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If you thought the miserable miserable traffic, high taxes, broke government, upcoming gas tax hike, upcoming toll hikes were not enough of a deterrent, here is more.
A leading Democratic lawmaker today said he plans to introduce legislation to repeal New Jersey’s estate tax while raising a different tax on the state's wealthiest residents.
In its place, Lesniak said a so-called 'millionaires tax' to to increase the tax rate on household income over $350,000 would bring $1.2 billion to the state’s coffers.
According to Lesniak, household income from $350,000 to $500,000 would be taxed at 8 percent — up from the current rate of 6.37 percent. The rate would go up to 10.25 percent on income from $500,000 to $1 million — up from the state’s current maximum rate of 8.97 percent. And income of over $1 million would be taxed at 10.75 percent.
So now you will have to pay substantially more in taxes than New York - yes New York - for the privilege of living in the great state of New Jersey.
Someone hit me on the head with a brick for buying a house here.
If you thought the miserable miserable traffic, high taxes, broke government, upcoming gas tax hike, upcoming toll hikes were not enough of a deterrent, here is more.
[i]A leading Democratic lawmaker today said he plans to introduce legislation to repeal New Jersey’s estate tax while raising a different tax on the state's wealthiest residents.
In its place, Lesniak said a so-called 'millionaires tax' to to increase the tax rate on household income over $350,000 would bring $1.2 billion to the state’s coffers.
And if it did, what would be the reason for anyone working in New York (which is a big chunk of the tax base here) to ever consider living in New Jersey, given that New York taxes would be much lower? For your reference, the NY and NJ (current and proposed) tax rates are below. And no, they are not considering any hikes.
I look forward to hearing some reasons because I am already invested in NJ and the state going down does not help me. But I fail to see any logic in how NJ can ever charge more in taxes than NY.
And if it did, what would be the reason for anyone working in New York (which is a big chunk of the tax base here) to ever consider living in New Jersey, given that New York taxes would be much lower? For your reference, the NY and NJ (current and proposed) tax rates are below. And no, they are not considering any hikes.
I look forward to hearing some reasons because I am already invested in NJ and the state going down does not help me. But I fail to see any logic in how NJ can ever charge more in taxes than NY.
Have you looked at NYC real estate lately, hell even Bklyn is getting pricey
I said NY, not NYC. Westchester, Rockland county, Long Island.
Why would you pay substantially more in income taxes - along with a much more painful commute - to stay in Bergen / Essex county when you could live in Westshester which in the national scheme of things is always rated higher than these NJ counties, especially wrt schools.
I said NY, not NYC. Westchester, Rockland county, Long Island.
Why would you pay substantially more in income taxes - along with a much more painful commute - to stay in Bergen / Essex county when you could live in Westshester which in the national scheme of things is always rated higher than these NJ counties, especially wrt schools.
price of real estate..Westchester and LI are not exactly cheap and the property taxes just as high as here
If you thought the miserable miserable traffic, high taxes, broke government, upcoming gas tax hike, upcoming toll hikes were not enough of a deterrent, here is more.
A leading Democratic lawmaker today said he plans to introduce legislation to repeal New Jersey’s estate tax while raising a different tax on the state's wealthiest residents.
In its place, Lesniak said a so-called 'millionaires tax' to to increase the tax rate on household income over $350,000 would bring $1.2 billion to the state’s coffers.
According to Lesniak, household income from $350,000 to $500,000 would be taxed at 8 percent — up from the current rate of 6.37 percent. The rate would go up to 10.25 percent on income from $500,000 to $1 million — up from the state’s current maximum rate of 8.97 percent. And income of over $1 million would be taxed at 10.75 percent.
So now you will have to pay substantially more in taxes than New York - yes New York - for the privilege of living in the great state of New Jersey.
Someone hit me on the head with a brick for buying a house here.
NJ is a well run state with low unemployment, a well-funded pension plan, and an excellent credit rating.
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