Business & Finance

Letters to the Editor

Speaking Out on Tax Fairness

3d1adfd24c5365b115d5_5b0969680de0a2b560de_letter_to_the_editor.jpg
3d1adfd24c5365b115d5_5b0969680de0a2b560de_letter_to_the_editor.jpg

“We agree that New Jersey needs to have tax fairness, but this means a fairer system for all taxpayers. As we know, New Jersey has among the highest taxes in the nation—income, property, corporate, sales, pensions and the estate and inheritance taxes.

“The best way to help working families, including the families of the more than 1 million taxpayers employed by our 20,000 members, is to reduce their tax burden.  Two-thirds of our members say that they take into account New Jersey’s estate and inheritance taxes when making business decisions. We are also one of only two states with both an estate and inheritance tax. These twin death taxes are one of many factors that leave us uncompetitive both nationally and with our neighboring states.

“Only those who cannot avoid the estate tax by moving to other states pay.  Any loss of revenue by phasing out the estate tax will be more than offset by the economic activity generated by those now leaving the state because of the tax, opting to stay here.

Sign Up for E-News

“Further, high taxes are pushing people out of New Jersey and it is costing jobs. NJBIA’s study Outmigration by the Numbers: How Do We Stop the Exodus? reported that New Jersey lost $18 billion in net adjusted gross income during the last decade representing $8.4 billion in lost household spending; $11.4 billion in lost economic output; 75,000 lost jobs and $4 billion in total lost labor income.

“A recent Gallup poll put New Jersey at the top of the list of states with the most people who want to leave. Another study concluded that New Jersey’s lost adjusted gross income was the fourth largest in the nation, behind only New York, California, and Illinois.”

Gallup: State tax burden linked to desire to leave state. NJ was tied for first with the highest percentage (46 percent) of residents who would most like to leave. “Even after controlling for various demographic characteristics including age, gender, race and ethnicity, and education, there is still a strong relationship between total state tax burden and desire to leave one’s current state of residence,” the 2016 poll stated.

How Money Walks tracks wealth migration throughout the country. Measuring net gains and losses since 1992 (NJBIA’s study went back to 2004), it concludes that New Jersey lost $29 billion in annual adjusted gross income, behind only New York ($86 billion), California ($54 billion), and Illinois ($42 billion).

Monmouth University/ Asbury Park Press Poll from 2014 cites taxes as the main driver for those who want to move out of New Jersey. According to the poll:

“Those earning more than $100,000 (63%) or between $50,000 and $100,000 (59%) are somewhat more likely than those earning under $50,000 (44%) to cite taxes and cost of living as the main reason they are likely to leave. On the other hand, those at the lower end of the income scale are more likely to name job opportunities (20%) as the reason they will leave when compared to those in the middle (11%) or upper (7%) income categories.”

 

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer. Click here to submit a Letter to the Editor.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Cranford

Union County Democratic Committee Elects New Chair

February 22, 2018

CLARK, NJ – The vote for the Union County Democratic Committee (UCDC) chairmanship came to a conclusion Wednesday night when 748 committee members from the county’s 21 municipalities descended on the Gran Centurions in Clark to vote for their new party leader.

State Senator Nick Scutari won with a 412-341 victory over Fanwood Mayor Colleen Mahr in a battle that had become ...

Filthy, dangerous conditions, theft and assault alleged at recently-opened Newark shelter

February 13, 2018

Newark, NJ—Antoinette Jackson, Sonya Webb and Andrea Eaddy sit in a McDonald’s on a cold winter morning, not far from the homeless shelter they currently call home.

During the day, they count on places like McDonald's to stay warm. They must leave the shelter at 7 a.m. and can only return after 4 p.m., even when temperatures drop below freezing.

When the ...

Clark's CityMD Urgent Care Shares Flu Survey

CLARK, NJ - As flu season is in full gear and the probability of catching the flu is a real concern, a majority of Americans admit to taking actions that may contribute to the spread of this highly contagious virus.  According to a recent survey, roughly three out of five Americans who have had the flu or flu-like symptoms (61%) admitted to being out and about the last time they ...

Cranford Endorses Colleen Mahr

February 19, 2018

Mayor Colleen Mahr has been a valuable friend to the Township of Cranford. Whether it’s offering advice and assistance during devastating flood cleanup, supporting the Mayor's Council on the Rahway River, or her insight and assistance in meeting our affordable housing obligations--Mayor Mahr is always there for Cranford.

Colleen’s fairness and integrity is beyond reproach.

Reminder: Free Wellness Program for Union County Military Women

February 23, 2018

All Union County women with military service – veterans, active duty and reserve – are invited to join “Boots 2 Heels,” a free event designed to foster wellness and connect women with resources and guidance for empowerment. Boots 2 Heels will be held on Saturday, February 24 at the Westfield Armory, located at 500 Rahway Avenue in Westfield.

The event is free but ...

Cranford Police Blotter: Multiple Drug-Related Arrests & More

February 20, 2018

The information provided does not represent the total scope of police activity. Individuals charged as a result of police investigations are merely an accusation. All defendants should be presumed innocent until proven guilty.

1. 02/14/2018 @ 2226 hrs.

Raritan Road and Coleman Avenue

Arrested: Kevin Johnson, 60, Plainfield

Arrested by: Jason D’Agostino

Charges: Possession of ...

Upcoming Events

Carousel_image_9cfec6f1d81f034823a4_1d4v9602

Sat, February 24, 1:00 PM

Westfield Area YMCA, Westfield

Free Kids Expo and Water Safety Event

Arts & Entertainment Health & Wellness

Sun, February 25, 11:15 AM

Trinity Episcopal Church (Sherlock Hall), Cranford

Seamen’s Church Institute Fundraiser & Collection ...

Food & Drink Giving Back Religions And Spirituality

Thu, March 1, 1:15 PM

Calvary Lutheran Church, Cranford

Calvary Lutheran Church Invites You to Mid-Week ...

Religions And Spirituality

'What Stays' exposes family secrets and lies

‘What Stays’ exposes family secrets, resentment and lies

By Liz Keill

SUMMIT, NJ – In an original play by Laura Ekstrand and Jason Szamreta, the Dreamcatcher Repertory Theatre has provided an enlightening, funny and heart-felt view of family foibles.

Ekstrand has said that the germ of the play came from conversations with the ensemble members of the troupe, based on ...

The Definition of Insanity

February 21, 2018

Dear Editor:

There is a quote, attributed to various people, including Albert Einstein that states, “the definition of insanity is doing the same thing over and over again and expecting a different result”, that is fitting for our current election for Union County Democratic Committee (UCDC) chair.

There is no shortage of polling data related to the functioning of our Federal, ...