NJ Residents Will Pay Most in Taxes Over a Lifetime

The video discusses the tax burdens in high-tax states like New Jersey, Massachusetts, and Connecticut, highlighting New Jersey's value proposition as a great place to live due to its education, healthcare, and quality of life. Governor Phil Murphy emphasizes the benefits of living in New Jersey despite high taxes. Laura Davidson from Bloomberg explains the competition among states over taxes and the impact of the SALT deduction limit, which affects high-income residents. The video also explores the potential changes to the SALT deduction policy and its implications for Biden's infrastructure plan.

What does Governor Phil Murphy claim about New Jersey's public services?

• They justify the high taxes.

• They are only average compared to other states.

• They are not worth the cost.

• They are the worst in the country.

What is a major concern for high-tax states like New Jersey regarding the SALT deduction limitation?

• Decrease in public services.

• Migration of high-income individuals to low-tax states.

• Increase in state taxes.

• Loss of low-income residents.

Which states are high-income individuals moving to due to lower taxes?

• Illinois and Ohio

• California and New York

• Florida and Texas

• Massachusetts and Connecticut

What is the stance of some Democrats regarding the SALT deduction?

• They want to keep it as it is.

• They want to reduce it further.

• They want to restore the full deduction.

• They want to eliminate it completely.

What challenge does Biden face regarding the SALT deduction and his infrastructure plan?

• Increasing public services.

• Eliminating state taxes.

• Reducing the SALT deduction further.

• Finding a way to pay for the plan.