NJ, already the worst for business taxes, is trying to make themselves even less competitive
oh, my heart bleeds for those corps and people who were just given a 2 trillion dollar tax cut.
How will they ever get by?
Midnight tomorrow is the deadline for reaching a budget deal to avoid a state government shutdown.
Murphy wants a millionaire's tax and an increase of the sales tax from 6.625% to 7%.
Sweeney says N.J. taxpayers can't afford anymore taxes and wants to raise the Corporation Business Tax, double the Realty Transfer Tax on high-end homes and expand the sales tax to include short-term rentals.
the sales tax cut has only been in effect for 5 months, and on most purchases, it's rounding error. Seems like a no-brainer to raise it back to 7%. I have no idea why Sweeney would object to that, other than trying to be a thorn on Murphy's side.
One of the things that the Democrats and Republicans agree on is increasing the ceiling for the write-off of property taxes from $10,000 to $15,000 on the NJ income tax return.
drummerboy said:
oh, my heart bleeds for those corps and people who were just given a 2 trillion dollar tax cut.
How will they ever get by?
You're all for it as long as someone else pays for it, right?
ml1 said:
the sales tax cut has only been in effect for 5 months, and on most purchases, it's rounding error. Seems like a no-brainer to raise it back to 7%. I have no idea why Sweeney would object to that, other than trying to be a thorn on Murphy's side.
Actually, it's been stepped down over a couple of years with the first step down to 6.875% occurring on 1/1/17. The most recent rate went into effect on 1/1/18. So it's been a year and a half. But I agree it's rounding for most people.
Don't forget the lasting gift that Christie left - the 23 cent gas tax. Included in the law that increased our gas tax was a provision that if the sales tax went back up the gas tax would be repealed. What do you think the chances of that happening are?
The worst part is that NJ is trying to enact a tax that would apply to the deemed foreign repatriation, something that's already happened. Their first pass was so horrible that it has been re-thought because taxpayers were already lining up to challenge the constitutionality of the calculation.
Someone will concede (or partially concede) over the weekend for dramatic effect.
cramer said:
One of the things that the Democrats and Republicans agree on is increasing the ceiling for the write-off of property taxes from $10,000 to $15,000 on the NJ income tax return.
http://www.njspotlight.com/stories/18/06/26/njs-budget-battle-tax-breaks-at-stake-not-just-tax-hikes/
It's about time.
sportsnut said:
drummerboy said:You're all for it as long as someone else pays for it, right?
oh, my heart bleeds for those corps and people who were just given a 2 trillion dollar tax cut.
How will they ever get by?
Yes, because the rest of us don't pay taxes. We just freeload.
sportsnut said:
drummerboy said:
oh, my heart bleeds for those corps and people who were just given a 2 trillion dollar tax cut.
How will they ever get by?
Here in NJ we are all paying for the Repugs tax give away. Perhaps you haven't been paying attention?
Tom_Reingold said:
Aren't corporations doing well lately? What's your complaint?
I have a complaint. Two actually.
This year the homestead rebate, a property tax relief program, for middle and low income (usually retired) homeowners was cut in 1/2, from a max of 10% to 5%. Actually, its the second cut. Years ago is was cut from 20 to 10% max.
Another is Murphy wanting to increase the sales tax back to 7%, a regressive tax
Both the above hurt the middle and low income class.
I suggest, he focus on increasing corporate taxes and fees and a millionaires tax. There is no excuse considering the legislature and the governorship is Democratic.
If the Democrats can't do this, then we know who they still represent. Corporations and the very rich.
Tom_Reingold said:
Aren't corporations doing well lately? What's your complaint?
My complaint is that taxes are already too high. And viewing the reduction of federal taxes as a windfall that deserves to be confiscated is not sound policy.
Klinker said:
sportsnut said:Here in NJ we are all paying for the Repugs tax give away. Perhaps you haven't been paying attention?
drummerboy said:
oh, my heart bleeds for those corps and people who were just given a 2 trillion dollar tax cut.
