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.*