New Jersey Tax News: New Jersey's Tax Laws Continue Increasing 'sin taxes' | Tax Law Blog

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03 Jul 2009 @ 1:19 AM

New Jersey’s Tax Laws Continue Increasing ’sin taxes’

Wanna light up? Oor drink up? Get ready to pay up, thanks to New Jersey’s new budget!

The rationale is simple. The Garden State pulls in nearly $50 million dollars in added tax revenue by raising the cost of products that - let’s face it - we can do without, reported Fox 29’s Bruce Gordon. But don’t tell that to border-area business owners or their customers.

When Governor Jon Corzine signed the state’s $29 billion dollar budget into law, he touted the spending cuts, but said little about the tax increases that helped balance the budget: a 25-percent increase on alcohol, a 17-percent hike on wine and a nearly 5-percent jump on a pack of cigarettes. Jersey’s cigarette tax is the second highest in the nation.

The budget even raises the tax on lottery winnings over $10,000!

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