How will they ever get by?
We were paying all along. Weren’t you paying attention? And my point, since you missed it, is that we are already paying too much already and Murphy is only going to make it worse.
sportsnut said:
Tom_Reingold said:My complaint is that taxes are already too high. And viewing the reduction of federal taxes as a windfall that deserves to be confiscated is not sound policy.
Aren't corporations doing well lately? What's your complaint?
You started the thread complaining about corporate taxes. Are you saying corporate taxes are too high? Now you're saying taxation overall is too high, is that right? Wouldn't it make sense to separate those arguments? To my eye, some taxes are too high and some are too low. Some people pay too much of their incomes in taxes, and some pay too little. I don't think government revenue is too high in most cases, though, so overall taxation doesn't seem too high to me.
So if you're also talking about personal taxes, then here's my question: If you can't afford something because of taxes, what is it, specifically you can't afford? If you're in the top 5% of the US population in income, you have what you need as well as a lot of stuff you want. I don't blame you for having stuff you want. Everyone should have some. But my ears are deaf to those complaints. Too high as a matter of principle makes no sense to me, but if you want to explain it, you can try to.
What can't a corporation afford because of taxes? I can't think of one single thing, but I'm not in those trenches. It seems to me that corporations are doing splendidly lately, compared with freelancers and small businesses. So can you be more specific about the level of corporate taxes?
@BG9, the homestead rebate cuts definitely hurt. Reinstituting them seems to make sense, especially if it goes to renters, too. And I agree about sales tax. I don't like sales tax, either.
sportsnut said:
We were paying all along. Weren’t you paying attention? And my point, since you missed it, is that we are already paying too much already and Murphy is only going to make it worse.
Then move to Kansas
sportsnut said:
Tom_Reingold said:My complaint is that taxes are already too high. And viewing the reduction of federal taxes as a windfall that deserves to be confiscated is not sound policy.
Aren't corporations doing well lately? What's your complaint?
Thanks to 11 debt down grade Christi NJ is in a hard place.
Therefore, I find it is sound policy for corporations to help out, not the burdened middle class, considering their Federal windfall.
If anyone is trying to argue that taxes on the wealthy or corporations are too high, you should really just stop talking. Cause it's embarrassing. And wildly innumerate. And economically naive. And probably other stuff too.
BG9 said:
Tom_Reingold said:I have a complaint. Two actually.
Aren't corporations doing well lately? What's your complaint?
This year the homestead rebate, a property tax relief program, for middle and low income (usually retired) homeowners was cut in 1/2, from a max of 10% to 5%. Actually, its the second cut. Years ago is was cut from 20 to 10% max.
Another is Murphy wanting to increase the sales tax back to 7%, a regressive tax
Both the above hurt the middle and low income class.
I suggest, he focus on increasing corporate taxes and fees and a millionaires tax. There is no excuse considering the legislature and the governorship is Democratic.
If the Democrats can't do this, then we know who they still represent. Corporations and the very rich.
I really want to understand this, so please explain, in terms a ten-year-old could understand, what is a progressive tax?
TomR
drummerboy said:
If anyone is trying to argue that taxes on the wealthy or corporations are too high, you should really just stop talking. Cause it's embarrassing. And wildly innumerate. And economically naive. And probably other stuff too.
I get the embarrassing thing: I get the naive thing, but please explain how persons with a contrary point of view are necessarily innumerate.
TomR
Tax the rich. Yeah, they have more, so we should take it. After all, if we we don't take it from them, we'll have to cover the difference.
We're all enjoying the benefit of our roads, our public transportation system, our bridges and tunnels. We may get little from Trenton for our schools, Police and Fire Departments, but we still like the help.
If we're all enjoying the benefit of State government; shouldn't we all contribute more, when the State needs more?
Tax the rich. Yeah, they have more, so we should take it.
Do I scent revolution in the air?
