From the Star Ledger:
‘Open season on N.J.’: With Trump backing, House GOP votes to cut your property tax break
With the help of one New Jersey Republican, the U.S. House on Thursday passed sweeping tax legislation that would end tax breaks used by many Garden State residents and could harm the health of business and real estate in the state.
Rep. Tom MacArthur, R-3rd Dist., was the only New Jersey lawmaker to support the legislation, which would eliminate the ability of taxpayers to deduct their state and local income or sales taxes, and cap the property tax deduction at $10,000.
House Republican leaders, who drafted the bill in secret without any public hearings, also prevented lawmakers from seeking to amend the bill on the floor in order to restore the full state and local tax deduction.
The vote was 227-205, with four of the five New Jersey House Republicans, including Rep. Rodney Frelinghuysen, R-11th Dist., joining all seven House Democrats in voting no. Frelinghuysen was the only lawmaker who didn’t announce his position in advance of the vote.
Only 13 Republicans, nine of them from New Jersey and New York, opposed the bill. No Democrats supported it.
“Every New Jersey taxpayer should be furious that this bill passed,” said Rep. Josh Gottheimer, D-5th Dist. “When you look at the deductions lost for state and local taxpayers, for seniors with medical expenses, for homeowners with mortgages, and small businesses, it’s undeniable that this tax hike bill is another nail in the coffin for New Jersey.”
Sorry for the delay, was out in Colorado.
Maybe Pumpkin’s body may be of some use to someone someday?
http://www.telegraph.co.uk/science/2017/11/17/worlds-first-human-head-transplant-successfully-carried/
Hindu Kush or Super Sativa Haze?
Sorry for the delay, was out in Colorado.
With new governors come new business opportunities.
Why fight it?
They helped get Murphy elected. Now NJEA wants their money.
https://www.city-journal.org/html/new-jersey-public-unions-ascendant-15568.html
Great speech at the League of Municipalities…
https://www.njtvonline.org/news/video/murphy-outlines-agenda-league-municipalities-event/
“Listen, everyone has different strengths. A hell of a speech, we’ll see how the governing goes. We’re looking forward to that,” said Senate President Steve Sweeney.
Colorado – the future is chilled
Menendez Revenge
“To those who left me, who abandoned me in my darkest moment, I forgive you. To those who embraced me in my darkest moment, I love you. To those New Jerseyans who gave me benefit of the doubt, I thank you….To those who were digging my political grave so that they could jump into my seat, I know who you are, and I won’t forget you,” he said.
“Menendez Revenge”
No green card for your sexy girlfriend?
Given the current hyperawareness around sexual abusers, I find it amazing that anyone would even want to be seen with Menendez, I would imagine it would be best for him to lay low.
D-Fens,
NJ’s pension issue can be described with one non-partisan sentence. The union has continually been promised more than the taxpayer could ever afford by endorsement-seeking politicians who will never be around to see the actual consequences of their ill-fated decisions.
You know, in the private sector, when you commit to deliver something to someone when you know, in full faith, that it would be impossible to deliver, and you stand to benefit from that (not necessarily financially either), that’s called fraud.
Why exactly are NJ taxpayers required to make whole on the fraudulent activities of previous politicians? Sorry, but I’m not a party to that contract, and I wouldn’t have agreed to pay someone something, knowing full well it would be impossible to pay them. Why are we not prosecuting these politicians for committing fraud? Why is there no accountability for these decisions?
Land of Milk and Honey
https://www.marketwatch.com/story/many-older-americans-are-living-a-desperate-nomadic-life-2017-11-06
@StephenKing
Trump on Franken: Pot discusses sins of the kettle.
@TopherSpiro
JUST DISCOVERED: The Senate tax bill includes a tax break for private aircraft.
Can you believe this?
Not a joke
@paulkrugman
The whole supposed rationale for the big corporate tax cut is that it would supposedly lead to a boom in corporate investment.
But Gary Cohn had an awkward moment when he asked CEOs to raise their hands if they would invest more: very few did
Dear puzzy,
How can you defend all your Hollywood and D.C. lefties who apparently have written the book on how to assault women while preaching tolerance and acceptance?
But Gary Cohn had an awkward moment when he asked CEOs to raise their hands if they would invest more: very few did
That means greater profit margins and a boon to personal investment gains! F.ucking Touché!
Eddie,
The tax break will be doled out as special dividends for public companies, usually Class A shares. For private companies, it will be cash to the boss… If they keep more than 20% for investments I would be surprised.
