Joe Biden’s tax plan would further cement New Jersey’s position as one of the country’s worst tax states, Save Jerseyans.
On Friday, the D.C.-based Tax Foundation released an analysis of combined capital gains tax rates. New Jersey is one of 13 states that would have a 50%+ combined rate under the new plan with a staggering 54.2%. Only New York (54.3%) and California (56.7%) would come out worse.
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By way of comparison, New Jersey was ranked 5th with a 30.4% rate in 2014. It’s currently 34.6%. So yeah, the Biden-Harris proposal would likely lead to a further accelerations of wealthy folks moving their families, businesses, and money to more tax friendly climates. What else is new…
Under President Biden's tax plan, 13 states and D.C. would have a top combined capital gains tax rate at or above 50%:
56.7% CA
54.3% NY
54.2% NJ
53.3% OR
53.3% MN
52.4% DC
52.2% VT
50.7% HI
50.6% ME
50.4% CT
50.3% ID
50.2% NE
50.2% MT
50.0% DE(58.2% NYC)
(57.3% Portland, OR) pic.twitter.com/GfWgBZhlbs— Tax Foundation (@TaxFoundation) April 23, 2021
