A More Affordable New Jersey
The Hard Truth: New Jersey has the Nation’s third highest tax burden thanks to an 8.97 percent state income tax, 9 percent corporate-income tax rate, and 6.875 percent sales tax, as well as the highest property taxes in the nation.
These exorbitant taxes have led to over 2 million residents leaving the state from 2005 to 2014, taking with them $18.4 billion in personal income.
End Automatic Income Tax Hikes. This is hidden tax increase that can be ended by indexing state income taxes to inflation. When brackets aren’t tied to inflation, income rises past fixed rates – forcing people into higher brackets even though they aren’t making more money.