The Best Way to Start 2019? With Tax Hikes in New Jersey
As if living in New Jersey isn't expensive enough, now we have to pay more money (in taxes). Of course, the tax hikes that went into effect yesterday may cause you to pick up an extra job or two. A new study released today said that more people are moving out of New Jersey than moving in.
Here's what you can expect to be shelling out money for this year:
The Multi-Millionaire's Tax applies if you make five million dollars a year or more. Wow, So rich people are getting taxed now for being rich? There's a tax of 10.75% for those individuals. Even employers must withhold Gross Income Tax at 15.6% provided.
If you don't have health insurance, you'll be forced to pay a tax. It'll be collected when income taxes are due this year.
For corporate businesses, there will be a surcharge of 2.5% for the first two years, then will decrease to 1.5%
Businesses will have to pay a 1% tax on the payroll for their employees living out of town.
Buy those reusable bags - There will be a fee for the use of plastic bags. Many towns have already begun the plastic bag ban, and soon it will spread throughout the state.
So now not only is New Jersey one of the most expensive states to live in, now there are even more things we have to pay for.
When will it end?