REPORT RELEASE: Proposed Tax Changes Would Bring More Balance to New Jersey’s Tax Code
REPORT RELEASE: Proposed Tax Changes Would Bring More Balance to New Jersey’s Tax Code
For Immediate Release
Contact: Louis Di Paolo (NJPP): 201-417-5049 (cell) or dipaolo@njpp.org
TRENTON (May 24, 2018) – Following the final legislative budget hearings, a new report by New Jersey Policy Perspective analyzes the impact of Governor Phil Murphy’s tax proposals on New Jersey’s state and local tax structure. The report, Proposed Tax Changes Would Bring More Balance to New Jersey’s Tax Code, includes data on the average share of income paid by New Jersey households in state and local taxes. The report also combines the effects of the recent federal tax law and Governor Murphy’s tax proposals on the top one-percent of taxpayers.
Key findings:
- Governor Murphy’s tax proposals would make New Jersey’s tax code fairer and more progressive by reducing the average share of income paid by the bottom 20% of earners (through ETIC expansion) and increasing the average share of income paid by the top 1% (through the millionaires tax).
- New Jersey’s top earners would still receive a net tax cutwhen combining the effects of the recent federal tax overhaul and Governor Murphy’s proposed tax changes. The average top-earning family still receives a $2,505 per year tax cutconsidering both the federal tax changes and Governor Murphy’s tax proposals.
Read the report here:
