On behalf of our 1.3 million members in New Jersey, AARP supports proposals to increase the personal income tax pension and retirement income exclusion fivefold over three years. An income tax cut for retirees will help those who have lived and raised their families in New Jersey stay in New Jersey in their retirement years by allowing our middle class retirees to keep more of their hard-earned and hard-saved money to spend on goods and services throughout our state, supporting economic growth. Those 50 years and older play a critical role in New Jersey’s economy, according to a recent Longevity Economy report prepared for AARP. New Jerseyans over 50 create an economic impact much greater than their proportion of the population, outspending the average consumer across most categories and affecting all sectors of the economy.
AARP New Jersey believes it is important to have policies in place that support this important economic engine in our state. We urge lawmakers to ensure that any middle class tax relief include modest, targeted tax relief for New Jersey’s middle class retirees.
Interim Manager of Communications & Community Outreach AARP New Jersey