To: The New Jersey State House, The New Jersey State Senate, and Governor Phil Murphy
Don't give the Trumps of New Jersey a YUGE tax cut!
Eliminating the New Jersey estate tax would only benefit the heirs and heiresses of the state's richest 4%, leaving the rest of us to pick up a half billion dollar tab. Don't do it.
Why is this important?
Gov. Chris Christie wants to give the Ivanka Trumps of New Jersey a tax cut. He's pushing hard to repeal New Jersey's estate tax, and says eliminating taxes on inherited wealth is "tax fairness." The worst part? Some Democrats are listening, and have moved a bill forward in the State Senate.
The truth is that repealing New Jersey's estate tax would only benefit the very wealthy and their heirs, and working families would pay the price. We've been down this road before in New Jersey. When millionaires got a tax cut in 2010, we ended up paying for it with billions in cuts to schools, property tax relief, public safety, and other services on which we all rely. Eliminating the estate tax would only benefit the rich, while forcing the rest of us to pick up the tab.
Christie's brand of trickle-down economics has failed New Jersey, and our legislators know it. They should reject Christie's call for any further tax cuts for the super-rich.