NJ Residents Could Get $3K, In Addition To ANCHOR: Here’s Why

In addition to upcoming property tax rebates from the state, New Jerseyans could see even more relief from the federal government in the future.

The "Make Billionaires Pay Their Fair Share Act," spearheaded by Sen. Bernie Sanders and Rep. Ro Khanna, would enact a tax for billionaires, the funds from which would be distributed to American citizens.

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Specifically, the bill would establish a five percent annual wealth tax on the 938 billionaires in America who are worth a combined $8.2 trillion. Sanders' team estimates that this tax would raise $4.4 trillion over the next 10 years.

That $4.4 trillion would be sent in direct payments of $3,000 to "every man, woman, and child" living in a household making $150,000 or less, according to the bill.

Under the bill, a family of four with an income of $150,000 or less could receive $12,000 that they "could use to offset the high cost of housing, health care, prescription drugs, child care or other basic necessities."

The funds would also be used to establish a $60,000 base salary for public educators, reverse the Trump Administration's $1.1 trillion in cuts to Medicaid and the Affordable Care Act, and create seven million affordable homes and apartments, to name a few goals from Sanders' team.

"At a time when over 60 percent of Americans are living paycheck to paycheck and cannot afford the outrageously high prices of health care, prescription drugs, housing, child care, groceries and food, billionaires in America currently pay a lower effective tax rate than the average truck driver, teacher or nurse," Sanders' statement read. "In a democratic society, we can no longer tolerate a rigged economy where so few have so much while so many have so little."

Critics of a billionaire tax say that the move would rather harm the economy than improve it. A report from the CATO Institute says the tax policy would drive wealthy people out of the United States, hindering the economy in the long-run.

"There is nothing about the wealth of entrepreneurs that stands in the way of the next generation," the report reads. "In fact, investment by the wealthy into startups and innovation are what creates opportunities for young people, not government redistribution."

Those $3,000 paydays are still a ways away, if they ever even are approved. The Make Billionaires Pay Their Fair Share Act is still with the Senate Finance Committee. It needs to be passed by the Senate, the House of Representatives, and the President.

These relief payments would differ from New Jersey's property tax rebates, some of which are being sent out now.

Instructions on ANCHOR applications are being sent out soon. Most New Jersey residents will have already had their ANCHOR applications automatically refiled by the state.

Applications for property tax relief are available now. Seniors can apply via the PAS-1, a combined application which allows users to apply for ANCHOR, Stay NJ, and Senior Freeze all in one go. Even if you aren't eligible for all three programs, you can still apply via this application.

The deadline to file for 2025 property tax relief is Nov. 2.

Those looking for help in filing property tax relief applications can attend one of the Division of Taxation's several assistance events across the state. Click here to find one near you.

Click here to check the status of your property tax relief.