From WHYY:
N.J. may roll back tax on Shore rentals, but details remain fuzzy
New Jersey lawmakers are moving to exempt many Shore-goers from an unpopular new tax on home rentals, but it’s still unclear when the change would take effect — and who exactly it would help.
A vocal group of renters and owners has been pushing for the change since last year, when lawmakers worked with Gov. Phil Murphy, a Democrat, to create a nearly 12% tax on short-term rentals.
The law was intended to make accommodations booked through online marketplaces such as Airbnb subject to the same taxes as hotels and motels.
But the way the “Airbnb tax” was written, it applies to all rentals lasting less than 90 days not booked through a real estate broker, including Shore properties filled with the help of yard signs, classified ads, Facebook groups or personal connections.
The Assembly voted unanimously this week to approve a measure, A-4814, that would make the tax apply only to rentals arranged through marketplaces where bookings can be offered, reserved and paid.
That would spare renters who arrange their stays directly with property owners. The change would take effect immediately upon being signed into law by the governor, according to the bill.
But Sen. Vin Gopal, a Democrat from Monmouth County sponsoring a companion bill in the upper house, said he wants to amend the measure so the exemption applies more narrowly to owners with two or fewer units and their guests.
And under his bill, the change would not take effect “until the first day of the first calendar quarter beginning at least 60 days following the date of enactment” — meaning Oct. 1 at the earliest.
…
The state has estimated it will bring in about $8 million from taxing short-term rentals this fiscal year — and about $12 million to $15 million next year. The state’s current budget is $37.4 billion.
From CNBC:
Blue-state House members try to reclaim higher SALT deductions that were cut in Trump’s tax overhaul
Congress fights with the White House over financial records. President Donald Trump rages against the first Republican to call for impeachment proceedings against him.
But for many voters in areas like the northeast New Jersey town of Bloomfield, those issues shrink behind concerns about property taxes and a high cost of living. And the state’s largely Democratic congressional delegation has fixed much of its ire on one target: the 2017 Republican tax overhaul.
Near the start of a town hall meeting earlier this month in Bloomfield, Rep. Mikie Sherrill tried to assure constituents that she is working to lift the new $10,000 limit on state and local tax deductions. The change disproportionately hit residents of high-tax blue states. She got some of her strongest applause of the day when she noted that “every single member of your New Jersey delegation is on a bill to get rid of the state and local tax deduction cap.”
“The New Jersey delegation has been adamant that this is our number one issue,” Sherrill told CNBC after the May 19 event.
Earlier this month, Sherrill and three other House members — Democrat Gil Cisneros of California and Republicans Elise Stefanik and Peter King of New York — introduced a bill to hike the state and local deduction to $12,000 for single taxpayers and $24,000 for married filers. Those levels match the standard deduction. A bill that Democratic Reps. Lauren Underwood and Sean Casten of Illinois introduced in March would more dramatically lift the cap to $15,000 and $30,000 for single and married filers, respectively.
https://www.nj.com/data/2019/05/people-from-other-states-now-own-more-than-a-third-of-the-jersey-shore-here-are-the-numbers-for-each-town.html
Is everyone sleeping or dead? I saw a fair amount of open house signs in passing this weekend. I have no way of measuring it compared to the last few years in terms of listings/sales/price. I have no idea what the market in this area is doing. I can tell you that every single house in my neighborhood is sold to families with kids. You have to drive very slowly through my neighborhood as there are bikes and kids everywhere! I would take pictures and post but then I would get arrested as a perv and I’m only a perv with women. ;)
Eddie, I see nothing but for sale signs in my hood and it seems homes are selling for at or over ask typically in less than 30 DOM if they are less than a million, over a million seems to sit for 60-90 days and then sell relatively close to ask. After the initial success in April and May it seems people saw the sales for over ask and see this as a good time to get out. In suburban Essex the lack of deductibility of the property taxes is a big deal, I don’t think there is a home in my hood with less than 17k in property taxes and the average is probably closer to 22k.
