Repeal the New Jersey inheritance tax

Die in New Jersey, rich or not, and Trenton will possible take your cash, utilizing a

dying tax residents don’t learn about.

It’s time to get loud and repeal it.

New Jersey has a hidden again door property tax aimed toward poor, middle-class and rich decedents in the event that they depart cash to non-lineal members of the family. The tax I confer with is the New Jersey Inheritance Tax of 1892.

Most individuals have heard the phrases property tax, a dying tax aimed on the wealthy. Merely put, if an property exceeds a particular financial worth, the decedent’s property should pay an property tax.

New Jersey had an property tax. It was repealed in 2018, benefitting New Jersey’s

wealthiest decedents. All impacted have been handled equally primarily based solely on the worth of

their property: greater than $2 million.

However New Jersey has one other dying tax with a unique title and it’s nonetheless on

the books. It’s known as the New Jersey Inheritance Tax of 1892. I guess you’ve by no means heard of it. And I guess you don’t know, that it’ll possible have an effect on you and your hard-earned cash, even if you’re not rich.

It’s a discriminatory tax, triggered solely primarily based on who you allow your cash to, regardless of your socioeconomic standing.

Who pays and who would not?

New Jersey decedents with lineal household heirs, (i.e. grandparents, dad and mom, youngsters,

grandchildren) are exempt from having to pay this tax. They’re the chosen ones.

New Jersey decedents who depart cash to non-lineal household heirs, (i.e. brother, sister, niece, nephew) voluntarily or as a result of these are their solely heirs, should pay this tax.

As talked about earlier, the repealed NJ Property Tax of 1934 had a $2 million submitting

threshold. The New Jersey Inheritance Tax is a regressive tax, triggered beginning as low

as $500 with tax charges starting from 11% – 16%.

How is it, that beneath this tax, New Jersey’s richest decedents can switch nice wealth tax-free to lineal household heirs, whereas somebody who doesn’t have lineal household heirs isn’t handled as an equal and might’t do the identical?

How is it {that a} New Jersey decedent, who leaves their final $1,000 to a niece, should pay 15% inheritance tax?

What a sham.

Discrimination is outlined because the unjust or prejudicial therapy of various classes of

individuals or issues. The inheritance tax pits resident in opposition to resident, treating

them unequally but in a ‘equally located place’: useless.

The New Jersey Inheritance tax was written in 1892. It’s a unique world now. The American household appears to be like completely completely different. The legislature and governor haven’t any enterprise telling residents what constitutes household.

New Jersey is already too costly. With many millennials deciding to not have youngsters, the inheritance tax is one other massive cause to not make roots right here as a result of New Jersey will suck them dry financially whereas alive, and once more with the NJ Inheritance Tax when they’re useless.

The U.S. has an extended historical past relating to inheritance taxes. These taxes preceded New Jersey’s earnings tax, the gross sales tax and others. Most states have repealed this inappropriate and Neopolionic tax relic besides New Jersey, Pennsylvania, Maryland, Kentucky and Nebraska.

It’s time for the governor and lawmakers to take away the income generated from this sham of a tax from the upcoming 2023 fiscal state funds.

Cease the arbitrary cherry selecting of who pays this tax and who doesn’t. Cease pitting

New Jersey residents in opposition to New Jersey residents.

At our deaths, deal with all New Jersey decedents equally.