Oroho Editorial: Kill the Estate Tax
The following editorial by Senator Steven Oroho on the need to phase out the state’s estate tax to protect all New Jersey residents was published in The Record on April 24, 2016:
Sen. Steven Oroho says his effort to phase out the state’s estate tax isn’t about protecting the wealthy, but about protecting all of New Jersey. (SenateNJ.com)
New Jersey residents shoulder the third-greatest state and local tax burden in the nation, according to the Tax Foundation.
We have the highest property and business taxes, and sales and income taxes that are among the highest. The Garden State is also one of just two states to impose both an estate tax and an inheritance tax on its residents, commonly referred to as “death taxes.”
Not surprisingly, studies continually show New Jersey leading the nation in the outmigration of residents to other states – usually those with no income taxes or lower rates, smaller property tax bills and better tax structures for estate planning purposes.
Bucco & Oroho Introduce Bill to Index Income Tax Brackets
Senators Anthony Bucco (R-Morris, Somerset) and Steven Oroho (R-Sussex, Morris, Warren) introduced legislation that will bring more fairness to New Jersey’s income tax by adjusting its tax brackets for inflation every year.
Sen. Anthony Bucco and Sen. Steven Oroho introduced legislation that will protect taxpayers from inflation changing their tax rates. (SenateNJ.com)
“This is a common-sense way to protect taxpayers from unfairly being placed into a higher tax bracket,” Senator Bucco said. “People end up paying more in taxes and aren’t able to spend as much as they used to on everyday goods and services.”
Oroho: UI Fund Success Result of Fiscal Discipline, Good Management
Senator Steven Oroho, a member of the Senate Budget & Appropriations Committee, responded to Governor Christie’s announcement that the state’s once indebted Unemployment Insurance Trust Fund now contains a positive balance of $1 billion.
Sen. Steven Oroho said that the state UI Fund’s positive balance of $1 billion is a result of good management and fiscal discipline. (Flickr)
“To go from a $2.1 billion deficit to a $1 billion balance in a few short years is a testament to the efforts of the Legislature and the Christie Administration to impose the fiscal discipline needed to restore New Jersey’s Unemployment Insurance Trust Fund to solvency,” said Oroho.
Oroho served on a bipartisan Unemployment Insurance Task Force which issued a final report on how to address the state’s UI fund deficit in January of 2012.
Oroho: State’s Improving Revenue Forecasts Provides Opportunity for Tax Reform
Senator Steven Oroho, a member of the Senate Budget & Appropriations Committee, said that continued improvement in New Jersey’s economy provides the opportunity to further advance tax reforms to reduce the tax burden on state residents and businesses.
Sen. Steven Oroho said that continued improvement in New Jersey’s economy provides the opportunity to enact tax reforms. (SenateNJ.com)
“We heard today that state tax collections are growing as New Jersey’s economy continues to improve,” said Oroho. “This increased financial flexibility provides us the opportunity to enact additional, meaningful tax reforms to make New Jersey a more affordable place to live and operate a business.”
Kean & Oroho Tour Project Self-Sufficiency in Sussex to Highlight Charitable Giving Legislation
Senate Republican Leader Tom Kean and Senator Steven Oroho toured Project Self-Sufficiency of Sussex County on to promote new legislation that would support charitable giving to New Jersey’s non-profit and charitable organizations.
Sen. Tom Kean and Sen. Steven Oroho toured Project Self-Sufficiency of Sussex County on March 21, 2016. Click for full-size image. (SenateNJ.com)
Since 1986, Project Self-Sufficiency has helped thousands of families in northwestern New Jersey to break the generational cycle of poverty, by addressing education, employment, parenting skills, legal problems, counseling and the many other interlocking issues experienced by families in need. The organization serves single parents, teen parents, displaced homemakers, adults, children, senior citizens and two-parent households.
“Project Self-Sufficiency is the perfect example of a community-based charitable organization that would benefit from our legislation encouraging charitable giving,” said Kean (R-Union, Somerset, Morris). “With increased fundraising, Project Self-Sufficiency could expand their already impressive efforts to improve the lives of struggling families in the region. Our legislation will make donating more affordable for those who wish to support their charitable efforts.”
MEDIA ADVISORY (3/21): Kean & Oroho to Tour Project Self-Sufficiency, Promote New Legislation to Strengthen NJ Charities
Senate Republican Leader Tom Kean and Senator Steven Oroho are touring Project Self-Sufficiency on Monday, March 21 to highlight the organization’s comprehensive efforts to assist low-income individuals and families, as well as to promote new legislation that would increase resources for New Jersey charities.
