Proposed New Jersey Tax Would Cost You

Things cost more today, that's not a huge revelation I think we all know it and feel it in our budget at home. Inflation is up at 3.5 % and any additional costs just add to financial stress. So we are not excited about the possibility of a New Jersey tax increase that would hit us in the wallet. A wallet that's already looking depleted.

 

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According to a recent Patch article, this new possible tax here in the Garden State is to help fund New Jersey Transit, which by the way, is looking to implement its own rate hike in July, so this could be a double debit in your family's budget. The idea is to raise the New Jersey sales tax. The idea is to increase the current sales tax from 6.625% to 7%, costing you more every time you spend your money on purchases in New Jersey.

 

 

Democratic State Senator Paul Sarlo, the Chairman of the New Jersey Senate Budget Committee, addressed the proposal. This tax increase then would go to help fund the state’s public transit system. According to the Patch article, increasing the sales tax to 7 percent comes possibly because of Governor Phil Murphy’s proposed billion-dollar tax hike for roughly 600 New Jersey businesses. The idea was raised during a Tuesday budget hearing in Trenton.

 

According to Patch, The increase from the Garden State’s current 6.625 percent rate would be "more stable than the corporation business tax on the higher earning income companies, which could vary from year to year,” Senator Sarlo said.

 

So will we pay more at the check-out line? Only time will tell if things cost YOU more.

 

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