3 Kinds of tax that NJ should end: Each brings in less than 1%

At an estimated $225 million annually, the New Jersey Petroleum Tax raises less than one percent of total NJ State budget revenues. Yet, the NJ Petroleum Tax likely raises the blood pressure and lowers the standard of living of more than 50% of NJ residents. We are a state of long commutes and crowded roads.

At an estimated of $100 million annually, the New Jersey Alcoholic Beverage Excise Tax raises less than half that raised by the NJ Petroleum Tax and cuts into both small business retailers and residents' standards of living. 

At an estimated $195 million annually, the New Jersey Realty Transfer Fee (i.e. Tax) adds yet another cost, about $1,500 on the average priced home, to the relatively high and suffering NJ real estate market while contributing less that 1% to NJ State budget revenues. 

Together, eliminating them would cost a whopping 1.7% of total NJ State budget revenues. 




So, let's do it. Lower gas prices for New Jersey drivers. Lower costs to small business liquor stores and bars' margins ... and residents' food & entertainment tabs. And that $195 million will do more good for our ailing housing market than the budget.

The New Jersey Petroleum Tax, Alcoholic Beverage Excise Tax, and Realty Transfer Tax should end. 

Look at the kind of taxes and how much they represent to the budget total in your state. 

By Steven J. Reichenstein