Re:Truck driver leads NJ Senate president after spending $15...
by lotsofpulp on Wednesday November 03, 2021 @05:15PM
(#29100362)
The writer used the word “average”, but it would be clearer if they used median, or quintiles or deciles. I could not find a source for the report they claim to be saying 3 million people in NJ would benefit.
NJ income tax is ~4%, and average property taxes are not that high:
It would be nice to find statistics by percentile, but I would find it hard to believe that many single households are living in houses paying $8k+ property tax, and married households are paying $16k in property tax.
I use $8k and $16k because that would mean the remaining $4k and $8k would be for income tax for a person earning $100k/year (78th percentile) or a couple earning $200k per year (83rd percentile).
Edit: the best way to figure out if the SALT caps hurt or not is to see if the amount of people itemizing on federal returns increased or not. I cannot find any NJ specific statistics, but IRS says only 11% of tax filers itemized in 2019.
NJ income tax is ~4%, and average property taxes are not that high:
https://www.nj.com/politics/2020/03/njs-average-property-tax...
It would be nice to find statistics by percentile, but I would find it hard to believe that many single households are living in houses paying $8k+ property tax, and married households are paying $16k in property tax.
I use $8k and $16k because that would mean the remaining $4k and $8k would be for income tax for a person earning $100k/year (78th percentile) or a couple earning $200k per year (83rd percentile).
https://dqydj.com/income-percentile-by-state-calculator/
Edit: the best way to figure out if the SALT caps hurt or not is to see if the amount of people itemizing on federal returns increased or not. I cannot find any NJ specific statistics, but IRS says only 11% of tax filers itemized in 2019.