As a Founding Father and inventor, Benjamin Franklin was a visionary without peer in his time. His famous utterance “nothing is certain except death and taxes” could easily apply to New Jersey in 2022, as residents of one of the highest taxed states in the Union find the state’s insatiable appetite for revenue following them even to the grave through the Inheritance Tax or “Death Tax.”
In our latest research, Friendly Fire: Unintended Consequences of NJ’s Death Tax, the Garden State Initiative examined our state’s Death Tax, paid by some beneficiaries of inherited funds and properties. New Jersey remains just one of six states to impose a Death Tax, along with Pennsylvania, Nebraska, Kentucky, Maryland and Iowa. Notably Iowa, as part of their widespread state tax reform effort, has moved to repeal it effective 2025.
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