As I have been saying this bubble ain’t there yet but this tax break for corporations is bound to make things bubble!!!
Patience. It took 30 years for the Democrats to even begin to warm up to the idea that Clinton was a predator of women. Give it another couple decades, it should work itself out.
Why are we not prosecuting these politicians for committing fraud?
History Rhymes….
“Feel the Rhythm! Feel the Rhyme! Get on up, it’s bobsled time! Cool Runnings!”
http://www.abc.net.au/news/2017-11-17/nigerias-bobsled-team-off-to-winter-olympics/9163162
Eddie if you are getting your morality from Hollywood you are doing it wrong.
The answer to corporate tax cheating is quite-simple, yet will never be implemented. It’s simply this: You pay US taxes on all economic activity that is directed toward sales and services delivered in the US. Period.
If you put a call center in the Philippines and it takes US calls the employees there are subject to US employment taxes and all of the economic activity generated aimed at US consumers is taxed as US income. It matters not where the work is performed — what matters is where it is directed.
If you cheat and get caught you not only pay the back taxes you pay them twice plus interest as a penalty, and those inside your firm (or otherwise, such as auditors) who expose it get 10% of whatever they cause to be recovered. That’ll make it plenty worth it for them to rat you out.
That’s it. No more “Isle of Man” garbage, no more fancy-pants intellectual property deals, no offshore call centers to eliminate employment taxes on the people answering the phones, etc. Nope, nope and nope.
Then the small US company is on the same footing as the large multinational.
http://market-ticker.org/akcs-www?post=232584
Pensioners to NJ: FU pay me.
Same reason we do not prosecute anyone for fraud these days.
grim says:
November 17, 2017 at 8:43 am
You know, in the private sector, when you commit to deliver something to someone when you know, in full faith, that it would be impossible to deliver, and you stand to benefit from that (not necessarily financially either), that’s called fraud.
Why exactly are NJ taxpayers required to make whole on the fraudulent activities of previous politicians? Sorry, but I’m not a party to that contract, and I wouldn’t have agreed to pay someone something, knowing full well it would be impossible to pay them. Why are we not prosecuting these politicians for committing fraud? Why is there no accountability for these decisions?
Yup!
Eddie if you are getting your morality from Hollywood you are doing it wrong.
They’re trained monkeys here to entertain us, nothing more. A very few have insight, depth and wisdom; otherwise, they’re blabbering idi0ts, puppets on a string, talking dummies with not much to offer.
joyce, it doesn’t work, the US has no jurisdiction over foreign firms. What that argument presents is that corporate income tax should be replaced with a broad consumption tax based on all goods and services sold into US markets……
9:58 i think even when Hollywood was churning out moral tomes it was a cesspool.
he nails exactly how stupid the tax cut act is, though…….
Then again i can’t see Wall Street carrying the banner of fairplay.
Tax gross receipts at 5% up to 50% of net profits. That’s what I call a simple corporate tax.
Local Democrats are branding the SALT deduction removal as ‘Trump property tax hike”
https://www.politico.com/newsletters/new-jersey-playbook/2017/11/17/menendez-mistrial-declared-murphy-talks-salt-deduction-at-the-league-horizon-ceo-retires-223935
Agreed in part. He doesn’t go into enough detail in the post of whether he’s only talking about MNC’s or 100% foreign firms as well. You’re right about the lack of jurisdiction about the latter, so if it’s only about the former – a different huge unfair advantage presents itself. That said, many of his other posts talks about other solutions that are more comprehensive.
I think it also indirectly speaks to the sham of corporate structures outsourcing functions to avoid accountability (among other things). ‘I had no idea the partner in my supply chain uses child/slave labor.’ Again, I could be just remembering his other posts.
JCer says:
November 17, 2017 at 10:04 am
joyce, it doesn’t work, the US has no jurisdiction over foreign firms. What that argument presents is that corporate income tax should be replaced with a broad consumption tax based on all goods and services sold into US markets……
Transfer pricing among other things would make it all look like foreign receipts.
JCer says:
November 17, 2017 at 10:09 am
Tax gross receipts at 5% up to 50% of net profits. That’s what I call a simple corporate tax.
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joyce transactions between wholly/partially owned/related firms would be discarded, actual economic interest in the production of the good or service would be accounted for, so foreign subsidiary or not, JV or not your economic interest in the entire life cycle needs to be accounted for, so you can be taxed up to 50% on your profit, if you make no profit you pay no taxes and if you do not account for your profits you pay the 5% and move on. Access to our market is the biggest asset we have and the best venue to raise revenue, it also doesn’t penalize domestic producers the way an income tax does. We would also become an offshore tax haven if we moved to this type of taxation…..a clear benefit to our domestic economy.
