Secure retirement is out of reach for many New Jersey residents and income taxes on retirement benefits makes this problem worse. We should not be penalizing people for planning for a financial secure retirement! AARP believes these taxes should be cut.  Now is the time to call your State Senator/Assembly member and Governor Christie and tell them to support Assembly bill number 3339/Senate Bill number 998 to cut income taxes on retirement income.

This bills increase the exemption for retirement income taxes including pension income and “annuity, endowment or life insurance, contract, or payments of any such amounts which are received as pension, disability, or retirement benefits, under any public or private plan.”

Others would have us cut the estate tax and inheritance tax which might be due for some moderate reform, but the truth is that far, far more New Jerseyans will be helped if Assembly bill number 3339/Senate Bill number 998 became law.

 

Douglas Johnston
Manager of Governmental Affairs & Advocacy
AARP New Jersey