New Jersey
New Jersey Spotlight: Income Inequality and Policy in New Jersey
January 3, 2017 • By ITEP Staff
“Some background. The CPBB’s report, “How State Tax Policies Can Stop Increasing Inequality and Start Reducing It,” starts by ranking the various states according the ratio of average income for the top 5 percent of households to the bottom 20 percent, using Census Bureau data. According to this measure, New Jersey ranks seventh most unequal. […]
Bloomberg BNA: For Better or for Worse? Tax Policy Changes in New Jersey
December 2, 2016 • By Dylan Grundman O'Neill
“But gas taxes are also highly regressive, falling most heavily on low- and middle-income families. In this case, an analysis using the Institute on Taxation and Economic Policy microsimulation model shows the gas tax increase will average 0.54 percent of the incomes of New Jerseyans with incomes less than $25,000, while averaging 0.14 percent of […]
Yahoo! Finance: New Jersey just hiked its gas tax by 159%. Is your state next?
November 7, 2016 • By ITEP Staff
“Of course, New Jersey isn’t the only state that has or is toying with raising gasoline taxes. Georgia, Idaho, Iowa, Kentucky, Michigan, Nebraska, North Carolina, South Dakota, Utah, and Washington upped their gas taxes in 2015, notes the Institute on Taxation and Economic Policy. Louisiana, Tennessee, Alaska, Alabama and Minnesota are contemplating increases in 2017.” […]
BNA State Tax: Extras on excise: New Jersey fuel taxes are going up in the world
November 3, 2016 • By ITEP Staff
“New Jersey isn’t the only state that has seen a gas tax increase in recent years. Nineteen states and D.C. have seen gas tax changes in the past three years, according to the Institute on Taxation and Economic Policy.” Read more
Fox Business: New Jersey Gas Tax Hike: Will Your State Be Next?
November 1, 2016 • By ITEP Staff
“‘Many other states are facing similar issues, but haven’t raised the gas tax in a decade or more,’ said Carl Davis, research director at the Institute on Taxation and Economic Policy. ‘It can be a political challenge.'” Read more
CBS News: Is your state next to raise its gas tax?
October 14, 2016 • By ITEP Staff
“’There has been a lot of procrastination,’ said Carl Davis, research director of the Institute on Taxation and Economic Policy. ‘It’s an issue that the states cannot put off any longer. There are 21 states which have gone a decade or more since the last time they increased their gas tax rate. These states have […]
Salon: Donald Trump’s tax returns show the American tax code favors the rich
October 5, 2016 • By ITEP Staff
“’The real estate [loophole] is a pretty clear and, I think, pretty potent example of a tax break where middle-income Americans look at it and just say, “Well, this doesn’t do anything, this is basically inapplicable to me,”’ said Matthew Gardner, executive director of the Institute on Taxation and Economic Policy. ‘It’s legal; it probably […]
New Jersey Policy Perspectives: Transportation-Funding Deal Endangers New Jersey’s Future & Fails the ‘Tax Fairness’ Test
October 4, 2016 • By ITEP Staff
After a months-long stalemate, New Jersey’s three most powerful policymakers announced late last Friday that they’d come to an agreement on investing in the state’s transportation networks. As part of the deal, the leaders have agreed to a large-scale package of tax cuts that would disproportionately benefit well-off New Jerseyans while further decimating the state’s […]
NJ Spotlight: Fine Print: Transportation Funding Puts Sales Tax-Cut Under Microscope
July 6, 2016 • By ITEP Staff
“Alarms are being sounded, however, about the proposed sales-tax cut by New Jersey Policy Perspective, a liberal think tank based in Trenton. A joint analysis by NJPP and the Institute on Taxation and Economic Policy determined the sales-tax cut combined with the proposed tax-policy changes to sources of retirement income would give 74% of the […]
Weird New Jersey Tax Debates Continue
June 24, 2016 • By Dylan Grundman O'Neill
The New Jersey Legislature is considering a proposal to increase the state’s gas tax but at the same time some lawmakers are insisting that that tax increase be paired with tax cuts for the wealthiest New Jerseyans. Perhaps most bizarre is that the state is considering providing a tax cut for retirement and pension income (a move that would benefit the best-off state residents) while also weighing cuts to the revenue that funds state pensions.
Asbury Park Press: HARRISON: Fulop has best gas tax plan
June 10, 2016 • By ITEP Staff
“Fulop notes that our state economy is dependent upon a strong infrastructure, and a variable rate increase in the gas tax — with a low-end threshold to ensure that trust fund budgetary obligations are met — means that New Jerseyans will be protected if gas prices increase drastically. Fulop’s idea to index the tax to […]
Union News Daily: Union County supports executive action
April 4, 2016 • By ITEP Staff
“Although the programs are unavailable right now, people need to start preparing documents and saving money to apply. According to the Institute on Taxation and Economic Policy, 11 million undocumented immigrants living in the United States paid 11.64 billion dollars in state and local taxes. A study found that tax contributions would increase significantly under […]
New Jersey 101.5: Illegal immigration: An economic drag, or a boon for NJ?