We need to do this over North Korea…
http://www.wtsp.com/news/graphic-obscene-skydrawings-spotted-in-okanogan-co/492521457
JCer,
Sounds good. Still not sure I fully understand though. Would the 5% corporate tax on gross receipts applies to all companies selling to the US regardless of where their HQ / place of incorporation / nexus is?
“An ITEP analysis reveals that four states would see their residents pay more in aggregate federal personal income taxes under the House’s Tax Cuts and Jobs Act. While some individual taxpayers in every state would face a tax increase, only California, New York, Maryland, and New Jersey would see such large increases that their residents’ overall personal income tax payments rise when compared to current law. Californians would face the largest net tax increase, at $12.1 billion in 2027 alone. They are followed by New Yorkers ($4.0 billion in higher income taxes), Marylanders ($430 million), and New Jerseyans ($137 million). Overall, the residents of these four states combined would pay $16.7 billion more in federal personal income taxes by 2027. These increases are due in large part to House leadership’s decision to dramatically curtail the deduction for state and local tax payments.“
https://itep.org/house-tax-plan-offers-an-exceptionally-bad-deal-for-california-new-york-new-jersey-and-maryland/
Son Volt says it all:
https://www.youtube.com/watch?v=y1aHfWdVDRA
“What survives the long cold winter will be stronger and can’t be undone…”
http://money.cnn.com/2017/11/17/investing/wells-fargo-consumer-lending-franklin-codel/index.html?iid=hp-toplead-dom
How many people are going to prison from the “scandal-ridden” bank? Why is the bank itself allowed to continue to operate at all?
yes joyce, it would be basically a sales tax levied on the producer/seller of new goods, with an optional credit back based on profit or loss provided by an accredited third party accountant/auditor, with extremely severe penalties for fraudulent reporting.
“that’s called fraud”
And as Eddie Ray rightly points out, “you don’t have to convince me, you have to convince the Judge!”
@MichaelSLinden
Worth taking a moment to remember, on this day when the House just passed sweeping tax changes, that we still have NOT SEEN PRESIDENT TRUMP’S TAX RETURNS.
@MichaelSLinden
The House just passed their terrible tax bill. Here’s what it does:
* Raises taxes on 45 million households
*Gives an average tax cut of over $300,000 to the richest 0.1%
* Cuts the corporate tax rate by 40%
* Eliminates the medical expense deduction
“Why exactly are NJ taxpayers required to make whole on the fraudulent activities of previous politicians? Sorry, but I’m not a party to that contract, and I wouldn’t have agreed to pay someone something, knowing full well it would be impossible to pay them.”
Oh, yes, you will be deemed a party to that ‘contract’.
Within ten years you will see a wealth or exit tax on NJ residents. The (twisted) logic will be that somehow you personally would not have been as successful as you are without certain (always undefined) specific benefits you received from the greater commonwealth.
Therefore, your money is not yours, but part of the pool ‘owed’ to the efforts of these herculean public servants. Your protestations that you should keep the wealth that you personally earned is simple greed and narrow sightedness.
Mark your calendars. If this blog exists in ten years I will pop back on here and see how everyone is doing.
Puzzy, and you will not see his returns. Haven’t figured that one out yet? LOL.
knowing what DJT’s tax returns look like, very few people would understand them Trump included. His Schedule-k’s are probably 1000 pages long with literally thousands of LLCs, the whole thing is designed to make it so onerous to audit that the IRS eventually gives. Trump does one thing exceptionally well and that is hire good lawyers.
It would likely materialize as an income tax on out of state employees. You benefits are paid out as NJ income.
However. Once DJT’s taxes are public. Many investigators (media/gov’t/non-profits/political motivated/book writers) would pour through it and connect the dots.
The (ex MI5) Steele dossier of raw intelligence said to concentrate on loans, payments of loans and Real Estate transactions that go thru Deutsche Bank and Cyprus entities.
The connect the dots would lead you to DJT’s money laundering and tax evasion operations.
That is why is never going to be release willingly. The IRS may not have the manpower/interest/law on its side. But a lot of nosy busy bodies would.
knowing what DJT’s tax returns look like, very few people would understand them Trump included. His Schedule-k’s are probably 1000 pages long with literally thousands of LLCs, the whole thing is designed to make it so onerous to audit that the IRS eventually gives. Trump does one thing exceptionally well and that is hire good lawyers.
