Why mandatory pension payment would be worst idea ever for N.J.
Through a ballot question in November, voters are expected to decide whether New Jersey’s constitution should require the state to make regular payments to its $80 billion public pension debt. Paul Brubaker, NJ.com Read more
Mandating pension payments for the select few is like giving the 1% a low capital gains tax. It can never make it to the ballot.
CLIFTON, N.J. — A group of state lawmakers on Tuesday proposed using $110 million from New Jersey’s property tax relief fund to pay for all-day preschool programs.
Politicians can find more ways to piss taxpayer money away than any other group of people/ It is time to take responsibility and get the state fiscal house in order.
…and stupid taxpayers will vote YES in a big way on this…
They spend our money to buy themselves votes…a license to steal..
Detroit here we come…companies will run not walk as they see more handwriting on the wall…ie higher costs and lower services. Companies unlike taxpayers don’t stay for the wreckage ..
Income tax
The tax table below will show in detail the New Jersey state income tax rates by income tax bracket(s). There are 6 income tax brackets for New Jersey.
Tax brackets for individuals are provided below:
For earnings between $0 and $20,000, the tax rate on every dollar of income earned is 1.4%.
For earnings between $20,001 and $35,000, the tax rate on every dollar of income earned is 1.75%.
For earnings between $35,001 and $40,000, the tax rate on every dollar of income earned is 3.5%.
For earnings between $40,001 and $75,000, the tax rate on every dollar of income earned is 5.525%.
For earnings between $75,001 and $500,000, the tax rate on every dollar of income earned is 6.37%.
For earnings of $500,001 and over, the tax rate on every dollar of income earned is 8.97%.
To give an example, if you file individually and your earned income is $50,000 your tax will be calculated the following way: ($20,000 (first bracket) x 1.4%) + ($15,000 (second bracket) x 1.75%) + ($5,000 (third bracket) x 3.5%) + ($10,000 (fourth bracket) x 5.525%) = $280 + $262.50 + $175 + $552.50 = $1,270, for an overall rate of 2.54% and a marginal rate of 5.525%
Thats the way the Ridgewood Mayor it does it.
The ridgewood parents are complaining that they want full day kindergarten, a gifted program (because everyone thinks that they have a gifted child) and background checks on all parents volunteering in the schools. (how do these folks ever leave their homes)
They want the whole town to pay for their demands.
Ha, anyone ever seen any property tax relief in Ridgewood? This constitutional mandate lunacy is one of the worst legislative ideas to come out of Trenton in the history of the state. It will lead to an automatic $4 billion tax increase on state taxpayers (that’s a 10% increase in everyone’s state taxes) and also 2ppt higher consumption taxes. That’s just to maintain the status quo on pensions and health benefits for current retirees. Existing employees will see the level of their health benefits reduced and will also see increased contribution rates for pension and health benefits. Voting yes on this proposal is voting to pay higher taxes. Make no mistake about that. And if it gets on the ballot, the unions will have their get out the vote machines – which have put union controlled legislatures in Trenton for decades. It’s not stupid taxpayers who would vote yes, but union thugs and their families.
Great news Christie can finally give up his Presidential fantasy and come back and continue working to diminish excessive pension and health benefits promised away for decades by the union toadies in Trenton. Hopefully he’s angry enough about his failed bid to take out his frustration on the status quo losers in Trenton like Sweeney, Prieto and Sarlo who want to destroy the state with massive hikes on gasoline taxes and a constitutional mandate to raise $4 billion in new funds for nothing else but funding the NJ pension plans of public workers. Massive tax hikes to benefit the select few public sector retirees in NJ? Not if Christie can still do anything about it.
Your back Charlie
Christie likely has some bad energy to work off in the nj henhouse
Make no mistake. Mandating pension payments means NJ sales taxes will rise from 10% to 12%, gasoline taxes will rise by at least 25c per gallon, state income taxes will jump +15-20%, AND current state & municipal workers will see reduced health benefit plans and higher pension & health benefit contribution amounts. That’s just to maintain today’s failed status quo. Let’s be very clear, that is exactly what Sweeney’s constitutional mandate means. The unions and their friends will be in support of this because it diverts all growth in state revenues towards their pensions, i.e. any benefit from these tax hikes above will only go to benefit the select few public sector retirees. It’s pure theft, sponsored by the unions, their family members, and the Democrats they control. Massive tax hikes to raise an additional $4bn in revenues without any reduction or diminishing of public sector retiree benefits. That’s called “heads we win, tails you lose” logic and it’s rotten to the core.
I’ve been retired 10 years now from the Village and enjoying my $100,000.00+ pension and platinum health care. Florida is a wonderful place this time of year. Go Sweeney and company. It’s about time those fat cat wall streeter’s and bankers begin paying their fair share. I hope they pass new taxes on the high income N.J. residents once that disaster Christie is gone and the Democrats win the Governorship. And crybaby Krazy Kime can keep on crying since he will be paying more taxes.
To 128pm bravo well said
James, the post at 1:28 deserves its own thread… reader says, “I’m enjoying my $100,000 Village pension and Platinum healthcare in Florida after retiring 10 years ago in my fifties”…. Drop the names obviously to avoid defamation lawsuits