Who: Senators Tom Kean and Steven Oroho, hosted by Deborah Berry-Toon, Executive Director, Project Self-Sufficiency
What: Touring Project Self-Sufficiency, highlighting legislation to help New Jersey’s non-profits and charities
When: Monday, March 21, 2016, at 10:30 a.m.
Where: Project Self-Sufficiency, 127 Mill Street, Newton, NJ 07860
Event Contacts: Emily Everson – (609) 847-3600
Oroho: More Proof that New Jersey’s High Taxes Are Driving Residents Away and Reducing Needed Resources
Senator Steven Oroho said published reports that New Jersey’s wealthiest resident moved to Florida for tax purposes at the end of last year is more proof that high tax rates do drive people from New Jersey. He also said that every time a high net worth individual moves, the state loses valuable resources to fund important programs, including many safety net services.
Sen. Oroho said it’s clear that high-income individuals are willing to flee New Jersey’s high tax burden, close their businesses and move to low or no tax states. (Wikipedia)
“My legislative colleagues, especially my fellow members on the Senate Budget and Appropriations Committee, have heard me repeatedly caution that it’s not hard for high income people with homes in Florida or other states to relocate permanently and reduce their New Jersey income tax liability to zero,” said Oroho. “Unfortunately, that exact scenario has once again been played out, and New Jersey will lose several hundred million dollars in tax payments just as a result of one such move.”
According to the report, David Tepper, with an estimated net worth of nearly $11 billion, relocated to Florida late last year. A January 1, 2016 reorganization moved his firm, Appaloosa Management, along with employees to Florida as well.
Kean, Beck, Oroho Introducing Legislation to Support NJ Charities
Senate Republicans Tom Kean, Jennifer Beck and Steven Oroho are introducing legislation on Monday to boost charitable giving to New Jersey nonprofits that are on the front lines serving millions of children and families.
Senate Republicans Tom Kean, Jennifer Beck and Steven Oroho will introduce legislation establishing a state income tax deduction for gifts to New Jersey charities. (SenateNJ.com)
This legislation will establish a charitable deduction for state income tax filers on the money and gifts they provide to charities operating in New Jersey. This new bill is a modified version of bipartisan S-334, originally created and introduced in 2007 by Senate Republican Leader Kean.
“New Jersey is blessed to be served by an array of charities supporting children, families and seniors in need,” said Kean (Union, Somerset, Morris). “A host of nonprofit educational, cultural and civic organizations make our communities safer and stronger. As we have learned on many occasions, such as the aftermath of Superstorm Sandy, charities are often the first to mobilize to help in times of crisis before government resources are available.”
“Nonprofit organizations work tirelessly for communities, help the state and local governments provide essential public services and create jobs and volunteer opportunities for people of all ages,” said Beck (Monmouth). “Yet it’s extremely difficult for nonprofits here to garner steady charitable giving from residents and small business owners, because, by most measures, New Jersey ranks dead last and second to last in the nation in overall tax burdens.”
Committee Passes Oroho Estate Tax Phase Out & Retirement Income Tax Cut
A pair of tax-cut bills sponsored by Senator Steven Oroho (R-Sussex, Warren, Morris) was advanced by the Senate Budget & Appropriations Committee.
Legislation by Sen. Steven Oroho would phase out the estate tax and cut taxes on retirement income. (SenateNJ.com)
Tax-cut legislation championed for years by Senator Oroho to phase out New Jersey’s “estate tax” was approved 9-0. That bill, bipartisan S-1728, would increase the tax exclusion from the current level of $675,000 to $1 million the first year and complete the elimination over five years.
“We are a big step closer to eliminating the nation’s highest death tax — a reform that would allow parents, grandparents, employers and farmers to stay in New Jersey and pass to future generations the assets that they’ve worked their whole lives to earn,” Oroho said. “This estate tax phase out would restore our competitive economic position by enticing capital back to New Jersey. Just as we enacted $2.3 billion in bipartisan business tax cuts in 2011 to increase financial resources and jobs, we should get this tax cut on the books now to retain more capital and opportunities for the people of this state.”
Oroho Statement on Governor’s Budget Address
Senator Steven Oroho (R-Sussex, Warren, Morris) issued the following statement regarding the Governor’s budget address and the upcoming legislative budget season:
Sen. Steven Oroho said that in upcoming budgeting process the Legislature must prioritize creating a more competitive economic position for New Jersey. (SenateNJ.com)
“The Governor has again laid out a fiscally responsible spending plan that holds discretionary spending in line and makes a record pension payment without any new taxes,” said Oroho, a member of the Senate Budget and Appropriations Committee. “The continued improvement in New Jersey’s private-sector job growth is a testament to the success that can occur under this pattern of prudent budgeting and smart economic policies.”
