Senator Steve Oroho (R-Sussex, Warren, Morris) issued the following statement supporting Governor Christie’s challenge to the legislature to eliminate New Jersey’s estate tax this year. Senator Oroho is a sponsor of legislation to phase out the state’s estate tax.
“New Jersey’s highest-in-the-nation ‘death taxes’ continue to take a heavy toll on families, business owners and the state’s economy as a whole as retirees are leaving the state and taking their wealth with them in order to be able to pass on an inheritance to their children,” said Oroho. “Data from the Internal Revenue Service shows that New Jersey has consistently lost income every year for many years, to the tune of $19 billion dollars lost since 2004.
“Governor Christie was right today. This trend has to stop and it has to stop now. We must join together to take immediate action to curb this outflow of income and capital by eliminating the estate tax, making our state more competitive.
“Eliminating this tax will give a deserved break to families, allow retirees to stay in their communities and increase the state’s ability to retain and attract businesses, and grow jobs. Together, these factors will create net revenue growth for New Jersey, better allowing the state to meet its obligations and to continue to invest in priorities like infrastructure improvements, healthcare and education for our children.”