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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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K-Lo2 wrote:
What extra money? With the SALT limitation at $10k, the extra take home is wiped out and then some.


So by that logic it is a net win for the govt. So than what's the problem?

Posted on: 3/15 23:22
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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jc201jc wrote:
Quote:

TheBigGuy wrote:
Quote:

K-Lo2 wrote:
What extra money? With the SALT limitation at $10k, the extra take home is wiped out and then some.


You assume that every taxpayer owns a home or lives in a state with out of control fiscal "challenges" and liabilities like NJ.


325M people in the US

20M in NY
9M in NJ
3.5M in CT
40M in CA
-------
72M (about 22% of the population living in high tax states)

from NJ.com today, about 60% of people own homes in NJ. Assuming that's the same in the other 3 states, then 13% of the US population owns a home in a high tax state. That's over 1 in 8 people nationwide...not an insignificant # by any means.


A little too broad. CA has a significantly lower homeownership rate (55%) and, more importantly, you are assuming that all homeownership is the same, but that is simply not the case: how many of those homes are worth enough to be impacted by the cap? What is the income of these homeowners? Would actually be impacted by the cap in SALT? Senior citizens make up a large percentage of homeowners nationally, and their tax returns may not be impacted by the SALT cap as much. Among those younger than 35, homeownership is MUCH LOWER than other age groups, but they are also at prime earning age, so the impact of a SALT cap may not be as pronounced for them, since the majority was not deducting homeownership related expenses.

Posted on: 3/15 14:54
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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You assume that every taxpayer owns a home or lives in a state with out of control fiscal "challenges" and liabilities like NJ.


I assumed you were talking about people reading your posts.

Posted on: 3/15 13:37
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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TheBigGuy wrote:
Quote:

K-Lo2 wrote:
What extra money? With the SALT limitation at $10k, the extra take home is wiped out and then some.


You assume that every taxpayer owns a home or lives in a state with out of control fiscal "challenges" and liabilities like NJ.


325M people in the US

20M in NY
9M in NJ
3.5M in CT
40M in CA
-------
72M (about 22% of the population living in high tax states)

from NJ.com today, about 60% of people own homes in NJ. Assuming that's the same in the other 3 states, then 13% of the US population owns a home in a high tax state. That's over 1 in 8 people nationwide...not an insignificant # by any means.

Posted on: 3/15 12:15
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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K-Lo2 wrote:
What extra money? With the SALT limitation at $10k, the extra take home is wiped out and then some.


With the lower tax rates, most people still come out paying less. Not that I particularly care for this new tax scheme, it might be worse than anything Ronald Reagan or George Bush Jr. ever did.

Posted on: 3/15 11:48
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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K-Lo2 wrote:
What extra money? With the SALT limitation at $10k, the extra take home is wiped out and then some.


You assume that every taxpayer owns a home or lives in a state with out of control fiscal "challenges" and liabilities like NJ.

Posted on: 3/15 11:24
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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Further down in the article, it points out that NJ is in 49th place when it comes to State credit ratings. Ouch.

And the exodus south and west started some time ago. I believe NJ is in the top 3 on the list of states people are moving out of.

Posted on: 3/15 11:10
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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lol. california was a disaster until jerry brown came in and restored order. guess what, he did what needed to be done, including raising taxes.

Posted on: 3/15 10:13
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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What extra money? With the SALT limitation at $10k, the extra take home is wiped out and then some.

Posted on: 3/15 9:02
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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135jc wrote:
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mscottc wrote:
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Yvonne wrote:
This is the problem with liberal states, even though the pension are not fully funded, the governor is still giving away free stuff. The promise for free county colleges means taxpayers are on the hook for those services. Another thing that no one caught is the 7% sales tax. Christie cut the tax slightly in order to have a 23 cents a gallon tax on gasoline. Now the 7% is new restored and the 23 cents tax is permanent.


It may be a problem for liberal states, but it's not a problem for this liberal mind. I'd rather be known for higher taxes than watching people suffer all over the place with low education, no or poor food, crumbling infrastructure, and kicking the financial obligations down the road. I'd rather be California or New York than Wisconsin or Mississippi any day.

There is a happy medium somewhere. And quite frankly liberal states are doing much better than conservative states in so many different ways.


I am still waiting for the 1st liberal billionaire to announce they are donating their Trump tax savings to charity


I am still waiting for all the liberals and communists "offended and appalled" by the deadly Trump tax-cuts to take a public stand and return the extra money in their paychecks to the IRS.


Posted on: 3/15 7:09
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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dtjcview wrote:
@Hero69 We're not debating the tax on cigarettes - but the proposal to introduce a NJ tax on vaping.

If NJ has any figures on the healthcare costs related to vaping - I'm sure the world would love to see them.
my bad. i'm all over the place. i guess i got distracted by that democratic win in pennsylvania

Posted on: 3/15 3:22
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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mscottc wrote:
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Yvonne wrote:
This is the problem with liberal states, even though the pension are not fully funded, the governor is still giving away free stuff. The promise for free county colleges means taxpayers are on the hook for those services. Another thing that no one caught is the 7% sales tax. Christie cut the tax slightly in order to have a 23 cents a gallon tax on gasoline. Now the 7% is new restored and the 23 cents tax is permanent.


