Once it is fully phased in, the federal tax proposal released by conference committee on December 15 would raise taxes for the average middle-class and low-income New Jersey family while cutting taxes for wealthier families and for large corporations. At the same time, it would increase the number of New Jerseyans without health insurance by 340,000 by 2027 thanks to the repeal of the Affordable Care Act’s individual mandate, and would tee up deep and devastating budget cuts that would harm working families across New Jersey.

Those are the key takeaways in a new fact sheet released by New Jersey Policy Perspective (NJPP) today. Other key findings:

• New Jersey households with incomes over $1.4 million (the top 1 percent) would receive an average $8,470 tax cut while the bulk of Garden State families (the bottom 60 percent, or those with incomes under $111,000) would see a tax hike averaging $110.
• Those families in the top 1 percent would receive 63 percent of the state’s share of the tax cut – $384.1 million in total – while the bottom 60 percent would, together, receive less than 0 percent of the tax cut, since they’d pay a total of $331 million more in taxes.
• About 1 in 4 New Jersey taxpayers (26 percent) would see a tax hike.

“Like so many families across the country, Republican leaders in Congress are busy this week making last-minute preparations for Christmas,” said New Jersey Policy Perspective Vice President and report author Jon Whiten. “They are wrapping their expensive gifts to large, profitable corporations in this tax bill that they are rushing through – but they’re buying these presents on layaway, and all of us will be the ones to pay the hefty price when the bill comes due.”