NFIB/NJ has signed on to a letter with 29 other groups calling for the repeal of New Jersey’s “death tax”. (Read the entire letter here) The letter, addressed to Gov. Christie, was penned by the Family Business Coalition and stated in part, “Simply put: death should not be a taxable event. It makes no sense to force a grieving family to pay a tax on their loved one’s property.” The letter was delivered to the governor’s office on Monday September 15.
New Jersey is currently one of only 19 states that impose an additional tax at death, and only one of two to impose both an estate and inheritance tax. Forbes recently listed New Jersey as a place “Not to Die” in 2014 because of its high death tax. New Jersey’s low estate tax exemption of $675,000 and high rate of 16% make it the most confiscatory estate tax in the entire country.
News Stories:
“Where Not to Die in 2015” – Forbes September 11, 2014
“Letter: New Jersey Residents are Being Taxed to Death” nj.com September 12, 2014
“On the Capital Steps, Legislators Join Business Leaders in Blasting New Jersey’s Estate Tax” POLITICKERNJ September 15, 2014
“Renewed Push to Kill New Jersey Estate Tax” Forbes September 16, 2014
Take Action: Please contact NFIB/NJ if you have been or will be affected by the NJ estate tax, email [email protected]