
Assemblyman Joe Lagana (D-38) is making reform to New Jersey’s inheritance and estate taxes a priority for his second term in office. The Democrat has introduced a bill, A611, that would boost the current threshold for the estate tax from where it currently sits at $675,000 to $1.5 million. His plan also includes limiting the inheritance tax from impacting next-of-kin family members of a deceased person and shifting class c and class d beneficiary classifications. Alyana Alfaro, PolitickerNjRead more
At least it is a start,but still not enough.Peg it to inflation and no family members should pay an inheritance tax of any kind. The state did not do anything to deserve this money.
This is a step in right direction, but still leaves the NJ threshold near the bottom of the fifteen states out of fifty with an estate tax and at one quarter of the Federal threshold. NJ s also one of six states with an inheritance tax and only one of two (Maryland) with both.
So this doesn’t even keep up with the inflation of assets and certainly won’t stop people from leaving if that’s their reason for doing so. I hope the thieves down in Trenton do better than this before they put it back on the back burner for another 20 years.
Amazing how overtaxed NJ residents are, and yet the union controlled legislature in Trenton still can’t afford all they’ve promised as the state finances collapse. Tired of the tax man stealing out of your pocket in NJ? Just wait until you die and the state makes your wife pay your inheritance taxes
Make the threshold 5 million
Call me when Joe turns 30….
nice try.
solution is to abolish the death tax