When the state legislature started debating a transportation-funding package that included a complete elimination of the estate tax last week, NJPP teamed up with the national organization Responsible Wealth to bring together wealthy New Jerseyans to speak up for common good instead of a tax break for them and their peers.
In just a few days, over 40 wealthy New Jerseyans signed on to an open letter urging New Jersey not to eliminate the estate tax, which would benefit top 5% of New Jersey heirs while blowing a hole of more than $500 million in the state budget.
“It would be a travesty to give a tax break to a small cohort of wealthy families (including ourselves) at the expense of adequately funding schools, health care, public infrastructure and other pressing needs in the state,” the letter reads. “Eliminating New Jersey’s estate tax after 100 years would be a short-sighted mistake.”
Want to sign on to the letter? Email me at whiten (at) njpp.org
