Senator Steven Oroho, a member of the Senate Budget & Appropriations Committee, said that continued improvement in New Jersey’s economy provides the opportunity to further advance tax reforms to reduce the tax burden on state residents and businesses.
Sen. Steven Oroho said that continued improvement in New Jersey’s economy provides the opportunity to enact tax reforms. (SenateNJ.com)
“We heard today that state tax collections are growing as New Jersey’s economy continues to improve,” said Oroho. “This increased financial flexibility provides us the opportunity to enact additional, meaningful tax reforms to make New Jersey a more affordable place to live and operate a business.”
Oroho is sponsor of bipartisan legislation, S-1728, to phase out New Jersey’s estate tax, and S-998, to raise the retirement income exclusion five-fold for New Jersey retirees. He is also joining as a sponsor of legislation, S-1932, to establish a state income tax deduction for charitable contributions.
“As we did on a bipartisan basis a few years ago in passing several business tax reforms, when we institute tax cuts in a disciplined way, we actually realize an increase in revenues to the State,” added Oroho.
“Many people who really want to stay in New Jersey feel like they are being forced to leave to escape our heavy tax burden,” Oroho concluded. “Let’s show New Jerseyans through tax reform that we value their contributions to the state beyond what they pay in taxes. Let’s make it easier for New Jerseyans to make the choice to stay in New Jersey.”
Related Facebook Post:
https://www.facebook.com/steveoroho/posts/10153732946223580
Related Tweet:
https://twitter.com/stevenoroho/status/717394655134912512
Website Post:
https://www.senatenj.com/index.php/oroho/oroho-states-improving-revenue-forecasts-provides-opportunity-for-tax-reform/26414
