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inheritance tax

inheritance tax

Flags fly outside the New Jersey Statehouse in Trenton, N.J., on Tuesday, March 1, 2016. (Photo by Michael Symons)
Flags fly outside the New Jersey Statehouse in Trenton, N.J., on Tuesday, March 1, 2016. (Photo by Michael Symons)
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Proposed NJ ‘death tax’ compromise: Keep it, but only on the very wealthy

New Jersey is considering eliminating its estate tax, but some are suggesting to instead scale it back but keep it on the books for the wealthiest estates.

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XiXinXing, ThinkStock
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Are there places to move to avoid estate and inheritance tax?

Q. Estate taxes as a New Jersey resident drive me crazy. Clearly Florida seems to be the most tax-friendly place to move to, but I don’t like heat. What other options exist? I thought Pennsylvania would escape New Jersey’s estate tax, but then I learned that Pennsylvania has an inheritance tax that can be just about as high. As they say, taxes and death can’t be avoided. Can they?

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Gov. Chris Christie joins Eric Scott in the New Jersey 101.5 studio for the Feb. 29, 2016 Ask the Governor (Dan Tantillo / Townsquare Media)
Gov. Chris Christie joins Eric Scott in the New Jersey 101.5 studio for the Feb. 29, 2016 Ask the Governor (Dan Tantillo / Townsquare Media)
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Christie: Gas tax? Don’t ask me, ask the Assembly (WATCH)

Governor says nobody in the Legislature has approached him about linking gas-tax hike with estate-tax cut.

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Graveyard
Scott Barbour, Getty Images
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NJ is Taxing the Dead [AUDIO]

The transfer inheritance tax, one of New Jersey's oldest taxes, dates back to 1892. This 16 percent levy is applied when property is transferred outside a deceased resident's immediate family. Another so-called "death tax," the estate tax, is applied on property valued at more than $675,000.

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Property Taxes
Flickr User 401K
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Bury The Jersey Death Tax!

Jersey has one of the highest tax rates in the nation for people who are alive – but it also one of the worst states in the country for taxpayers who die.

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