Tax Day: The Crushing Burden On One State

While today is Tax Day, the day state and federal income taxes must be filed, New Jersey State Senate Republican Leader Tom Kean warned New Jersey residents that they aren’t off the hook just yet. Although April 18 is Tax Day, Sen. Tom Kean noted that Tax Freedom Day for New Jersey residents is May 12 due to the state’s high tax burden. (SenateNJ.com) “With a state and local tax burden that is among the worst in the nation, New Jersey’s residents have to dedicate every dollar they earn from New Years Day to May 12 to pay their tax bills for the year,” said Kean. “This crushing tax burden is what’s driving residents, businesses and jobs from New Jersey to lower-tax states.” The Tax Foundation measures Tax Freedom Day as how long into the year residents have to work to pay their total federal, state and local taxes for the year. New Jersey’s Tax Freedom Day of May 12 is the second to last of any state. Only Connecticut’s is later at May 21. “New Jersey Senate Republicans are leading the effort for tax relief,” added Kean. “We understand the need for tax fairness to stem the flow of New Jerseyans to other states.” In the current legislative session, Kean has introduced a number of tax-cutting measures that would: create a state income tax deduction for charitable giving; increase the maximum state income tax deduction for property taxes from $10,000 to $25,000; increase the amount of retirement income that’s excluded from taxation; and end the estate tax. Related Facebook Post: https://www.facebook.com/tomkeanjr/posts/10153639683148269 Related Tweet: https://twitter.com/tomkean/status/722153670595338241 Website Post: http://www.senatenj.com/index.php/tomkean/kean-statement-on-tax-day/26542