Sen. Beck Backs New Plan to Triple Estate-Tax Threshold to $2.5 Million
A key Republican lawmaker has broken ranks with Gov. Chris Christie on repealing New Jersey’s estate tax, offering a compromise proposal that would keep the tax in place but significantly reduce how many people are hit by it. The new idea being floated by Sen. Jennifer Beck (R-Monmouth) comes…
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read the politicker article on Prieto refusing to even post the bill for a vote dumping the inheritance tax: as usual with Dems, says they “need the money.” Well, keep it up, folks, with the tax and spend mentality, anybody with anything left to leave their heirs will be gone, so an inheritance tax will be effectively moot!
Will Jennifer Beck override his veto??? Of course not! She never went against her boss.
She supported legislation which not only got vetoed by the governor, but she inexplicably did not vote to override that veto.
No backbone, no Beck, no problem!!
Senator Beck is bringing out a topic which needs to be addressed. Legislators have to recognize that NJ is in competition with other states and we are losing.
Accepting the chart above, it mentions 3,467 estates above $675K in the year examined. At first glance one might think hey 3,467 returns out of 9 million people is insignificant. In my way of thinking it is the taxpayers, businesses and families that moved to the many states without an estate tax. Add to it NJ is one of two states with both an estate tax and an inheritance tax.
When we hear the term “estate” we tend to think of “rich people”. Not so, the $675,000 threshold (you have to pay taxes for every dollar above this) is really just a house and 401K. In many cases it is a non-liquid asset like a house, farm or business which has to be sold or mortgaged to pay the NJ tax. $675K is the lowest threshhold of the 13 states that still have an estate tax.
Another tax that is driving great families and town volunteers out when they retire is the tax on pensions (I don’t have one). Again we are losing people with who just can’t get by, or maintain their lifestyle on their pensions. Many states either do not tax pensions or have reduced rates.
Of course what is driving out businesses and families it is the combination of confiscatory property taxes, estate taxes and lots of other taxes (such as the unaffordable affordable care act with no insurance company competition).
Senator Beck is bringing out a topic which needs to be addressed. Legislators have to recognize that NJ is in competition with other states and we are losing.
Accepting the chart above, it mentions 3,467 estates above $675K in the year examined. At first glance one might think hey 3,467 returns out of 9 million people is insignificant. In my way of thinking what is not being considered is the tremendous number of taxpayers, businesses and families that moved to the many states without an estate tax. What happens when David Tepper, Sealed Air, Mercedes, Pfizer, Merck and Verizon downsize or eliminate NJ operations. Jobs, Jobs, Jobs.
Add to it NJ is one of two states with both an estate tax and an inheritance tax.
When we hear the term “estate” we tend to think of “rich people”. Not so, the $675,000 threshold (you have to pay taxes for every dollar above this) is really just a house and 401K. In many cases it is a non-liquid asset like a house, farm or business which has to be sold or mortgaged to pay the NJ tax. $675K is the lowest threshhold of the 13 states that still have an estate tax.
Another tax that is driving great families and town volunteers out when they retire is the tax on pensions (I don’t have one). Again we are losing people with who just can’t get by, or maintain their lifestyle on their pensions. Many states either do not tax pensions or have reduced rates.
Of course what is driving out businesses and families it is the combination of confiscatory property taxes, estate taxes and lots of other taxes (such as the unaffordable affordable care act with no insurance company competition).
These “death-tax” laws are despicable, any way you cut it.
You need more money? Man up and find it elsewhere.
Taxing the dead for what the living need, is a grotesque example of what our system has become, especially given the fact that the deceased’s property HAS ALREADY BEEN TAXED during the time that the dearly departed WAS STILL ALIVE.
There is NO reasoning that can make any of this OK. None. These kinds of laws make jackals of us all.
Our elected government officials need to give it up and try to remember that these are human beings we’re talking about, not dollar signs.