New Tax Laws in New Jersey to Benefit retirees.
Sea Isle City, New Jersey - January 17, 2017: Ed McFadden, 66, in his Sea Isle City, New Jersey home. He and his wife retired to the Jersey Shore resort town, despite the Garden State's high taxes and housing costs, which is traditionally seen as one of the worst or retirees. A tax change signed into law last year aims to ease the cost burden for New Jersey retirees by increasing the amount of retirement income excluded from income tax. McFadden, who receives a pension, estimated the change will eventually save him $200 to $300 each year.
CREDIT: Matt Roth for AARP