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“The connect the dots would lead you to DJT’s money laundering and tax evasion operations.”
This paranoia and lack of knowledge is exactly why they will never be released.
In the aughts, while working overseas, my US taxes came back from Arthur Andersen.
Bound. Like a book. They were one inch thick. My income was W2. The density of the filing was due solely to international tax accounting.
Later, in the divorce, these tax returns were trotted out. I had during those years the opportunity to coinvest (fully disclosed) with other members of the firm in an entity that invested money into private equity firms. I had less than a 1% stake and absolutely no control (by legal structure). That entity was, of course, based in a tax advantaged location (Cayman) and to maximize returns was levered by an international (Swiss) bank. Buried on a K1 page in my returns was the entity results (nominal each year). Both my spouse and I signed the returns annually.
It is impossible to explain the grief, time, and amount of money expended when a slightly hostile party misrepresented these investments made by nearly everyone at my level in the firm and fully disclosed as “money hidden in off-shore accounts”. Third party accounting experts were appointed by a court of alleged competent jurisdiction. All of my accounts frozen except for two. Of course, after about six months of silliness the court realized there was nothing to the allegations. And this was a court, charged with expertise, assisted by third party professionals.
Trump would be an absolute fool to release his returns to the general public. Anyone seeking them is not doing so with his interests in mind. The ability to minutely cherry pick and misrepresent would be extraordinary. Will never happen, nor should it.
@davidfrum
Franken’s prank was cruel and humiliating.
Moore’s acts “if true” rank among the worst crimes in the statute book.
And the president is a confessed serial sexual assaulter, on the record.
@kurteichenwald
Under GOP tax bill, we will lose huge % of future physical science pros. This generation: I’m sorry. My generation has failed you. Your work is not appreciated by the ignorant. You need to go overseas for education. Work there. This country is doomed anyway.
leftwing, yes the thought that there is something nefarious in Trumps tax returns is preposterous. Everything is structured to protect assets from debtors. Trump couldn’t have gotten into a situation where his lenders had control over him, further more his most valuable assets were purchased for a song and he was structured to protect the crown jewels. No need for money laundering or evasion, it was all legal tax avoidance the same way all multinationals operate.
Agreed I went for a mortgage, qualified on wages and after looking at my tax returns they started to question partnership income on my returns(where I own a very small limited partnership stake), despite it not being needed to qualify they made the CPA who audits the financials of the entity make a signed statement. People are so bad at unwinding these things that once you start getting into the russian doll entities and you have varying ownership at different levels with different partners, even among the people who assembled the structure an exceedingly small number of people understood the structure. Only the people who did the structuring and really good forensic accountants with a lot of time could make sense of it, I really don’t think anyone with the appropriate resources would come forward to investigate his returns. It would just result in a series of political hit jobs.
Kurteichenwald = clot?
BTW, at the tap house again now. TY on that recommendation
GrabP,
We don’t need stinking high tech or science for the next 20 yrs. We need massive cuts in Medicare/caid to cull off the dying locust boomer generations. Once these bastards are gone, we rebuild. But nothing can be done while the boomers are in power.
@kurteichenwald
Under GOP tax bill, we will lose huge % of future physical science pros. This generation: I’m sorry. My generation has failed you. Your work is not appreciated by the ignorant. You need to go overseas for education. Work there. This country is doomed anyway.
https://www.theatlantic.com/business/archive/2017/03/economic-despair/520473/
Trump is most definitely doing something illegal. His type can’t resist.
Gentlemen,
If both of you believe everything with DJT is just normal NYC businessmen hiding their loot and there is no FSB/Russian intelligence connection, well that is great for you.
Grim, talk with any of the old Polish crowd that had exposure to KGB/Polish State Security ways and means, that know the history from Post WW1 to today, and tell us what they tell you about that crowd.
Yes, in absolute theory, the money is not yours….it belongs to the economic system and serves an absolute purpose. And trust me, this purpose was never theoretically based on accruing massive individual holdings of this said capital. Your type will never understand this. The resources are all mine is your motto.
“Therefore, your money is not yours, but part of the pool ‘owed’ to the efforts of these herculean public servants. Your protestations that you should keep the wealth that you personally earned is simple greed and narrow sightedness.”
Yes, you are correct. You have to be absolutely naive to think Trump isn’t cutting corners. If he has nothing to hide, why would you not release your taxes?
