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With the double whammy coming Murphy tax raises and the Senate tax reform, get ready for an increase in Foreclosures. This will be another category NJ will be ranked #1. They do not hold that honor right now,but they are working on it real hard. Also mortgage interest might be cut (1 million to 500.000) in half for deductions,but that would only affect the more wealth
Last edited by retired58; 11-21-2017 at 01:31 PM..
Highest foreclosure? Funny story: It's Delaware! Have fun.
Yes I know what state has the highest Foreclosures. That is one of the cons. But NJ is right up there #2 and trying their best to be #1. But you did not mention that Delawares property taxes are 1/10 of NJ. Also NJ and Maryland are the only 2 states with a Estate and also a inheritance tax There is no state tax in Delaware while NJ is just below 7 Not a funny story
Last edited by retired58; 11-21-2017 at 01:50 PM..
Yes I know what state has the highest Foreclosures. That is one of the cons. But NJ is right up there #2 and trying their best to be #1. But you did not mention that Delawares property taxes are 1/10 of NJ. Also NJ and Maryland are the only 2 states with a Estate and also a inheritance tax There is no state tax in Delaware while NJ is just below 7 Not a funny story
NJ inheritance tax does not apply to immediate family (Class A)
By 2018 the estate tax will only apply to estates valued excess of $2 million.
Yes I know what state has the highest Foreclosures. That is one of the cons. But NJ is right up there #2 and trying their best to be #1. But you did not mention that Delawares property taxes are 1/10 of NJ. Also NJ and Maryland are the only 2 states with a Estate and also a inheritance tax There is no state tax in Delaware while NJ is just below 7 Not a funny story
The estate tax In NJ is currently only on estates $2 million or larger. After Dec 31, 2017, the estate tax will be zero in NJ.
"P.L. 2016, c. 57 provides that the New Jersey Estate Tax exemption will increase from $675,000 to $2 million for the estates of resident decedents dying on or after January 1, 2017, but before January 1, 2018. For these estates, the New Jersey Estate Tax no longer conforms to the provisions of the federal Internal Revenue Code of 1986 in effect on December 31, 2001 and instead follows the current federal Internal Revenue Code for determining the value of the estate which will be subject to New Jersey Estate Tax.
New Jersey Estate Tax is not imposed on transfers of estates of resident decedents dying on or after January 1, 2018."
Inheritance tax rates in New Jersey range from 11% to 16%. The tax does not apply to money left to a grandparent, parent, spouse or child. It applies to transfers of $25,000 or more to the decedents' siblings or their children's spouses, or transfers of $500 or more to other relatives or friends.
The estate tax In NJ is currently only on estates $2 million or larger. After Dec 31, 2017, the estate tax will be zero in NJ.
"P.L. 2016, c. 57 provides that the New Jersey Estate Tax exemption will increase from $675,000 to $2 million for the estates of resident decedents dying on or after January 1, 2017, but before January 1, 2018. For these estates, the New Jersey Estate Tax no longer conforms to the provisions of the federal Internal Revenue Code of 1986 in effect on December 31, 2001 and instead follows the current federal Internal Revenue Code for determining the value of the estate which will be subject to New Jersey Estate Tax.
New Jersey Estate Tax is not imposed on transfers of estates of resident decedents dying on or after January 1, 2018."
Inheritance tax rates in New Jersey range from 11% to 16%. The tax does not apply to money left to a grandparent, parent, spouse or child. It applies to transfers of $25,000 or more to the decedents' siblings or their children's spouses, or transfers of $500 or more to other relatives or friends.
When are you moving to Delaware?
Funny you did not mention the property tax or sales tax
Can someone please point out where Murphy is planning on raising taxes on the middle class? All I've seen was a reinstitution of the "millionaire's tax." IF that's what everyone's worried about we must have a HUGE median salary/net worth here on the NJ board. and if you're a millionaire and you need ot leave NJ over about 2or 3% increase in your income over a million you prob should sit down with a financial advisor or CPA to go over a budget.
+1
I would love to know where people are getting their information/news if they are in panic mode over their belief that Murphy is planning on raising taxes on the Middle Class.
Unless someone's sources of information consisted solely of Silent Kim's race-baiting ads and Faux News' consistently false claims, they would be aware that the only taxes that Murphy is planning on increasing are those on millionaires and in regard to corporate accounting practices that currently enable companies to "shift" their NJ income to other states in order to evade taxes.
Funny you did not mention the property tax or sales tax
Please post a link to a credible source that shows any plans to increase the sales tax.
Even better, please explain how the new Governor would be able to raise your property tax.
First, take a look at your property tax bills and find the line that lists a state levy.
(Hint: There isn't one...)
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