this goal and alleviate the financial strain on New Jersey taxpayers.