Not Lefty or JCr says:
November 17, 2017 at 5:28 pm
Gentlemen,
If both of you believe everything with DJT is just normal NYC businessmen hiding their loot and there is no FSB/Russian intelligence connection, well that is great for you.
Grim, talk with any of the old Polish crowd that had exposure to KGB/Polish State Security ways and means, that know the history from Post WW1 to today, and tell us what they tell you about that crowd.
Not, never said what you assert.
I’m sure he’s skated to and likely over the line.
But…..
You won’t see it on the tax returns, and
The tax returns will just be used (inaccurately) for a political drive by shooting.
And there you go grim.
Guarantee, 10 years nj will wealth tax or exit tax is citizens.
Prepare now or be ready for I told you so.
It is impossible for this state to meet its future obligations from current revenue streams
This is how business works in Russia. I was taught from a very young age to be careful when doing business with Russians.
That’s what’s funny about the people crying about corruption in American govt, they have no idea what a really corrupt govt is. American govt is one of the least corrupt out there based on its power and sheer size.
“William Browder knows Vladimir Putin’s Russia all too well.
Browder made a fortune in Russia, in the process uncovering, he says, incredible amounts of fraud and corruption. When he tried to report it to authorities, the government kicked him out of the country and, he alleges, tortured and killed the lawyer he was working with.”
https://www.npr.org/2017/07/28/539802914/businessman-paints-a-terrifying-and-complex-picture-of-putins-russia
Where are these guys running for NJ Governor? Ohio has all the luck…..
http://media.cleveland.com/open_impact/photo/Screen%20Shot%202017-11-17%20at%2011.47.36%20AM.png
It will either be paid by fed govt (since they rob this state blind), or more loans will be taken out to help pay for it. The money does not have to be paid all at once. Has to be paid out over a 40-50 year period. That’s a very long time and lots can be done over that time.
What I love about your type….claims that the pension is not sustainable because it pays out so much.
1. If it was not sustainable, how the fuc! has it been paying out for over 20 years with the state almost contributing nothing? 🤔
2. Ny provides a more lucrative pension to its workers. Why is that pension in perfectly good shape? 🤔
You defend crooked people like trump that rob people every day to make a buck, , but attack lowly workers because they have a pension? 🤔…you are lost.
“It is impossible for this state to meet its future obligations from current revenue streams”
And if Trump is not robbing people blind to make a buck….please explain trump university or anything he puts his name on. What value does his business practices actually bring to society? Why is he even being rewarded for bringing absolutely no value is beyond me. He just lives off of taking money from idiots.
@zachbraff
New tax bill in a nutshell:
Jet owners can write off jets.
Teachers can’t write off school supplies.
Pumpkin,
I have an issue with your PBS post. The gentlemen in the article -( Browder founded and ran one of the largest investment firms in Russia, Hermitage Capital Management, from 1996-2005 )
What is “known” about Hermitage, is that they essentially were trying to corner the Russian Gold Producers market. They were trying to do with Russian gold mining what DeBeers does with South African diamond mining. So Hermitage is way from being a goody too-shoe.
What makes it worse is that he had the backing of the Clintons and the Wall Street banksters. The years of 1996-2005 where the years of biggest gangsterism corruption in Russia where the 5 Oligarchs did ran the country. It did not help that the 5 Oligarchs were jewish and that Russia, like Poland et al, has an anti-semitic streak.
The above is one of the reasons we are in this mess with Putin. We cause he really hated what Hermitage, the Clintons, and Wall Street tried to do during this period.
“Crafted in secret” Drop dead. You liberals “Crafted” the crap that stole my healthcare “in secret” and then you laughed about it with Gruber. Good for you. Enjoy your cesspool! LOLOLOLOLOL. Keep paying for overpriced teachers and cops!
Grab he put his hands on her. That is not a prank but an action.
Not pumpkin,
Agree with all you have stated. My point in sharing the article was to show how corrupt it is to do business with Russians. Trump will prob eventually go down for his business dealings with Russians. Then again, he’s president, and it’s incredibly difficult to take down someone in that position. Especially one that yells fake news whenever it fits.
The Great Pumpkin, you are clearly a liberal. Enjoy your State of NJ. Hopefully you’are a teacher or a cop — so you can fester in your filth.
I just don’t understand why you don’t have the same hate for overpriced 1%ers? Less than 1% of the population owns more than half the wealth, and you are crying about teacher and cop salaries. You are lost my friend.
Just because I can see this and you can’t, doesn’t make me a liberal.
