Ridgewood NJ, according to the website Unbiased America author Kevin Ryan calls it the smoking gun in the tax cut. Rayan writes , ” If you want a smoking gun that the media and Democrats are actively spreading falsehoods about the tax cuts, this is it. Earlier this week, Congress’ bipartisan Joint Committee on Taxation released an analysis on the proposed tax cuts which showed that $61 billion, or 23% of the total cuts on the individual side, would go to the middle class (which they define as families making between $20,000 and $100,000). Democrats pounced on the figure, and the media parroted their criticism that “only” 23% of the tax cuts were going to the middle class. Except they left out one important piece of information.
The middle class only accounts for 3.9% of total individual income tax payments.
In other words, the group that only contributes 3.9% of federal income tax was getting 23% of the benefit of these cuts. The media has the narrative backwards. Not only is the middle class benefiting from this reform, they are benefiting disproportionately relative to how much they pay into the income tax. ”
ABC News reports Republicans’ “first major legislative victory” under President Donald J. Trump is the “largest overhaul of the tax code in 30 years.” The bill simplifies the tax code by eliminating several special interest loopholes and doing away with Obamacare’s individual mandate. The President said Americans would start to see the bill’s effects beginning in February. “This bill means more take-home pay. It will be an incredible Christmas gift for hard-working Americans. I said I wanted it done before Christmas. We got it done,” President Trump said.
In the biggest overhaul of the US tax system in 30 years , its important to note that not one democrat voted for the middle-class tax cut .
Ridgewood NJ, the latest Tax Foundation ratings are out and once again New Jersey ranks dead last in business climate . #50 New Jersey ranked in the bottom 5 along with
#49 New York , #48 California ,#47 Vermont and #47 District of Columbia .
Neighboring states ,#15 Delaware ,#26 Pennsylvania and #49 New York .
According to the Tax Foundation , “The absence of a major tax is a common factor among many of the top 10 states. Property taxes and unemployment insurance taxes are levied in every state, but there are several states that do without one or more of the major taxes: the corporate income tax, the individual income tax, or the sales tax. Wyoming, Nevada, and South Dakota have no corporate or individual income tax (though Nevada imposes gross receipts taxes); Alaska has no individual income or state-level sales tax; Florida has no individual income tax; and New Hampshire, Montana, and Oregon have no sales tax.
This does not mean, however, that a state cannot rank in the top ten while still levying all the major taxes. Indiana and Utah, for example, levy all of the major tax types, but do so with low rates on broad bases.
The states in the bottom 10 tend to have a number of afflictions in common: complex, nonneutral taxes with comparatively high rates. New Jersey, for example, 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 . “
this letter was also published NorthJersey 7:03 a.m. ET Dec. 15, 2017
In regard to the federal tax reform debate, it’s amazing to read the many letters to the editor justifying the deduction of local taxes because New Jersey gets so little back from the U.S. government in comparison to other states. New Jersey’s disgraceful local taxes have nothing to do with the federal government or with the actions of other states and everything to do with the reckless fiscal mismanagement brought about by elected officials of both parties.
We have a pension system that will never be solvent unless it undergoes major reform. We have a public educational system supported by billions of dollars in spending — much of which is siphoned off before it ever gets to the classroom, and thus resulting in a failure of education in our major cities. We have more than 500 municipalities with a duplication of services that’s unique to New Jersey. And we have government workers making salaries and benefits together with retirement packages that are out of control and continue to escalate.
Rather than looking to the federal government for a handout so New Jersey can continue its profligate spending, we should be demanding sound solutions to our fiscal mess from our elected leaders.
Wayne NJ, the Goal Is To Promote Economic Growth & Candidates Who Will Improve Economy. Citing the need for immediate improvement of state and regional economies, more pro-business policies and effective tax policies, New Jersey businessman Joseph Caruso has launched a new Political Action Committee- – The Organization for Economic Growth (OEG ) https://www.NJOEG.com).
The NJOEG will serve as an advocate for economic policies that create jobs and spur investment, as well as a supporter of candidates for elected office who back pro-growth policies, says Caruso, who will serve as chairman of the organization.
