Tax Reform Needed

(File Photo)

The pension exclusion act of 2016 was enacted to make New Jersey more competitive with New York and Pennsylvania.  It was also intended to make New Jersey more affordable for retirees. It was enacted to slow the out migration to Florida and other states with lower cost of living. The pension exclusion act was modified and a watered down version of the bill was passed.

There remains marketing campaigns which tout the bill but disguise the fact that the bill excludes couples above a certain income. New Jersey politicians, lobbies and unions are satisfied with this state of affairs.

While large corporations continue to receive tax breaks and incentives and industry groups rally against the millionaires tax, and while New Jersey is proud that no estate of any size will be taxed, no one is willing to stand up for tax fairness for the average middle class retired couple. If New Jersey is going to keep its middle class it needs to not just address property tax but income tax issues carefully, fairly and effectively

S. Hinden
Freehold

 

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