SorryToLeave says:
November 17, 2017 at 7:14 pm
The Great Pumpkin, you are clearly a liberal. Enjoy your State of NJ. Hopefully you’are a teacher or a cop — so you can fester in your filth.
Is he a liberal? One of the greatest capitalists to ever grace this planet gets it, yet you don’t call him liberal for pointing out the same things that I do.
“The free market’s the best mechanism ever devised to put resources to their most efficient and productive use. … The government isn’t particularly good at that. But the market isn’t so good at making sure that the wealth that’s produced is being distributed fairly or wisely. Some of that wealth has to be plowed back into education, so that the next generation has a fair chance, and to maintain our infrastructure, and provide some sort of safety net for those who lose out in a market economy. And it just makes sense that those of us who’ve benefited most from the market should pay a bigger share. … When you get rid of the estate tax, you’re basically handing over command of the country’s resources to people who didn’t earn it. It’s like choosing the 2020 Olympic team by picking the children of all the winners at the 2000 Games.“—-Warren Buffet
Buffet gets it. Unfortunately, people like lefty don’t. The lefty’s of the world question why they have to give back since they made it all on their own. The govt didn’t provide anything for you except for the freaking environment to make said money.
“I happen to have a talent for allocating capital. But my ability to use that talent is completely dependent on the society I was born into. If I’d been born into a tribe of hunters, this talent of mine would be pretty worthless. I can’t run very fast. I’m not particularly strong. I’d probably end up as some wild animal’s dinner.
But I was lucky enough to be born in a time and place where society values my talent, and gave me a good education to develop that talent, and set up the laws and the financial system to let me do what I love doing — and make a lot of money doing it. The least I can do is help pay for all that.””
– Warren Buffett
“My wealth has come from a combination of living in America, some lucky genes, and compound interest. Both my children and I won what I call the ovarian lottery. (For starters, the odds against my 1930 birth taking place in the U.S. were at least 30 to 1. My being male and white also removed huge obstacles that a majority of Americans then faced.) My luck was accentuated by my living in a market system that sometimes produces distorted results, though overall it serves our country well. I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions. In short, fate’s distribution of long straws is wildly capricious.
The reaction of my family and me to our extraordinary good fortune is not guilt, but rather gratitude. Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others. That reality sets an obvious course for me and my family: Keep all we can conceivably need and distribute the rest to society, for its needs. My pledge starts us down that course.”
– Warren Buffett
Lefty,
“You didn’t build that”.
Therefore, your money is not yours, but part of the pool ‘owed’ to the efforts of these herculean public servants. Your protestations that you should keep the wealth that you personally earned is simple greed and narrow sightedness.
Look at it like this.
A. Do you want to keep every penny you earned, but have crappy roads, crappy schools, and an overall crappy society that has no where to go bud down? As less people become educated, the less productive they become. Then you get to live in a gated community, having all this money, but unable to go past the gates because your greed has created your own little gated prison.
B. Do you want to give back some to invest in the society you live in, still be rich compared to your peers, and not have to live in a gated community because the rest of society respects and values your contributions to it. Everyone is more productive due to the investments in society, and bottom line, it’s a nice place to live and the closest thing to a utopia you will get on earth.
Why do you think Brazil can’t fix their society. Their wealthy rather keep it all and live in gated positions in their country. That’s the bottom line. They created this with their greed. They chose to neglect the rest of the population so that they can have it all. Now you can’t walk down most streets if you have money. Awesome!
That’s what this tax reform is doing to our country. Taking money from a select group of our population and giving it to the rich. We are becoming more like Brazil. Countries like Sweden choose to balance their economy. Wow, is that why it’s considered one of the happiest places on earth?
Put it this way. Family vacation to Sweden or Brazil? Why?
Consider the tax on millionaires that Murphy is proposing. Critics say that it would drive millionaires out of the state. Is that such a bad thing? What happens when the big spenders are gone, and companies have to reduce prices so that the middle class, who will be the ones left buying goods, will be able to afford them? Would the price of milk come down if there was no one able to pay $5 a gallon? Or would housing and rental prices maybe come down? There is always a trade off when you do something like raising taxes. Sometimes you pay a little more here to get a lot more back over here.
Yet, the idiots crying about the high taxes don’t want a high tax on millionaires. They claim millionaires are leaving in droves because of ignorant data posted by moving companies. If the millionaires are leaving in droves, why hasn’t the housing prices dropped? The only place houses have dropped in this state are in the poorer areas (inner cities, west and south jersey).