Caruso, who will serve as chairman of the organization said, “The birth of the PAC comes from the large number of people I meet in and out of business who are completely frustrated by the state’s failed taxation and economic policies. There is a need for an organization that can turn that frustration into action that will change the economic climate of New Jersey.”
Caruso said that many elected officials from both parties seem oblivious to the economic peril that New Jersey is in and they fail to comprehend the burden that both homeowners and business owners live under and what will happen unless drastic changes are made.
“It is shocking to me and many other business people that there are legislators and other elected officials who continue to advocate for higher taxes and more regulations while ignoring the state’s lousy business reputation, its existing tax burden and its monstrous debt problems,” said Caruso, a partner in a corporate consulting firm.
“Our goals is to work with well intentioned officials on both sides of the aisle to help create a path to economic prosperity that both Democrats and Republicans can support,” added Caruso
ATTRACTING MILLENIALS
The OEG has attracted bright, young and energetic talent like: John DePinto of Bloomfield, who will serve as Vice Chairman, Ray Cottiers of New Milford will be the Director of Strategic Services and Alex Cucciniello of Mahwah will run the day to day operations as the Executive Director.
“If New Jersey doesn’t alter course soon, the jobs of the future economy – the jobs that will employ our Millennials — will be gone, followed by catastrophic economic consequences for the state,” added DePinto. “I’m a young professional and I would like to raise a family New Jersey, but currently that does not seem practical– or possible.”
Cucciniello said the OEG will serve as a information center to help educate the public and elected officials on economic and tax issues and to be a voice against the state’s bad economic policies.
“Much of the readily available economic information that is published or broadcast about our state and region is politically charged and often misleading. Our goal is to distill information from people actually working in business and interact with the media in a constructive way that will lead economic change,” said Cucciniello, who formerly worked in Washington D.C. as an intern in the White House Office of Political Affairs.
“I also believe people need to fully understand the consequences of New Jersey’s continued bad economic policies,” added Cucciniello.
Cottiers stated, “many public officials who want to improve the economy lack the information or the forum to persuade their constituents or colleagues about the best course to follow. Part of our mission will be to provide data to officials who are seriously committed to breaking down the barriers to economic growth. And part of our mission will be to be a the voice — across various media platforms — that argues against policies that harm businesses.”
The new Organization will host its initial fundraising event in January; details will be available shortly. For more information visit NJOEG.com and follow and like us on Facebook at Organization for Economic Growth (@StrengthThroughIndustry).
Ridgewood Nj, The United States economy has been in a period of encouraging, consistent growth for several years now. According to 24/7 Wall Street ,the U.S. GDP has now increased uninterrupted for 14 straight quarters. The stock market continues to hit new all-time highs with yesterday marking the 61st closing high since Donald Trump became president , and the unemployment rate fell to 4.1% in October, the lowest it has been since the year 2000. Based on the most recent quarterly estimates from the Bureau of Economic Analysis, 24/7 Wall St. reviewed the growth or lack there of, of American state economies over the past three years more or less the time since the last nationwide quarterly economic contraction. Nationwide, GDP grew by 2.2% over the three years ending in the second quarter of 2017.
Using data provided by the Bureau of Economic Analysis, 24/7 Wall St. ranked all 50 U.S. states based on percent changes in real GDP growth in all 50 states from the second quarter of 2014 through the second quarter of 2017. and the U.S. Figures provided are adjusted to account for yearly inflation. GDP figures published by the BEA are preliminary and subject to annual revision. Figures on poverty rate, median household income, and educational attainment came from the American Community Survey. Employment and unemployment metrics were provided by the Bureau of Labor Statistics
New Jersey came in a better than expected 38th place while its neighbor to the north Connecticut came in 46th . New York came in 32nd and Pennsylvania came in a a respectable 27th.
38. New Jersey
> 3-year GDP growth: +0.9%
> Q2 2017 GDP growth: +2.3% (tied — 16th smallest increase)
> Fastest growing industry: Agriculture, forestry, fishing, and hunting
> Fastest shrinking industry: Utilities
> 3-year employment growth: +3.4% (17th smallest increase)
Ridgewood NJ, Murphy transition maintained a pretty low profile during Thanksgiving week, and the governor-elect himself made just one photo op feeding the down and out and less fortunate.