It may be a problem for liberal states, but it's not a problem for this liberal mind. I'd rather be known for higher taxes than watching people suffer all over the place with low education, no or poor food, crumbling infrastructure, and kicking the financial obligations down the road. I'd rather be California or New York than Wisconsin or Mississippi any day.

There is a happy medium somewhere. And quite frankly liberal states are doing much better than conservative states in so many different ways.


I am still waiting for the 1st liberal billionaire to announce they are donating their Trump tax savings to charity

Posted on: 3/14 22:38
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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@Hero69 We're not debating the tax on cigarettes - but the proposal to introduce a NJ tax on vaping.

If NJ has any figures on the healthcare costs related to vaping - I'm sure the world would love to see them.

Posted on: 3/14 22:35
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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maybe poor people shouldn't smoke? i prefer to think of higher taxes as a health care levy to encourage people to quit smoking. aren't cigarettes like $15 a pack in nyc?Quote:

dtjcview wrote:
Quote:

Dolomiti wrote:


Quote:
Vape tax-way to hurt those trying to kick nicotine.

Vaping doesn't do anything to help kick nicotine. Not only does it deliver the drug to those trying to quit smoking, it's enticing young people to start vaping. The health effects are unknown, but already do not look good.



I prefer to believe credible sources like the BMJ.

http://www.wired.co.uk/article/e-ciga ... e-quit-smoking-study-says

Any way you look at it though - it's a regressive tax and hits poorer people the worst.

Posted on: 3/14 21:05
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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Dolomiti wrote:


Quote:
Vape tax-way to hurt those trying to kick nicotine.

Vaping doesn't do anything to help kick nicotine. Not only does it deliver the drug to those trying to quit smoking, it's enticing young people to start vaping. The health effects are unknown, but already do not look good.



I prefer to believe credible sources like the BMJ.

http://www.wired.co.uk/article/e-ciga ... e-quit-smoking-study-says

Any way you look at it though - it's a regressive tax and hits poorer people the worst.

Posted on: 3/14 10:49
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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Dolomiti JC already has an airbnb tax surcharge. Vaping isn't great but it's better than tobacco. NJ legal weed is opposed by some NJ Democrats in the Statehouse and is far from a done deal. Murphy isn't putting a cent more than Christies plan. Murphy's 'free community college' has now been rolled back to low income families. His $ for universal preK fall far short.

Posted on: 3/14 10:20
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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I still remember living in Hoboken as a child where there was no sales tax, income tax, or lottery. And New Jersey especially Hoboken was affordable. The liberal agenda has bankrupt this state.

Posted on: 3/14 10:13
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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Monroe wrote:
Sales tax-regressive.

True... but it's also ignorable. No one noticed the sales tax cut.


Quote:
Airbnbb tax-bad for homeowners.

lol

AirBnB is currently exempt from sales taxes, for no reason I can think of. That means the price will jump a whopping 7% OH NOOOOO!!!

They'll be fine.


Quote:
Pot tax won't happen anytime soon.

Legal weed is going to happen. Heck, if NJ legalizes weed before NY, I'd say $60m in tax revenue is a low estimate....


Quote:
Vape tax-way to hurt those trying to kick nicotine.

Vaping doesn't do anything to help kick nicotine. Not only does it deliver the drug to those trying to quit smoking, it's enticing young people to start vaping. The health effects are unknown, but already do not look good.


Quote:
Millionaire tax-not sure that will fly. Carried interest/hedge tax reform-ok with that.

I concur, I expect any millionaires' tax will be much smaller.


Quote:
with all these giant tax additions not a single penny will go to pensions beyond what Gov Christie had planned!

Riiiiiiight

He currently allots $3.2 billion for the pension funds, the largest payment ever. It's not where it ought to be, but it's 60% of actuarial recommendations -- and that's higher than in the past.

In contrast, Christie paid $2.5 billion in his final year. Saying "Christie planned to pay $3.5 billion... after he was out of office!" is a stunningly cynical ploy to give Christie credit for passing the buck to his successor.


Quote:
Many of his numbers don't add up...

Try again. The math is fine.

The reality is that Murphy is dealing with the hangover of several administrations, Democratic and Republican alike, that failed to address key issues like pensions. There is no way to know right now if Murphy's proposals will pass, let alone work. However, at least he recognizes that the only alternative to kicking the can (yet again) is to raise taxes.

Posted on: 3/14 9:25
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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mscottc wrote:
Quote:

Yvonne wrote:
This is the problem with liberal states, even though the pension are not fully funded, the governor is still giving away free stuff. The promise for free county colleges means taxpayers are on the hook for those services. Another thing that no one caught is the 7% sales tax. Christie cut the tax slightly in order to have a 23 cents a gallon tax on gasoline. Now the 7% is new restored and the 23 cents tax is permanent.


