New Jersey could be on the verge of introducing a new kind of income tax, with a state lawmaker saying the proposal has been discussed by the Department of Taxation.The legislature passed the bill, which is a response to the governor's request for a more progressive tax system in the state, last week.New Jersey Gov.Chris Christie, who took office last
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A report by New Jersey's Division of Taxation on taxation and the impact of the state's restrictive corporate tax laws found that while New Jersey has seen revenue growth in recent years, it has lost out on its tax revenue from corporate profits to the states with lower taxes.According to the report, the state has generated $2.5 billion in revenue
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New Jersey is trying to reform its state tax code to make it simpler and fairer, and it has a plan to do it.But for now, the state still has to pay about $15 billion a year in federal taxes on a $2.5 trillion federal debt.In New Jersey, the only federal income tax is the payroll tax.If the state wants
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