In a word, no. In fact, I would go so far as to say that New Jersey is one of the worst states for new lawyers. When it comes to paying out their bonuses, there are two reasons why our state ranks last in the nation: 1) Our legislature refuses to pass laws that require employers who pay large amounts of money—whether as a bonus or otherwise—to disclose those payments as taxable income; and 2) We have failed to put into place any meaningful restrictions on how much an employer can pay its employees. As a result, we have right now one of the highest statutory caps on what an employee can be paid before being subject to payroll taxes (currently $814/week), but no cap at all on how much can be paid out as a bonus or other discretionary compensation.
Employer-paid bonuses don’t show up until after taxes are due; thus they affect only those whose tax liability is based upon their paycheck(s). Not surprisingly then, New Jersey has some of the lowest property taxes (and consequently the lowest average property values among all 50 states). What this means for you if you’re considering buying real estate in NJ: You will likely end up having to spend more than many people elsewhere because your state collects less revenue and uses it elsewhere! This puts pressure on local governments and school districts which rely heavily upon property tax revenues for funding public services like education and law enforcement. While I am not advocating