It may be a problem for liberal states, but it's not a problem for this liberal mind. I'd rather be known for higher taxes than watching people suffer all over the place with low education, no or poor food, crumbling infrastructure, and kicking the financial obligations down the road. I'd rather be California or New York than Wisconsin or Mississippi any day.

There is a happy medium somewhere. And quite frankly liberal states are doing much better than conservative states in so many different ways.


Guess what, mscott, we have poor crumbling bridges/roads, spend more than any other state on education, and people will also lose their homes during this reval supporting the taxes of those who live in tax abated buildings. But returning to the state's problem, the spending in NJ is great for Pennsylvania. More and more of our local businesses are relocating there. And the people with the wealth are exiting this state.
http://www.nj.com/politics/index.ssf/ ... ng_jobs_people_money.html

Posted on: 3/14 9:05
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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mscottc wrote:

It may be a problem for liberal states, but it's not a problem for this liberal mind. I'd rather be known for higher taxes than watching people suffer all over the place with low education, no or poor food, crumbling infrastructure, and kicking the financial obligations down the road.


But, but...isnt NJ both of those things you described?? High taxes and all the negatives? That's our whole point. With taxes as high as ours, toll booths should be gold plated for crying out loud. We're taxed as high as we are with almost nothing to show for it.

Posted on: 3/14 7:16
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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Yvonne wrote:
This is the problem with liberal states, even though the pension are not fully funded, the governor is still giving away free stuff. The promise for free county colleges means taxpayers are on the hook for those services. Another thing that no one caught is the 7% sales tax. Christie cut the tax slightly in order to have a 23 cents a gallon tax on gasoline. Now the 7% is new restored and the 23 cents tax is permanent.


It may be a problem for liberal states, but it's not a problem for this liberal mind. I'd rather be known for higher taxes than watching people suffer all over the place with low education, no or poor food, crumbling infrastructure, and kicking the financial obligations down the road. I'd rather be California or New York than Wisconsin or Mississippi any day.

There is a happy medium somewhere. And quite frankly liberal states are doing much better than conservative states in so many different ways.

Posted on: 3/14 6:33
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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JCGuys wrote:
At what point do retirees with money leave the state to escape this high taxation.?


And a millionaire income tax rate of 10.75%... they will be the first to leave because they can afford too. Especially after losing home deductions.


Posted on: 3/13 23:36
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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This is the problem with liberal states, even though the pension are not fully funded, the governor is still giving away free stuff. The promise for free county colleges means taxpayers are on the hook for those services. Another thing that no one caught is the 7% sales tax. Christie cut the tax slightly in order to have a 23 cents a gallon tax on gasoline. Now the 7% is new restored and the 23 cents tax is permanent.

Posted on: 3/13 22:02
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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At what point do retirees with money leave the state to escape this high taxation.?

Posted on: 3/13 21:45
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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Thank you all of the state unions - costing the taxpayers for decades. Hello FL & TX!

Posted on: 3/13 21:31
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Re: New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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Sales tax-regressive. Airbnbb tax-bad for homeowners. Pot tax won't happen anytime soon. Vape tax-way to hurt those trying to kick nicotine. Millionaire tax-not sure that will fly. Carried interest/hedge tax reform-ok with that.

Not renewing the arbitration cap-ouch for taxpayers, along with letting the municipal 2% cap slide.

Many of his numbers don't add up, and with all these giant tax additions not a single penny will go to pensions beyond what Gov Christie had planned!

One and done.

Posted on: 3/13 21:23
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New Jersey Prepares To Raise Taxes On "Almost Everything" As It Nears Financial Disaster
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https://www.bloombergquint.com/politic ... axes-on-almost-everything

"New Jersey Governor Phil Murphy proposed taxing online-room booking, ride-sharing, marijuana, e-cigarettes and Internet transactions along with raising taxes on millionaires and retail sales to fund a record $37.4 billion budget that would boost spending on schools, pensions and mass transit."

"The budget counts on total revenue growth of 5.7 percent, the most since at least 2013, when it fell short. Murphy would increase the tax rate applied to income above $1 million to 10.75 percent from 8.97 percent, generating $765 million; and restore the state’s sales tax to 7 percent from 6.625 percent, raising $581 million. The state would gain $100 million by closing a carried-interest loophole on hedge-fund income."

"Murphy’s proposal would almost triple the direct state subsidy for New Jersey Transit, which has been plagued by safety and financial issues. Including funding for the agency from the state’s Turnpike Authority and an energy fund, he boosts money for New Jersey Transit by about a third."

"The budget plans for four-year phase-ins of a $15 minimum wage and full school funding as mandated by the state Supreme Court, and a three-year path to make community college tuition-free. It includes a record $3.2 billion pension payment, putting the state on course to resume full funding by 2023, according to budget officials."

"Murphy met with the major ratings companies in New York earlier this month to outline his financial plan. New Jersey’s credit rating is the second-worst among U.S. states, trailing only Illinois."

....

A lot more in the article itself.

Posted on: 3/13 18:50
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