But there is plenty to be done behind the scenes: speeches to write, interviews to conduct, names to vet for jobs and Phil Murphy needs you to help out.
Phil Murphy rolled out his transition website, complete with a “Help Wanted ” sign and many job opportunities. Much like the official governor’s website, the transition site contains news and biography information for Murphy and his leadership team. But it was announced on Tuesday with a focus on finding people to fill out the functions of his administration.
“New Jersey’s greatest asset is its people,” Murphy said in a statement. “I call for all those interested in serving our administration to visit the Transition2018 website and submit their résumé for consideration. We will put an administration together that reflects New Jersey’s rich diversity of backgrounds and experiences, and we are committed to making those opportunities open to all.”
those of us opposed to overdevelopment are a mixed lot. You would know this if you have been at the Village meetings and part of the debate. The charge of racism is completely off base. It was something generated by the pro-development crowd last time and it simply had no basis in fact. And, as more than one person asked in response to these false arguments, are “you people” in favor of overdevelopment saying that diversity is only achieved through sub-standard housing?
Every senior in town is subsidizing the residents with children in school.
Without exception, every time a senior sells their home it’s purchased by new residents with children in schools.
If the historic trend accelerates (due to expected tax increases because of Governor elect Murphy’s promises ) then our taxes will go up exponentially as seniors move away.
The best way to keep our property taxes to a minimum is to keep our seniors , empty nesters , and those residents without children in the schools.
For the tax dollars the seniors pay they get virtually nothing in return. And do so cheerfully and willingly.
Ridgewood NJ, Per Democrats’ / Murphy’s proposal, marginal tax rate on incomes above $1MM will be 10.75%.
Below are the top two tax brackets in NY state and NJ state:
NY
$321,050+ 6.85%
$2,140,900+ 8.82%
NJ
$500,000+ 8.97%
$1,000,000+ 10.75%
For a family with income between $500k and $1MM, the NJ tax is 2.12% higher than the NY tax.
For a family with income between $1MM and $2MM, the NJ tax will not be 3.90% higher than the NY tax.
No doubt, people already settled in NJ with friends etc will not suddenly bolt for NY. But for a family currently living in NYC/Brooklyn/Hoboken (typical Ridgewood pipeline), Westchester suddenly became a MUCH better option than Bergen country. And this is before we even compared the miserable commute from NJ to direct MTA train service from Westchester.
With negative incentive to move to NJ, property values (especially in Bergen County) will track what is happening in Fairfield country in Connecticut right now.
Absurdly enough, a majority of Ridgewood residents have voted in favor of the destruction of their own town (in more ways than one).
Murray Sabrin
Professor of Finance at Ramapo College
Regarding “State senate president plans to push tax bill,” (Nov. 9, page 1A). The people of New Jersey spoke loud and clear on election night. They want state government to spend more of their money. Not really their money, just upper income folks who make up a small percentage of the population. And they want Trenton to expand its already overbearing micromanagement of the economy.
Senate president Stephen Sweeney announced that he will put a “millionaire’s tax” on the front burner when the legislature convenes after Governor-elect Phil Murphy takes office in January.
Raising taxes on millionaires is another example of why government is like Willie Sutton, the notorious bank robber who was asked why he robbed banks, he replied, “That’s where the money is.” Phil Murphy and Democrats are legal versions of Willie Sutton.
Higher taxes on upper income taxpayers will cause any out of state high-income individual, business owner, or corporate executive to think twice about relocating to New Jersey. In other words, we will never how many upper income folks will not move to New Jersey because of the highest marginal taxes Murphy is so hot to increase. In addition, how many people and businesses will leave New Jersey because of higher income taxes? We will soon find out.
The proposed tax increases on millionaires will eventually hit middle-income families, because that is how big government proponents operate—tax the smallest number of families first, then go after where the big bucks are, the middle class.
