The U.S. Supreme Court on Monday turned away a challenge by New Jersey and three other states seeking to overturn the Republican tax law’s $10,000 cap on deducting state and local taxes. The states, which also included New York, Maryland, and Connecticut, were among those hardest hit by the deduction cap imposed by the tax law, which the Tax Policy Center said gave 52% of the benefits to the richest 10% of taxpayers. The 2nd Circuit U.S. Court of Appeals, upholding a lower court decision, ruled in October that Congress had the power to cap the federal deduction, part of the original income tax…
