$3.3 billion+ a year is available –without adding to property taxes).
NJ already has the highest property taxes in the nation. The bill for a modernized formula shouldn’t land there too.
New General State Revenue That Can Be Made Available for Schools
$1.2B/yr
New tax brackets at $2M, $5M & $10M in income. Builds on NJ’s existing Millionaire’s Tax and affects fewer than 40,000 households statewide. Data shows high earners don’t leave NJ due to tax adjustments.
$888M/yr
Close the corporate offshore loophole. Require multinational corporations to disclose global profits (“worldwide combined reporting”), not just U.S. profits.
$450-598M/yr
Restore the estate tax or close the inheritance tax’s broad exemptions: most transferred estate wealth in NJ currently faces no state tax at all.
$410M/yr
Raise the transfer fee on luxury home sales over $1M & $2M (affects under 2% of all NJ home sales).
$385M/yr
Restore state tax enforcement staffing. Auditor ranks have shrunk 30% since the Great Recession; this is money already legally owed, just uncollected.
Tied Directly to Schools
Health Services in Schools
Expand Medicaid-funded student health services: healthier kids have higher attendance and learn better.
Portion of Millionaire’s Tax $
Dedicate a share of NJ’s existing Millionaire’s Tax to schools, protected from diversion (the Massachusetts model).
Cannabis & Betting Revenue
Direct part of cannabis & sports betting tax revenue to K-12, and actually lock it there (unlike the lottery).