The Big Beautiful Bill is about to have a major impact in the Garden State, Save Jerseyans.
A new analysis from SmartAsset Advisors determined that New Jersey households will see the 6th largest savings of any state in the country from the recently enacted tax changes.
Here’s a detailed breakdown directly from the study:
6. New Jersey – Total Expected Value: $1,895.60
Standard deduction
- Expected value across all tax returns: $162.47
- Percent standardizing: 86.34%
- Savings per tax return using standard deduction: $188.18
SALT deduction
- Expected value across all tax returns: $729.56
- Percent itemizing: 13.66%
- Savings per tax return using itemization: $5,339
Senior deduction
- Expected value across all tax returns: $245.86
- Population aged 65+: 17.72%
- Median senior income: $67,177
- Average savings per senior: $1,387.08
Estate and gift tax
- Expected value across all tax returns: $566.40
- Number of estate returns: 1,028
- Tax savings per estate: $2,520,851
Auto loan interest
- Expected value across all tax returns: $83.00
- Average auto loan account balance: $21,436
- Annual interest rate payments at 7.86%: $1,554.48
- Annual tax savings per new auto: $276.67
Tips
- Expected value across all returns: $23.29
- Number of waiters/waitresses: 52,500
- Median income for waiters/waitresses: $38,720
- Annual tax savings per tipped worker: $2,500.00
Trump Account
- Expected value across all tax returns: $15.41
- Children born per 1,000 women age 20–34: 80
- Estimated children born per year: 70,494
Child Tax Credit
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Expected value across all returns: $69.62
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Number of qualifying children: 1,592,587
