Curbing outmigration by reforming our tax structure and encouraging affordable development options will help turn the tide on the state’s outmigration crisis. It is no secret millennials are leaving the state to pursue productive lives centered around urban living and public transportation. Meanwhile, retiring residents and business owners winding down their careers are relocating to southern states to avoid significant tax levies (e.g. estate and inheritance tax and taxes on income from pensions). Even though we have high property taxes, our state’s leaders can address affordability issues one step at a time.
New Jersey is beginning to stem the outmigration of business entities with the retooling of the Garden State’s economic incentive programs. The Hudson Waterfront has benefited from these incentives. Jersey City, Hoboken, and Weehawken have all continued development and is home to a large number of upward mobile millennials.
We must continue this momentum to create an affordable environment for all New Jerseyans. ONJ is committed to abandoning the “politics as usual” approach for a practical and solutions-based discussion. We can begin this discussion with reforming the estate and inheritance taxes, and plant the seeds for creative tax and regulatory reform.