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Gottheimer/Clinton tax plan will Hit Bergen County Residents Especially Hard

Joshua S

August 23,2016

the staff of the Ridwood blog

Ridgewood NJ, As a professional political operative, Josh Gottheimer knows how to lie to voters in order to get what he wants. He helped Bill Clinton do it for years.

Now, Josh Gottheimer is lying to Fifth District voters about being a “fiscal conservative ” ,when in reality, he supports Hillary’s extreme tax agenda.

This is an agenda that will hit residents of the Fifth District even harder than average Americans . Bergen County already ranks #17 in the country in taxes paid out of 3,007 counties nationwide. The average amount in taxes paid per Bergen County resident is $17,889 and the Gottheimer/Clinton Tax plan will make that number even higher.

Gottheimer learned to lie from the best . Voters may remember that then Senator Hillary Clinton pledged she would not raise taxes on the middle class, then voted repeatedly to do so, including voting in favor of raising taxes on individuals earning as little as $41,500.

The Clintons expect loyalty from those they’ve helped, so will Josh Gottheimer do what he’s always done, and advance the wishes of his biggest patrons by supporting Clinton’s tax plan.

Clinton’s tax plan is bad for Fifth District voters. It means less money in our wallets, less money for our retirement accounts, and fewer job opportunities.

The Tax Foundation has data on what the Gottheimer/Clinton tax plan has in store for voters, and it’s not good:

Table 1. Tax Brackets under Hillary Clinton’s Tax Plan
Ordinary Income Capital Gains and Dividends Single Filers Married Filers Head of Household
10% 0% $0 to $9,275 $0 to $18,550 $0 to $13,250
15% 0% $9,275 to $37,650 $18,550 to $75,300 $13,250 to $50,400
25% 15% $37,650 to $91,150 $75,300 to $151,900 $50,400 to $130,150
28% 15% $91,150 to $190,150 $151,900 to $231,450 $130,150 to $210,800
33% 15% $190,150 to $413,350 $231,450 to $413,350 $210,800 to $413,350
35% 15% $413,350 to $415,050 $413,350 to $466,950 $413,350 to $441,000
39.6% 20% $415,050 to $5 million $466,950 to $5 million $441,000 to $5 million
43.6% 24% $5 million and above $5 million and above $5 million and above
  • Enacts the “Buffett Rule,” which would establish a 30 percent minimum tax on taxpayers with adjusted gross income (AGI) over $1 million – this hurts job-creating small businesses in the Fifth District.
  • Caps all itemized deductions at a tax value of 28 percent.
  • Adjusts the schedule for long-term capital gains by raising rates on medium-term capital gains to between 27.8 percent and 47.4 percent (Table 2).


Table 2. Top Marginal Long-Term Capital Gains Tax Rate Schedule under Hillary Clinton’s Tax Plan
Years Held Marginal Tax Rate Net Investment Income Tax Surtax on incomes over $5 million Combined Rate on Capital Gains
Less than One 39.6% 3.8% 4% 47.4%
One to Two 39.6% 3.8% 4% 47.4%
Two to Three 36% 3.8% 4% 43.8%
Three to Four 32% 3.8% 4% 39.8%
Four to Five 28% 3.8% 4% 35.8%
Five to Six 24% 3.8% 4% 31.8%
More than Six 20% 3.8% 4% 27.8%
  • Limits the total value of tax-deferred and tax-free retirement accounts.*
  • Taxes carried interest at ordinary income tax rates instead of capital gains and dividends tax rates.*


2 thoughts on “Gottheimer/Clinton tax plan will Hit Bergen County Residents Especially Hard

  1. Now that Paul is done with Ridgewood as his stepping stone to higher Democrat office, in comes Carpetbaggin’ Josh. We don’t need more FoB politicos. Find some other low-hanging fruit, Josh.

  2. The low hanging fruit brigades are the pretenders on another’s hard earned results.Translation: taxes and fees… Leading to NJ home sales,,
    Boomers have the cash from decades of wall street slog & 401k wealth piles and will leave the mid lifers holding the NJ Liabilities bag of rotting fish.

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