President Obama’s tax plan would allow portions of the 2001 and 2003 tax cuts to expire, resulting in steep tax hikes beginning in January 2011 for small businesses and those earning $250,000 or more. The tax hikes would significantly affect the economy in New Jersey, most notably in the number of jobs and change in personal income.
Among the results, from 2011 to 2020, the state of New Jersey would:
- Lose, on average, 20,720 jobs annually.
- Lose, per household, $10,843 in total disposable personal income.
- See total individual income taxes increase by $22.8 billion.