Relax wealthy New Jersey residents. The state's millionaire's tax expired on Dec. 31, 2009. Now the Garden State's top tax rate is 8.97 percent on annual incomes above $500,000.
But all you rich folks still have to deal with 2009 taxes. Last year, the 8.97 percent rate was replaced by three rates:
- 8 percent on earnings between $400,001 and $500,000;
- 10.25 percent on income between $500,001 and $1 million; and
- 10.75 percent on folks raking in more than a million dollars a year.
If they do, perhaps the MTV production crew there recording the antics of Snookie and the others on Jersey Shore can capture the return of the wealthy.
It might not be as dramatic as the cable quasi-reality show, but it certainly would be something New Jersey officials would like to see documented.Tax trip around the United States: This post is part of our series highlighting tax information from the 50 U.S. states and Washington, D.C. You can read other state tax blurbs at our Complete menu of tasty state tax tidbits.
The State Tax Departments page provides links to official state
and District of Columbia revenue Web sites so that you can find out more about
your home's tax laws and filing requirements.
As we work through the 2010 tax season, a different state will be featured each day as noted in Don't forget your state taxes! Check back to see what tax tidbit we share about your home.
- State Tax Tidbits
- State Tax Departments
- Don't forget your state taxes!
- California's millionaires' tax is legal
- Hawaii becomes a tax paradise lost
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