2019 Final Trump-GOP Tax Bill in New Jersey

Income Combined Impact of Final GOP-Trump Tax Bill Total Tax Change of Components (Thousands) of Final GOP-Trump Tax Bill Average Change of Components of Final GOP-Trump Tax Bill # Taxpayers Impacted Taxpayers with Tax Cut/ Taxpayers
Income Average Total Tax Change Avg. Tax Share of Tax Tax Change as Share with Tax Share with Tax Families & Health Pass-Through Families & Health Pass- Corporation Taxpayers Taxpayers Taxpayers Average Cut Average Share Share
Income Range Estate Tax Corporations Estate Tax
Group Income (Thousands) Change Change % of Pre-Tax Cut Hike Individuals Mandate Businesses Individuals Mandate Through s w/Cut w/Hike w/ No for Those w/ Hike for of Cut of Hike
Poorest 20% Less than $26,830 $16,200 $ –113,900 $ –130 1% -0.8% 71% 3% $ –107,200 $ — $+17,800 $ –2,100 $ –22,400 $ –130 $ — $+20 $ — $ –30 603,820 26,040 223,560 $ –230 $ +190 1% 1%
Second 20% $26,830 to $50,100 $37,800 $ –432,500 $ –510 5% -1.3% 83% 7% $ –357,000 $ — $+18,400 $ –13,700 $ –80,100 $ –420 $ — $+20 $ –20 $ –90 708,020 63,990 81,370 $ –660 $ +260 5% 3%
Middle 20% $50,100 to $79,890 $63,600 $ –786,100 $ –920 9% -1.4% 88% 10% $ –609,000 $ — $+20,500 $ –18,900 $ –178,800 $ –710 $ — $+20 $ –20 $ –210 753,430 85,430 14,530 $ –1,130 $ +560 9% 8%
Fourth 20% $79,890 to $142,390 $107,500 $ –1,156,400 $ –1,360 13% -1.3% 82% 17% $ –774,400 $ — $+11,400 $ –89,400 $ –304,000 $ –910 $ — $+10 $ –100 $ –360 702,150 149,010 1,750 $ –1,910 $ +1,170 14% 29%
Next 15% $142,390 to $336,620 $201,900 $ –2,004,300 $ –3,130 22% -1.5% 79% 21% $ –1,047,700 $ — $+400 $ –364,400 $ –592,500 $ –1,640 $ — $ — $ –570 $ –920 503,350 136,720 550 $ –4,410 $ +1,590 23% 36%
Next 4% $336,620 to $1,116,200 $521,900 $ –3,136,700 $ –18,330 35% -3.5% 97% 3% $ –1,752,800 $ — $ — $ –794,800 $ –589,200 $ –10,240 $ — $ — $ –4,640 $ –3,440 166,360 4,550 220 $ –19,100 $ +8,820 33% 7%
Richest 1% $1,116,200 and higher $3,207,000 $ –1,287,500 $ –30,440 14% -0.9% 76% 24% $+1,376,400 $ –163,000 $ — $ –1,345,200 $ –1,155,700 $+32,540 $ –3,850 $ — $ –31,800 $ –27,320 32,040 10,250 - $ –43,460 $ +10,230 15% 17%
ALL $127,200 $ –8,917,400 $ –2,080 100% -1.6% 81% 11% $ –3,271,900 $ –163,000 $+68,800 $ –2,628,500 $ –2,922,800 $ –760 $ –40 $+20 $ –610 $ –680 3,477,810 476,210 341,470 $ –2,760 $ +1,270 100% 100%
Bottom 60% Less than $79,890 $39,200 $ –1,332,500 $ –520 15% -1.3% 81% 7% $ –1,073,200 $ — $+56,700 $ — $ –281,200 $ –420 $ — $+20 $ –10 $ –110 2,065,280 175,460 319,450 $ –710 $ +400 15% 11%
Source: Institute on Taxation and Economic Policy, December 2017
Notes:
* Average tax cut for those w/ a cut , share with tax cut, average tax hike for those w/ a hike, and share with tax hike figures do not include impact of ACA Mandate repeal
Combined effects might be slightly different from the sum of the individual components due to rounding