Proposal would cost the state about $17 billion over the next 10 years as the price for finally enacting a gas tax increase for essential transportation capital funding over the next 8 years.
Pairing a tax increase that will be most felt by working-class and low-income New Jerseyans with a major tax cut that will deliver all of its benefit to the state’s wealthiest heirs isn’t tax fairness at all.
Legislation would restore financial integrity to the “net benefits test,” ensure fair wages, prevent extra rewards for some known federal tax dodgers and ensure comprehensive review and analysis.
In 20 of New Jersey’s 21 counties, fewer than 400 heirs have estates large enough to owe the estate tax in any given year – and in the majority of counties, including every one in the southern part of the state, fewer than 200 heirs owe the tax.
The first-of-its-kind report in New Jersey is based on the experiences of other states, current information on marijuana users in New Jersey and the surrounding area, current pricing, and the tax structure of other states as they relate to New Jersey’s interests.