I would like to invite you to share your thoughts at an upcoming Tax Town Hall. There will be discussion on changing the state’s tax structure to make it “more equitable.” There are various options being considered to change the tax code. One such option is to lower the sales tax or property taxes by increasing taxes on “those that can afford to pay more.”
Unfortunately, “those that can afford to pay more” can also move and take their tax dollars with them. When New Jersey increased their income tax rate, one taxpayer moved in 2015 and took his billions of dollars with him. This caused a budget shortfall of hundreds of millions of dollars. Income tax revenue is one of the most unstable revenue streams states can use for budgeting.
Another proposal would tax stock transfers and exempt retirement accounts. Connecticut has tried this. They received a windfall the first year, but saw a massive deficit the following year, counting on the new revenue. People simply stopped doing taxable transfers.
There is a bright spot. Deducting $250,000 from your property values to give some property tax relief.
Beware of the government that says they will tax the “other guy” and pass the savings on to you.
I am supposed to just listen during these town halls, and not offer my opinion. I would ask you to participate and voice yours.
Wednesday, November 3, 2021
2:30 – 4 p.m. Sign up here | 6:30 – 8 p.m. Sign up here
Learn more at: https://taxworkgroup.org/