“Right now, the state income tax for a retired married couple filing jointly kicks in after their income exceeds $20,000. Under bipartisan legislation (S998) that has passed the Senate’s budget panel, retired couples wouldn’t be hit with state income taxes until they receive $100,000 in income (after a three-year phase in).”
Samantha Marcus, NJ.com
A bi-partisan plan for rescuing NJ’s Transportation Trust Fund from bankruptcy is being discussed by state senators Paul Sarlo (D-36), Steven Oroho (R-24), and others. The plan will provide $2 billion per year to maintain the state’s roads, bridges, tunnels, and rails while at the same time helping NJ’s seniors. The framework includes raising the state income tax threshold from $20,000 to $100,000 (from $15,000 to $75,000 for individuals). This will help seniors stay in NJ close to their family and friends and help fix the state’s infrastructure.
Click here to read more about the bi-partisan plan.
ELEC825 supports a fully funded Transportation Trust Fund that is DEDICATED to capital improvements.