Inheritance Tax

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New Jersey’s inheritance tax has been a relatively consistent revenue source, growing from $485 million in FY2000 to a high of $698 million in FY2008. It fell to a six-year low in FY2010, but Gov. Christie projects a rebound to $587.7 million in FY2011. Many Republicans nationally denounce the inheritance tax as a death tax and call for its repeal, and some New Jersey Republicans argue that some of the controversial exodus of wealthy taxpayers from New Jersey is due to people moving to states without inheritance taxes.