The Sarlo-Oroho NJ Transportation Trust Fund Plan will not only provide much needed funding to the state’s nearly bankrupt TTF but it will also provide tax relief for New Jersey’s seniors. Under the plan, a typical retired couple that drives 15,000 miles per year will pay $150 per year at the pump but will save $1,200 in taxes.
“Lifting retirement income tax exemptions – Just as phasing out the estate tax has received bipartisan support this year, so has athe state income-tax exemptions for sources of income like pensions, annuities, and 401(k) plans. The Sarlo-Oroho plan would take exemptions for those earning over $100,000 that right now are $15,000 for single taxpayers and $20,000 for married couples up to $50,000 for single taxpayers and $100,000 for married couples by 2020.”
John Reitmeyer, NJ Spotlight
So NJ’s seniors will not only have smoother and safer roads to drive on, they’ll get some much needed tax relief. Share this with seniors that you know.