Pumps how many out of staters are “FL” residents or other no/low state tax retirees. My Mom and at least a few of her friends have the same setup. Also in Cape May and Atlantic county you draw a huge PA/philly crowd, also strangely enough for DE, MD, and DC. The Jersey shore is preferred by people with the big bucks to the Delmarva coast. Lets face in Avalon, Stone Harbor, Cape May, and Longport are quite a bit more upscale then Fenwick or OC and the beaches are better for some reason. Also the shore communities are the only place in NJ property taxes aren’t out of control and it’s because they have little to no year round population with kids in schools.
The North Jersey market is far from hot from my perspective. What I am seeing is prices softening in most areas except in entry level priced homes. The top third of the price structure is suffering and holding back the rest of the market. The value spread between large, high tax homes and more modest homes is slowly narrowing. The cost difference is now being paid quarterly to the government.
Had occasion recently to research homes in Englewood Cliffs. Currently 66 homes on the market. Only 12 closed so far this year. Only one sale over $2,000,000. What is disturbing about this is Englewood Cliffs is close to NYC and has low taxes relative to surrounding communities.
The luxury home market is suffering badly!
30 year I am not surprised. I don’t comment too much on this. As I know it’s very emotional for some people. I see houses in my blue ribbon town with asking prices at or below 2004/05 prices. And they are sitting. Of course you are in the business and see much more than I could ever see. But prepare for someone to come along and tell you are wrong. I mean what do you know after being in the business for 30 years.
30 yr, essex suburbs seem to be showing signs of life at certain price points. High end seems really soft, if you have 1.5m to go buy a house you have options an will get good bang for the buck. Middle class level 400-600k you get nothing, 600-900k seems to be moving briskly, 900k-1.3m seems to take time and only really good properties are selling, above that good luck. Essex county train towns seem to be holding up better than Bergen and Morris County.
High end struggling in my usually hot blue ribbon midtown direct town.
I mentioned a year ago a property I would consider a ‘bellwether’ for the high end…turn of (last) century home, totally redone, ground up. House I would take if I were moving here long term, know it well, fantastic structure, location, and property. Took another reduction, now post commissions will be a round trip back to original price 15+ years ago…when it was purchased in dilapidated condition, before every renovation and upgrade imaginable, $150k kitchen (2000ish cost), landscaping, new additional wing, etc.
Another one, similar location and profile, $100k price cut since listing a month ago.
These are sub-$2m listings, in a neighborhood that regularly traded in the 2s.
A lot of those reductions going around…popped up zillow, the $1.5-1.8m market that used to be in fairly good shape all look to have reduction(s) of $50k-150k or more recently, for better properties than what traded at these levels a year ago.
House across the street from me has been priced at the going price for homes last summer. 3 sales have fallen through on Mortgage approval issues. Not a good sign. Perhaps prices have hit a threshold to obtain a Fannie approved mortgage.
I have fully renovated properties listed in Bergen, Passaic, Essex, Morris and Hunterdon that are priced at or below comparable sales from the last 18 months. Few showing requests. Reducing prices every 3 weeks.
Areas which appear to be hot are where prices have dropped sufficiently that offer and ask are meeting for the first time in a long time.
Meanwhile the investor market is hot as a pistol. Prices for distressed properties are up do to intense competition. Huge amounts of investor money looking for opportunity. Trouble is the end value of the renovated product is dropping while the purchase price of the distressed property is rising. Bad recipe. Hard to find any good opportunities.
The high-end market is rough. Two million dollars is rough, how many people can afford that? The cities took a lot of that market.
Imo, too much money chased the high-end market. All the investments in the housing market seemed to cater to the lowest population in the market with the most money. Now it’s overbuilt and will take time to lower those inventories. This is what happens when developers don’t want to chase tiny profit from lower and middle-class development(the only lower or middle-class units they build are high density pos rental buildings, and how many towns want that), and instead, focused all on the high end. Only so many people can afford a million plus home.
So the result in the market…the much smaller home becomes that much more expensive due to the immense competition at that price level and the limited supply. So the price per sq ft at the lower and mid tiers goes up while the price per sq ft at the high end goes down. The market is going to work finding equilibrium in pricing.
30 year realtor says:
May 28, 2019 at 10:41 am
Had occasion recently to research homes in Englewood Cliffs. Currently 66 homes on the market. Only 12 closed so far this year. Only one sale over $2,000,000. What is disturbing about this is Englewood Cliffs is close to NYC and has low taxes relative to surrounding communities.
The luxury home market is suffering badly!
