Trenton NJ, Several bills up for committee votes today will make the proposed FY2021 budget revision go from bad to worse, the New Jersey Business & Industry Association testified today.
NJBIA Vice President of Government Affairs Christopher Emigholz told the Assembly and Senate Budget committees today that adding another $500 million in borrowing to the already unnecessary $4 billion in borrowing submitted by Gov. Phil Murphy is wholly irresponsible.
Trenton NJ, NJBIA President and CEO Michele Siekerka issued the following statement regarding today’s announcement of an agreement between Governor Murphy and legislative leadership to expand the base of those will pay the state’s gross income tax rate from 8.97% to 10.75%.
“This tax increase in exchange for suggested middle class relief is a gimmick that further verifies what we have said all along – increased taxes were always completely unnecessary as part of the FY2021 budget that already includes billions in bonding.
Trenton NJ, Lawmakers in New Jersey approved a bill Thursday that would slap a 5-cent fee on single-use plastic and paper bags.State lawmakers say it is a bill that both attempts to reduce waste, while bringing in revenue to the tackle specific environmental cleanup.
According to Northjersey.com, the A-3267/S-2600 bill, was first considered by legislative committees on Tuesday and approved by the full Senate and Assembly on Thursday. The votes were 23-16 in the Senate and 41-32 in the Assembly.
The New Jersey measure would impose a nickel fee on single-use plastic and paper bags at supermarkets, pharmacies, large retailers and chain restaurants. However, individuals who are over 65 years old or are using government assistance to pay for groceries are exempted from paying the fee.
Joe Sinagra chimed in , “I will guarantee you that plastic straws will be targeted next.
Either you will have to carry around a personal straw or be subject to paying a straw ‘fee’ . . . a Straw Tax.
The money collected will go towards a plastic awareness campaign.
After that the Democrats will create a Plastic Waste Commission with 6 figure salaries, and the state plastic coffers will have a ‘0’ balance . . . so naturally the fees will need to be increased.”
Ridgewood NJ, both former Mayor Paul Aronsohn and Ron Simincini were selected for the Murphy transition team.
Aronsohn in Human and Children Services and Simincini in Housing .
Well Ridgewood you now know what you voted for . Murphy has made it abundantly clear that he intends to raise your taxes ,yes you . He is also aiming to pursue his social justice utopia with more forced over development .
Aronsohn may have rejuvenated his political career by failing upwards .
Ridgewood NJ, As of Tuesday, New Jersey can no longer claim to have the second-lowest gasoline tax in the country.As the 23-cent-per-gallon increase hit pumps across the state, boosting the 14.5 cents the state charges per gallon to 37.5 cents giving New Jersey the seventh-highest in the U.S.
On top of that the real estate website Zillow looked at median property taxes across the U.S. last year and found that seven of the 10 counties with the highest property taxes ; Bergen, Essex, Passaic, Union, Morris, Hudson and Hunterdon are all in New Jersey. The remaining three were in New York State.
New Jersey has one of the most progressive income tax structures in the entire country. Income taxes start at 1.4 percent on earnings less than $20,000 and the top marginal tax rate hits 8.97 percent on income over $500,000.
Sales tax rate in New Jersey is 7 percent, which ties with Indiana, Mississippi, Rhode Island and Tennessee as the second highest in the USA.
Then there is corporate taxes according to the Tax Foundation, “New Jersey … is hampered by some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance tax and an estate tax, and maintains some of the worst structured individual income taxes in the country,”
In state by state comparisons of state corporation income taxes collected per capita, New Jersey came in seventh highest at $265 per person.
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.*
