WASHINGTON, D.C. – (RealEstateRama) — “The Democrats just wanted a gas tax increase, but I insisted that tax cuts offset that increase,” said Bramnick (R-Union). “In this compromise we were able to lower taxes for seniors, veterans, small businesses and low-income workers and provide the largest broad-based tax cut for everyone in over two decades. I am pleased that we were able to secure this relief.”
Bramnick secured the following important tax cuts in today’s TTF funding bill:
• Eliminate the Estate Tax: Phase out the estate tax over the next 15 months, replacing the current $675,000 threshold with a $2 million exclusion after January 1, 2017 and eliminating the estate tax altogether as of January 1, 2018.
• Tax Savings for Retirees: Increase the New Jersey gross income tax exclusion on pension and retirement income over four years to $100,000 for joint filers, $75,000 for individuals and $50,000 for married/filing separately.
• Tax Savings for Veterans: Provide a personal exemption on state income taxes for all New Jersey veterans honorably discharged from active service in the military or the National Guard.
• Tax Savings for the Working Poor: Increase the Earned Income Tax Credit for the working poor to 35 percent of the federal benefit amount beginning in Tax Year 2016.
• Sales Tax Cut: A .375% decrease in the sales tax is the first statewide tax cut that has been given in New Jersey since 1994.