TomR
Tom_R said:
drummerboy said:I get the embarrassing thing: I get the naive thing, but please explain how persons with a contrary point of view are necessarily innumerate.
If anyone is trying to argue that taxes on the wealthy or corporations are too high, you should really just stop talking. Cause it's embarrassing. And wildly innumerate. And economically naive. And probably other stuff too.
TomR
It's innumerate because they think that, for example, if we were to tax an extra 10% of the wealth of the top 5%, or whatever slice you want to use, it will have absolutely no effect on the individuals or companies that are paying the extra tax. (except perhaps pissing them off, again, because they themselves are innumerate).
Murphy and the top Democrats reached agreement on a budget and tax hike deal:
- Taxes on individual incomes over $5 million will be increased from 8.97 percent to 10.75 percent.
- Corporations with net income over $1 million will be have a four-year tax increase: a 2.5 percent surcharge this year and next, 2 percent in the third year and 1.5 percent the fourth year.
- No increase in the sales tax.
Tom_R said:
Tax the rich. Yeah, they have more, so we should take it. After all, if we we don't take it from them, we'll have to cover the difference.
We're all enjoying the benefit of our roads, our public transportation system, our bridges and tunnels. We may get little from Trenton for our schools, Police and Fire Departments, but we still like the help.
If we're all enjoying the benefit of State government; shouldn't we all contribute more, when the State needs more?
Tax the rich. Yeah, they have more, so we should take it.
Do I scent revolution in the air?
TomR
You've been getting a lot more loquacious recently in your posts.
Unfortunately, you have not matched that with incisiveness.
Tom_R said:
Tax the rich. Yeah, they have more, so we should take it. After all, if we we don't take it from them, we'll have to cover the difference.
We're all enjoying the benefit of our roads, our public transportation system, our bridges and tunnels. We may get little from Trenton for our schools, Police and Fire Departments, but we still like the help.
If we're all enjoying the benefit of State government; shouldn't we all contribute more, when the State needs more?
Tax the rich. Yeah, they have more, so we should take it.
Do I scent revolution in the air?
TomR
btw.
The wealthy currently have w-a-a-a-y too much money. It's extraordinarily unhealthy. We need to take it back.
Is that simple enough for ya?
Tom_R said:
I really want to understand this, so please explain, in terms a ten-year-old could understand, what is a progressive tax?
TomR
Timmy, your Mom and I have decided that divvying up household chores according to the number of bedrooms each of us occupies — we all need a bedroom, right? — hasn’t been fair, with you doing half the chores by yourself and Mom and I splitting the other half. From now on, because we’re bigger and stronger than you, Mom and I will do the bulk, and when you get bigger and stronger, you can help out more.
Hold on. Your Mom just spotted a one-bed condo with concierge service. See ya, Timmy.
ETA: It’s possible that Timmy, luxuriating in a bedroom of his own while his parents were squeezed two to a bed, may not have been Exhibit A in the fight against regressive taxation. Phooey.
NJ.com today lists the 28 N.J. towns where household income is $200,000 or more. Maplewood is no. 24. South Orange is not on the list. Jersey City and Hoboken are nos. 1 and 2.
"Murphy said he will sign a bill to overhaul the state's school funding formula. Money will be shifted over seven years from districts considered overfunded under the school funding formula to underfunded districts."
https://www.nj.com/politics/index.ssf/2018/06/nj_budget_5_things_you_need_to_know_about_the_new.html
We'll see.
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The new senate bill would raise the highest corporate tax rate to 13%, the highest in the country and double that of neighboring NYS. Coupled with proposed increases in individual rates, the sales tax and offering very little if no relief in property taxes NJ is well on its way to driving out those of us who actually already bear the bulk of the tax load.
https://taxfoundation.org/new-jersey-still-considering-hefty-corporate-tax-increase-move-wrong-direction/
Steve Sweeney is the absolute worst thing for NJ taxpayers.