the staff of the Ridgewood blog
Ridgewood NJ, former vice president and Democratic presidential nominee Joe Biden’s tax plan takes another shot at the tri-state area . CNBC has already reported the massive tax increases to New Jersey, and New york residents . According to CNBC some New Jersey residents will be paying as much as 60% in taxes, New York State 58% , and New York City 62% .
The question remains is in the post COVID work from home age , is there any incentive at all to remain in New Jersey or New York ? With less business and less high income people remaining in the state who is going to pay all these taxes?
Rutgers Employment Recovery Report is already raising a “Red Flag” on New Jersey’s massive outmigration problem.
The report also analyzes the population outmigration endemic to New Jersey and New York City. Before the coronavirus hit, New Jersey was losing 145 people per day to the rest of the country; New York City was losing 266 people per day. While data are not yet available, the current exodus from New Jersey and New York City will have a demonstrable effect on the state’s economy, city and overall metropolitan region, the report says.
Hughes noted more local urban-suburban household movements will modify the effects.
“As we plan for a post-pandemic future, officials must give attention to complex and changing population migration flows,” Hughes said.
Of course, few if any taxpayers pay the full statutory rates, which don’t include deductions, credits, offsets, loopholes and lower tax rates on other sources of income. Even though the top U.S. statutory tax rate is currently 37%, the effective rate (what taxpayers actually pay with help from their accountants) for top earners is 26.8%, according to the Tax Foundation. The Biden campaign said what matters to taxpayers and the economy are the effective rates, not the statutory rates.
https://www.cnbc.com/2020/10/19/tax-rates-could-top-60percent-und.html
Wealthy people can afford to move. This class warfare is futile stupid and wrong. We should change to a low flat tax and look to other taxes to tax wealthier people such as a small national sales tax or luxury goods tax
“some New Jersey residents will be paying as much as 60% in taxes”
And by “some”, you mean……those making over 400,000 per year, correct? And “as much as” you mean, the amount OVER that 400,000 will be taxed 60%, yes?
you fail econ 101, all taxes will increase , of coarse you have to have a job
All Americans will be impacted by Biden tax increases. Beside Income rates increasing, cap gains and dividend income tax will increase from 20% to 39-43%. With interest rates under 1% many fixed income elderly are forced to be in the equity markets to secure dividend yield. Biden will also attempt to redesign the 401k structure, limiting tax deferrals. Then of course we will all fund free healthcare for 11mm undocumented individuals in the US.
Get ready ..we will all feel the impact of higher taxes and lower discretionary tax income.
We are one of the highest taxed states already and the socialist in Trenton wants more taxes, keep us shut down and not open the schools! If Biden is elected we can all expect higher taxes because he will repeal the Trump tax cuts, and add TRILLIONS in spending and guess who pays for that? We could also save a lot of money if we weren’t a sanctuary state and giving free health, college, housing, food, and even legal help to illegal aliens who should not be here! Who elected Murphy anyway? Socialists and pothead who wanted weed legal. Time to move to a red state…..
“All Americans will be impacted”? Or just the ones with enough disposable wealth to make capital gains and get dividend income? What America do you live in — ah, yes, the one where illegals are driving your taxes up such that you have to tip your caddy $75 instead of $100, because that’s how trickle-down works.
NJ is a monument to this failed policy, you cant tax your way out of stupidity ,the people with the money are the first to leave , “tax the rich” should be known as the stuck on stupid tax plan
Pj love fake Walmart worker comment sounds like the losers are after you again
Day 1 We will repeal Trump tax cuts. That impacts all income brackets. Dems are full of crap. Tax and spend, big government, freebies for all. Socialism 101. Be careful what u ask for. NJ, NY and CA 3 highest taxes in the country…because incompetent dems are in charge.
Initial polling on OVOV scam is No No No!
Vote No and fight voter suppression.
The anger at the wealthy is what has me fearful.
It’s the equivalent of take from them because they have it.
Even if you’re inclined to believe the bs Biden if spewing. do you really feel comfortable with Kamala Harris? That’s what you’ll get when Biden either has some health related event or gets indicted for enriching his family and himself. This election shouldn’t even be close.
Here’s the difference…
Trump is rich and wants to give all Americans the opportunity to be rich.
Biden is rich and wants rich Americans to give their money to poor Americans so everyone will be equally poor.
It’s the difference between raising the standard and lowering it for equality.
I guess your perspective is different based on how you got your wealth…
It is obvious we are in full class warfare mindset. Very sad. Tyranny of the majority is still tyranny.
There’s a lot of ignorant people in this town…