the staff of the Ridgewood blog
Ridgewood NJ, according to the Tax Foundation the Tax Cuts and Jobs Act (TCJA) significantly reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent, making the U.S. more competitive with other developed nations.
However, it’s important for lawmakers to remember that corporate income taxes at the state level also contribute to the overall tax burden on corporate profits.
These state-level taxes mean the average statutory corporate income tax rate in the U.S., which combines the average of state corporate income tax rates with the federal corporate income tax rate, is 25.9 percent in 2019.
Even in states that levy no tax on corporate profits, businesses still face the federal rate of 21 percent.
States with the lowest combined corporate tax rate (21.0%):
Nevada
Ohio
South Dakota
Texas
Wyoming
Washington
States with the highest combined corporate tax rate:
New Jersey (30.1%)
Pennsylvania (28.9%)
Minnesota (28.7%)
Iowa (28.5%)
Illinois (28.5%)
Alaska (28.4%)
Let’s keep raising those taxes and then try to attract private sector jobs and investment., that should work. Anything to keep paying the excessive benefits and wages negotiated in bad faith by the greedy public sector union pigs ?
Aren’t Democrats cool!
Union Sector Pigs? Sorry Charlie, the Financial Sector PIGGIES are the biggest PIGS around! Union Sector doesn’t even come close to the massive Financial Sector PIGS. But that is going to end in New Jersey
The proposed new N.J.A.C. 13:47A-6.4 sets forth the following conditions:
It is a dishonest or unethical business practice for an adviser, broker-dealer, or its agent, to fail to act in accordance with a fiduciary duty to a customer when making a recommendation or providing investment advice. The proposed rule applies to recommendations of an investment strategy, the opening of or transfer of assets to any type of account, or the purchase, sale, or exchange of any security.
In accordance with the common law definition of fiduciary duty, both the duty of care and duty of loyalty must be satisfied.
For purposes of the duty of care, the broker-dealer, agent, or adviser must make reasonable inquiry, including risks, costs, and conflicts of interest related to the recommendation or investment advice, and the customer’s investment objectives, financial situation, and needs, and any other relevant information.
The recommendation or the advice provided to the customer must be made without regard to the financial or any other interest of the broker-dealer, agent, adviser, any affiliated or related entity, and its officers, directors, agents, employees or contractors, or any other third-party.
When a broker-dealer or its agent makes a recommendation, the fiduciary duty obligation extends through the execution of the recommendation and shall not be deemed an ongoing obligation.
Transaction-based fees are allowed in certain circumstances provided that the fee is reasonable and is the best of the reasonably available fee options for the customer, and the duty of care is satisfied.
To address the concerns over dual registrants “switching hats” when dealing with the same customer and the resulting investor confusion, the fiduciary duty obligation shall be applicable to the entire relationship with the customer on an ongoing basis.
Harmful incentives, such as sales contests, that encourage and reward conflicted advice are presumptively invalid.
There is no presumption that disclosing a conflict of interest in and of itself will satisfy the duty of loyalty.
“The rule we’re proposing codifies a standard that most investors believe they are already receiving from their financial professionals,” said Christopher Gerold Chief of the New Jersey Bureau of Securities. “We believe we have crafted a sound, sensible rule that not only fulfills our duty to safeguard investors, but also protects the integrity of the financial markets.”
There will be a 60-day public comment period during which stakeholders have an opportunity to submit written comment on the proposed rule.
After the close of the public comment period on June 14, 2019, the Bureau of Securities will review all comments. A summary of the public comments and the Bureau’s response to them will be published in a Notice of Adoption expected sometime in the fall. Upon publication of the Notice of Adoption, the rule becomes final and will take effect in 90 days.
The proposed rule and information on how to submit a comment by June 14 can be viewed on the Division’s website at http://www.njconsumeraffairs.gov/Proposals/Pages/bos-04152019-proposal.aspx or by clicking here.
I am glad to have been involved in lobbying for and successfully getting this regulation proposed. Piggy investment managers like Charlie K. will no longer be able to steal from hardworking men and women who are saving for their retirement.