June 9, 2020

New Jersey Policy Perspective: Road to Recovery: Reforming New Jersey’s Income Tax Code

ITEP Work in Action

A sensible way to address revenue shortfalls and an unfair tax code is to raise income taxes on the state’s wealthiest households. By reforming New Jersey’s income tax, our recovery can be strengthened by reducing the tax burden that low-paid and middle class families pay, while generating more revenue for public programs and services that benefit all residents. Overall, increasing and adding additional tax rates on the wealthiest households would raise approximately $1.5 billion in new revenue each year while making the overall tax code fairer.

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Graph: Reforming New Jersey's income tax would ensure the top 1 percent of households pay the highest tax rate.