Senator Steve Oroho, Assemblywoman Alison Littell McHose and Assemblyman Parker Space, R-Sussex, Warren, Morris, issued the following statement after joining business organizations and concerned citizens in a State House rally in support of legislation they sponsor to repeal the state’s death tax, or estate tax.
The District 24 legislators were joined by fellow lawmakers, Americans For Prosperity, the 60 Plus Association, Commerce and Industry Association, CPA Society of New Jersey and the National Federation of Independent Businesses.
“New Jersey’s death taxes, the most onerous in the nation, take a heavy toll on families, businesses and the state’s economy as a whole,” said Oroho. “The estate tax drives retirees and the assets they’ve worked hard to accumulate out of the state. Eliminating this tax will give a deserved break to families and increase the state’s ability to retain and attract businesses.”
The estate tax is a nightmare that needs to end. We pay enough of our income in taxes while we are alive and working,” said McHose. “People want to protect and pass on their life savings to family members – not give them to the government. “This onerous tax hurts people who live in our state and are important contributors to our economy.”
“The death tax is killing our economy. Small business owners are forced to close shop or relocate to other states rather than pass this financial burden onto the next generation,” said Space, who owns a family business. It’s time to stand up and say ‘no’ to this tax on the American Dream.”
The District 24 legislators are sponsors of legislation, S1311/A1281, to eliminate New Jersey’s inheritance tax and raise the threshold of the estate tax from $675,000 to match the federal level. The legislators also sponsor S353/A329 to phase out New Jersey’s estate tax over five years.