WASHINGTON -- New Jersey taxpayers would lose their ability to deduct state income or sales taxes, and have their property tax break capped at $10,000 under tax-cutting legislation released Thursday by House Republican leaders.

The measure targets the state and local tax deduction, which disproportionately affects high-tax states like New Jersey whose federal tax dollars subsidize other, lower-tax states, as it seeks to reduce rates for individuals and corporations.

Four of every 10 Garden State taxpayers deduct either income or sales taxes, behind only Maryland and Connecticut, according to New Jersey Policy Perspective, a progressive research group. Of those taking the deduction, 83 percent make less than $200,000 a year.

Republicans are seeking to pass the tax cut legislation through a procedure known as reconciliation, which prevents a Senate filibuster and allows them to avoid having to compromise with Democratic lawmakers.

That means they can lose the support of only 23 House Republicans, and at least one of them, Rep. Frank LoBiondo, R-2nd Dist., said he was a no vote.

"The elimination of state and local income tax deductions and the $10,000 cap on property tax deductions would be detrimental to New Jersey residents," LoBiondo said. "Thus this bill is not something I could support in its current form."

President Donald Trump and congressional Republicans touted the tax bill as crucial to creating jobs.

"My administration will work tirelessly to make good on our promise to the working people who built our nation and deliver historic tax cuts and reforms -- the rocket fuel our economy needs to soar higher than ever before," Trump said.

Here's are some of the major provisions.

-- Property taxes would be deductible up to $10,000.

-- Mortgage interest would be fully deductible for newly purchased homes costing up $500,000, half of the current $1 million. For more expensive homes, just the first $500,000 would be subject to the deduction. Mortgage interest for vacation homes no longer would be deductible. Existing mortgages would be unaffected.

-- Deductions for charitable contributions would be retained, but not those for medical expenses or property damage.

-- The standard deduction would almost double to $24,000 for a married couple.

-- The personal exemption, $4,050 a person in 2016, would be eliminated. Some of that would be offset by an increased child tax credit, to $1,600 from $1,000; and $300 tax credits for parents and older dependents. In addition, the tax credits would phase out at $230,000 rather than $110.000.

-- Tax brackets would be lowered. Those earning $24,000 or less would pay no income taxes, and the other brackets would be 12 percent up to $90,000, 25 percent up to $260,000, and 35 percent up to $1 million. The current top tax rate of 39.6 percent would apply to income greater than $1 million.

House Ways and Means Committee Chairman Kevin Brady, R-Texas, said the new tax breaks would more than make up for the cuts to the state and local tax deduction.

"There is tax relief for Americans regardless of where they live," Brady said at a briefing with reporters. His committee is scheduled to begin debating the measure Monday.

Not true, said Rep. Bill Pascrell Jr., a member of Brady's committee.

"Eliminating most of the state and local tax deduction for individuals is a terrible idea and will hit New Jersey like a ton of bricks," said Pascrell, D-9th Dist. "By picking and choosing which state and local taxes can be deducted, the bill could actually lead to an increase in property taxes."

The corporate tax rate would drop to 20 percent from 35 percent, and businesses organized as pass-through corporations, meaning the income is deducted by the owners on their personal income tax returns, would be set at 25 percent.

Corporations, unlike individuals, would be able to continue deducting all of their state and local income and property taxes.

Companies could bring earnings now parked overseas back to the U.S. at a lower tax rate.

Of the 44.3 million federal taxpayers who took the state and local tax deduction in 2015, 38 million, or 86 percent, reported income of $200,000 or less, according to the Government Finance Officers Association.

New Jersey taxpayers sent $3,478 per person more to Washington than they received from the federal government in 2015, more than any other state, according to a report from the State University of New York's Rockefeller Institute of Government.

The legislation repeals the estate tax, which affects only holdings of at least $11 million for couples, less than 1 percent of them family farms or small businesses.

Brady said businesses and farmers spend millions of dollars to avoid paying the tax.

"The damage from the estate tax isn't on those who pay them," Brady said. "It's on everything they have to do to avoid them."

The bill would increase the federal deficit by $1.5 trillion over 10 years.

Jonathan D. Salant may be reached at jsalant@njadvancemedia.com. Follow him on Twitter @JDSalant or on Facebook. Find NJ.com Politics on Facebook.