AFP: NJ’s Estate And Inheritance Taxes Need To Go

Apr 2, 2014 by AFP

AFP: NJ’s Estate and Inheritance Taxes Need to Go

Pro-Taxpayer Group “Encouraged” by Support from Oroho, Sarlo, and Van Drew

MONMOUTH JUNCTION –Americans for Prosperity state director Daryn Iwicki is praising Senators Steve Oroho (R-24), Paul Sarlo (D-36) and Jeff Van Drew (D-01) for indicating support for the elimination of the estate tax and inheritance tax during yesterday’s budget hearing.

“State Senators Oroho, Sarlo, and Van Drew have it right. Let’s eliminate the estate tax and inheritance tax. 

“New Jersey is—yes, you guessed it—last in the nation when it comes to worst places to die. Why is that? It is because we have both an inheritance and estate tax and we’re one of only two states in the nation with both.

“New Jersey is behind the times when it comes to ‘death taxes’ as 31 states do not have either an estate or inheritance tax.  In New Jersey you are looking at nearly 50% of your life’s collections being taxed at the state and federal level. This is just one more reason why retirees leave the state and go somewhere down south. In other states like Florida, their hard work will not be taxed even after the good Lord calls their name.

“A five-year phase out of the estate tax is a smart plan to lessen the burden on our retirees here in New Jersey. More importantly this would mean a great deal to those who are responsible for making us the Garden State, our farmers.

“Our farming communities would certainly be most affected by the elimination of the tax. Instead of their next of kin being walloped with a tax bill they cannot afford to pay, eliminating the estate tax will allow them to pass down their large land holdings to family and keep the property as farmland. 

“I am encouraged by the support this has with Senators Oroho and Sarlo. It’s time for their colleagues in the Legislature to get on board and get rid of these two unjust taxes.”

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