February 26, 2016 • By ITEP Staff
“A new report by the Institute on Taxation and Economic Policy finds New Jersey-based immigrants who are living in the country illegally pay more than half a billion dollars a year in taxes. But some argue the cost of having them here is much greater than that — and say full-time taxpayers are footing the […]
NJ Spotlight: Taxes Paid By Undocumented Immigrants Help Fill State And Local Coffers
February 26, 2016 • By ITEP Staff
“Undocumented immigrants living in New Jersey contribute nearly $600 million in state and local taxes, one of the highest totals for any U.S. state, according to a new nationwide study. Those revenues flow into state and local coffers when undocumented immigrants pay property taxes, sales taxes and income taxes, the Institute on Economic Policy and […]
NJ Today: Lawmakers plot to stop corporate tax dodgers
January 29, 2016 • By ITEP Staff
“According to the Institute on Taxation and Economic Policy Analysis of SEC Filings, ExxonMobil paid a low tax rate over the past five years, and received a tax rebate from New Jersey in 2014 in the amount of $507,000. This resulted in a -5.6 percent tax rate that year.” Read more
New Jersey Policy Perspective: Executive Actions on Immigration Would Help Many New Jerseyans While Boosting the Economy
October 21, 2015 • By ITEP Staff
President Obama’s 2014 executive actions on immigration would benefit hundreds of thousands of New Jerseyans and provide a boost to the state’s economy by allowing many undocumented residents to work legally and avoid deportation. Read the full report here
New Jersey Policy Perspective: Levied on Very Few, New Jersey’s Estate and Inheritance Taxes Support Colleges, Health Care & Other Services
October 21, 2015 • By ITEP Staff
An effort by some lawmakers to eliminate or drastically cut taxes for a small number of New Jerseyans – a move that would deliver the greatest benefit to the state’s wealthiest households – threatens resources needed for public colleges, safe communities, health care and other important services. Read the full report here
New Jersey Policy Perspective: Increasing the EITC Would Boost New Jersey’s Working Families
June 29, 2015 • By ITEP Staff
Increasing New Jersey’s Earned Income Tax Credit (EITC) to 30 percent from 20 percent of the federal EITC would provide over half a million New Jersey working families with a much-needed bump in their take-home pay while giving the state’s economy a boost. But the economic impact of the EITC goes beyond the specific amount […]
NJ Today: Lesniak & Greenstein Propose Legislation to End Corporate Welfare
June 23, 2015 • By ITEP Staff
To close a loophole that has allowed multistate corporations to evade their fair share of taxes in New Jersey, Senator Raymond Lesniak and Senator Linda Greenstein today introduced legislation to enact a “combined reporting” tax law to put an end to the “corporate shell game” that costs the state hundreds of millions of dollars in […]
New Jersey Policy Perspective: Failure to Address Gas Tax Costs New Jersey Over Half a Billion Dollars a Year
April 29, 2015 • By ITEP Staff
New Jersey is losing out on over $500 million each year by not tying increases in transportation construction costs to increases in gas tax rates, a new national report finds. This $504.7 million currently left on the table could nearly double the annual funding for vital transportation projects across the state. Read the full report
New Jersey Policy Perspective: Income Taxes Don’t Impede Economic Growth
April 29, 2015 • By ITEP Staff
As Gov. Chris Christie prepares to unveil the specifics of his proposed 10-percent income tax cut at next week’s budget address, he’s working under a key tenet of conservative economics: that high tax rates harm economic growth. There’s just one problem, according to a new national report by the Institute on Taxation and Economic Policy […]
New Jersey Policy Perspective: State Treasurer Confesses: Our Job is To Protect Millionaires
April 29, 2015 • By ITEP Staff
In case it remained a mystery to anyone, the administration’s plan for economic growth was made clear by Treasurer Andrew Sidamon-Eristoff at a New Jersey Business and Industry Association breakfast last Tuesday. To paraphrase the treasurer, the state’s job is to protect its approximately 15,000 millionaires by cutting their taxes. Read the full report
New Jersey Policy Perspective: Tax Increase to Fund Transportation Should Be Combined with Credit to Help Low-Income Families
January 26, 2015 • By ITEP Staff
As New Jersey policymakers close in on a deal to boost New Jersey’s transportation funding, a bold solution that raises at least $1 billion in new revenue a year through new gas taxes is essential if New Jersey wants to take advantage of one of its greatest economic assets – its location – and rebuild […]
New Jersey Policy Perspective: New Jersey’s Upside-Down Tax System
January 21, 2015 • By ITEP Staff
Low-income and middle-class New Jerseyans pay greater shares of their incomes in state and local taxes than wealthy residents, according to a new study released today by the Institute on Taxation and Economic Policy (ITEP) and New Jersey Policy Perspective (NJPP). Read the full report
Cherry Hiss Post Courier: NJ’s Tax System Fairer Than Most Though Still Unequal
January 20, 2015 • By ITEP Staff
New Jersey’s state and local tax system is fairer than most states, but low- and middle-income residents still devote a larger share of their income to taxes than the wealthy, according to a new study out Wednesday. New Jersey Policy Perspective and the Institute on Taxation and Economic Policy, authors of the study, said that […]