As H.L. Mencken remarked decades ago, “Democracy is the theory that the common people know what they want, and deserve to get it good and hard. “
Phil Murphy Governor-elect wants to raise $1.3 billion for state spending
November 10, 2017
the staff of the Ridgewood blog
Ridgewood NJ, A New Jersey millionaire’s tax boost will be Democrats’ top priority highest-ranking state lawmaker Senate President Steve Sweeney.Governor-elect Phil Murphy, has vowed to enact the increase. With that revenue, plus higher corporate taxes and fees from plans to legalize marijuana sales, the strapped state budget will gain $1.3 billion, Murphy has said.
The top 1 percent of earners in New Jersey about 17,000 residents provide about 40 percent of the state’s income-tax revenue, according to the New Jersey taxation division. The provision previously vetoed by Christie would have increased the tax rate on income above $1 million from 8.97 percent to 10.75 percent. That would raise approximately $615 million in annual revenue, according to the state office of legislative services.
If the increase were passed, high earners might face a second dose of pain from Washington: The tax bill under consideration in the U.S. House would eliminate an existing provision that allows for deducting state tax payments from federal taxes.
Murphy, 60, promised to reduce the nation’s highest property taxes and make full payments to the least-funded U.S. pension system ,create a sanctuary state and to bolster the middle class with more spending on education and health care.
New Jersey has led nation for the largest number of residents leaving for lower-cost places to live. Among them were Omega Advisors Inc. chairman Leon Cooperman and Appaloosa Management LP founder David Tepper, billionaires who moved to Florida. The state’s highest in the nation taxes and anti -business regulations have often been cited as the reason for its slow recovery from the national recession.
While “high taxes” and “opioid crisis” where the key issues, residents voted in overwhelming numbers for the person or persons who promised to raise taxes on everything and create a sanctuary state. From yesterday results it does appear the state has committed fiscal suicide .
Now that Murphy won I hope he will help us build a garage and add more housing for the illegals. Ridgewood needs to share the burden of the sanctuary state. This town is too white and racist. Please Mr. Murphy , use all your support in Ridgewood so we can get on with the program. Can’t wait to see guys with pants below their buttcrack roaming around.
It’s a simple concept that has eluded many politicians and ideologues, especially on the left. When you raise taxes, people and businesses will leave, bringing with them those taxable incomes your government depends on. One look at the migration patterns within the United States verifies just that.
A book on the subject, How Money Walks, uses official statistics from the Census and the IRS to explore the subject. It found that, between 1995 and 2010:
• The nine states with no personal income taxes gained $146.2 billion in working wealth
• The nine states with the highest personal income tax rates lost $107.4 billion
• The 10 states with the lowest per capita state-local tax burdens gained $69.9 billion
• The 10 states with the highest per capita state-local tax burdens lost $139 billion
According to the authors, “The states that gained working wealth are growing and thriving. The states that lost working wealth lost their most precious cargo—their tax base—and the consequences are dire: stagnation, deterioration, an economic death spiral as they continue to raise taxes and lose people, businesses, and working wealth. The numbers don’t lie.”
Its website includes a fascinating interactive map that shows where people and their money moved to, on a state and even county basis, here: https://www.howmoneywalks.com/irs-tax-migration/
(Note: the interactive map doesn’t work on the Safari browser, so iOS users should view it on the Puffin app instead).
Another website by the authors includes a calculator that will tell you the tax implications of moving from your current state to a different one, here: https://www.savetaxesbymoving.com/
SOURCES: https://www.howmoneywalks.com
Ridgewood NJ, According to the Tax Foundation the United States is hampered by high marginal tax rates and complex business tax rules .Tthe United States once again ranks towards the bottom of the pack on our 2017 International Tax Competitiveness Index, placing in the bottom 5 or number 30 out of 35 OECD countries.
The last time the United States reformed its federal corporate income tax was in 1986. Since then, many of our global competitors have taken steps to simplify their tax codes and lower their marginal tax rates.
The combined U.S. corporate tax rate of 39 percent (which includes average state and local corporate taxes) is significantly higher than the OECD average of 25 percent.
As U.S. legislators move forward with comprehensive tax reform, they should consider the positive effects that lowering our corporate tax rate and simplifying our tax system could have on our competitiveness abroad and economic health at home.
