JSFiddle - React, Tailwind, and code Playground

JavaScript

// Array to search
var arr = [{"value":"14","label":"7"},{"value":"14","label":"7"},{"value":"18","label":"7"}];

// Object to remove from arr
var remove = {"value":"14","label":"7"};

// Function to determine if two objects are equal by comparing
// their value and label properties
var isEqual = function(o1, o2) {
    return o1 === o2 || 
        (o1 != null && o2 != null && 
         o1.value === o2.value &&
         o1.label === o2.label);
};

// Iterate through array and determine if remove is in arr
var found = false;
var i;
for(i = 0; i < arr.length; ++i) {
    if(isEqual(arr[i], remove)) {
        found = true;
        break;
    }
}

if(found) {
    // Found remove in arr, remove it
    arr.splice(i, 1);
}