NEWJERSEY: Why does the Pepuls Republik of Nu Jerzee have a “death tax”

Friday, September 20, 2024

https://watsoncoleman.house.gov/contact/share-your-opinion

TO: Bonnie Watson Coleman

I’m probating a small estate under 15k for my now deceased cousin … …

… … and you can’t believe what a giant hassle it is.

Why does NJ have a “death tax” in the first place?

Why don’t we have a threshold (i.e., 25k$, 100k$, 1M$) like the Federal or other States do?

My vote in the next election will be based on this. Yes, I can be a single issue voter. And, yes, l am a fat old white guy retired injineer who’s a poor old senior citizen on a fixed income who ALWAYS votes. And, I share my “recommendations” with any of my family and friends I connect with.

# – # – # – # – # 

Let’s see what I get in response and how quickly?

Any bets?

I’d say the over under on “no response by” Election Day is 50/50!

We will see.

And, I am really POed about the estate hoops.

Argh!

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POLITICAL: Where have we heard “a massive tax on unrealized gains” before?

Sunday, September 15, 2024

https://townhall.com/columnists/meagan-dean/2024/09/06/kamala-harris-vows-death-tax-increase-n2644395

Kamala Harris Vows Death Tax Increase
Meagan Dean | Sep 06, 2024

*** begin quote ***

Vice President Kamala Harris is on record in support of a Death Tax hike, including plans to impose a second Death Tax by taking away stepped-up basis when parents die.

Harris’ plans to increase the Death Tax are yet another example of the candidate’s willingness to punish hardworking Americans for their success, this time punitively hitting families experiencing the death of a loved one. 

Under current law, the cost basis of assets passing directly to heirs receives a “step-up” to its fair market value. Without stepped-up basis, family-owned businesses would be stranded with a massive tax on unrealized gains after the passing of the owner. 

Harris has not been shy in taking ownership of Biden-Harris FY 2025 budget, noting in a March post on X that the budget plan was jointly put forward by her and President Joe Biden. 

*** end quote ***

I guess that small family farms and small family businesses are her target!

I can’t imagine that any of the D’s have any knowledge of economics.  Certainly demonstrate a lack of understanding of the basics.

What do they think that people will have to do when the owner dies to pay these “thefts”!

The Death Tax is one of the spectacularly unfair taxes.  Paid taxes all your life and the Gooferment politicians and bureaucrats take another bite when you die.

Argh!

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NEWJERSEY: End the Estate Tax — stop grave robbing!

Monday, May 9, 2022

https://thepoliticalinsider.com/its-time-for-states-to-bury-the-death-tax/

It’s Time For States To Bury The ‘Death Tax’
By RealClearWire
May 4, 2022 at 10:56am
By Regina M. Egea for RealClearPolicy

*** begin quote ***

As a Founding Father and inventor, Benjamin Franklin was a visionary without peer in his time. His famous utterance “nothing is certain
except death and taxes” could easily apply to New Jersey in 2022, as residents of one of the highest taxed states in the Union find the
state’s insatiable appetite for revenue following them even to the grave through the Inheritance Tax or “Death Tax.”

In our latest research, Friendly Fire: Unintended Consequences of NJ’s Death Tax, the Garden State Initiative examined our state’s Death Tax, paid by some beneficiaries of inherited funds and properties.

New Jersey remains just one of six states to impose a Death Tax, along with Pennsylvania, Nebraska, Kentucky, Maryland and Iowa. Notably Iowa, as part of their widespread state tax reform effort, has moved to repeal it effective 2025. 

*** end quote ***

Just “yet another reason” why retirees move out of the Pepuls Republik of Nu Jerzee.  Some even take “their” New Jersey pensions with them.

The Gooferment, unlike it’s competition the Mafia, sees no problem with grave robbing.

Argh!

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