Want a better deal on your taxes? Better leave New Jersey
Are you looking for relief on your taxes? Then you should probably leave New Jersey, according to many accountants in the Garden State.
A Rutgers-Eagleton poll
recently found that 80% of New Jerseyans feel that taxes are too high. New York is one of the highest-taxed states in the nation. The one thing that most Republicans and Democrats can agree on is that that the idea of raising taxes is mostly bad.
Gov. Phil Murphy recently proposed the idea of raising taxes for millionaires in the Garden State, but this would only impact about 20,000 people in a state of 9 million residents.
And the high taxes could be causing people to move out. The CEO of the state Society of CPAs says told that Asbury Park Press
that 75 percent of accountants are telling their clients to move somewhere else. New Jersey has become the No. 1 state to move out of for several years in a row, according to stats from United Van Lines.
Tax reform by the Trump administration has capped state and local tax deductions on federal income tax at $10,000 – much less most New Jersey residents pay.
Large corporate tax breaks have come under scrutiny as the 2020 presidential race approaches.
Democratic candidate Bernie Sanders and President Donald Trump have called out Amazon for not paying their fair share of taxes.
And 60 Fortune 500 companies did not pay any taxes last year – legally – due to tax breaks. Among them are Amazon, which reported $11 billion in income, Molson Coors which reported $1.3 billion and Netflix which reported $856 million. The 60 companies took in nearly $80 billion collectively. If they paid 21% to the federal government, they would have paid $16 billion to the United States. Instead, they got a collective tax rebate of $4.3 billion.