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Charles WatsonDec 18, 2017, 7:39 pmDec 18, 2017, 9:12 pm

Livingston to receive a hard hit if tax bill proposal passed

States like NJ, NY will pay more under the GOP plan


LIVINGSTON —Republicans in Washington are expected to vote on their controversial tax bill proposal this week. Currently, the bill could cause some negative reactions in the Garden State, especially in Livingston.

With a new tax system looming, residents who live in Livingston could be paying more, even though the homes are already some of the most expensive and highly taxed properties in the state. According to credit rating company Moody's Analytics, Essex County homes’ values stand to decrease by as much 10.5 percent over two years under the Republican tax plan. And with lower homes’ values and more property taxes being paid, that could mean high income earners have less disposable money to spend.

Accountant William Schwarz says high income earners in states like New Jersey, New York, and California will end up paying more under the Republican tax plan. However, states like Florida, which doesn't have an income tax, and middle-America would probably come out on top.

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