I am familiar with a house on the market in a town next to me not blue ribbony but fairly good schools. Sold in 2006 for 750k asking 725k now , 13’years later; taxes 17k
The house catty-corner to mine has been vacant & on the market for 2 years now. Price has only dropped $50k. Nicest house on the block. Problem is, the owner tried to scam her way out of paying the oil tank remediation, after getting the check from her insurance company. She finally had all the work done, and it was a massive project. But still chasing the market downward, on the highest priced house in the neighborhood.
This isn’t a blue-ribbony tony Norf JerZ leafy suburb though…609’er.
2018 local population data released by Census.
In 2018, Jersey City population grew the most. Parsippany and Wayne were biggest shrinkers.
Hoboken a top 10 shrinker. First decline in decades.
Isn’t it just removal of even more families….. the only place left for the old guard is the Section 8, no?
Yo! says:
May 28, 2019 at 12:35 pm
Hoboken a top 10 shrinker. First decline in decades.
Ironic don’t you think? The builders ignore the bottom of the market, focus only on the top, and the result is value pricing for the rich and expensive housing for the poor and the middle class. They oversupplied the wrong side of the market, but chasing profit will do that to you.
In the end, this is how capitalism is supposed to work. The biggest demographic population in our market were the boomers, and they were also the richest who happened to be in their prime spending years. It’s only natural that the high-end market became the focus of investor capital.
That time has passed. A new, larger demographic population has taken over the market (millennials) and the focus has now shifted to their needs for cheaper housing that they can afford. This is why so much movement in the 400-600k market. They have already passed the rental market (a good amount of millennials are now moving from renting into homeowning as they start their families, so the rental market is finished with the impact of millennials, it has peaked). So you are witnessing demographic cycles and capitalism go to work on the housing market.
Within 10-15 years, the focus will again return to the high end, just give it time for the demographic cycles to play out in the economy. You just have to wait till most of the millennials are in their 40s and 50s. No one is just going to ignore the high end market, but right now they just can’t afford it, and there is no other group large enough with enough money to support/replace the boomer’s position in the housing market. So there will be blood at the high end, but it won’t last forever, and it will be a pure buying opportunity.
You want to know where the blood bath in high end will take place? Look at where all the boomer’s took their money and started buying high end housing? Yes, in retirement locations that don’t have jobs to support the price of rich retiree pricing. They will be dead when they go to sell and the market of rich boomer retirees dries the f’k up.
“So the result in the market…the much smaller home becomes that much more expensive due to the immense competition at that price level and the limited supply. So the price per sq ft at the lower and mid tiers goes up while the price per sq ft at the high end goes down. The market is going to work finding equilibrium in pricing.”
Demographics at play. Boomers in Wayne and Parsippany are not moving out and being replaced by families. Unfortunately, these retirees are in that sweet spot where they can actually retire in nj. They don’t have outrageously big homes and they have enough money to survive retirement in nj. They also have a lot of family in the area, so have no intentions of moving to a retirement community in the south.
My two cents on the issue.
“In 2018, Jersey City population grew the most. Parsippany and Wayne were biggest shrinkers.”
Pro Ping Pongers will soon be flocking back to Wayne. It’s a fast sport, so they’ll be looking for highway houses.
In 2018, Jersey City population grew the most. Parsippany and Wayne were biggest shrinkers.
Nimfy – you should modernize your vernacular.
My
two cents$50* on the issue.*how much you pay in Wayne property taxes each calendar day.
Plus with the draw of Chengdu 23 in Wayne! Ping Pong and Peking duck Panckakes are a lethal combination.
ping pong and peeking duck, just add some TsingTao and it sounds like a party….
I guess you can just go door to door in a certain town and have the boomers say they are all set to retire there and that’s why the population is declining. It only works in one town though.
The company from Sweden doesn’t even want anything to do with it anymore(so much for that lame line that firms from other countries could get it done cheaper). Now you know why Jersey is so expensive when it comes to infrastructure construction? Now, these so-called “cheap” locations will suffer the same fate as they grow like NJ once did.
I told you this would happen…keeping thinking nj govt was to blame for the costs that come with dense urban living. It’s capitalism/econ 101….
“The Interstate Is Crumbling. Try Fixing the Section Used by 200,000 Vehicles a Day.
Crews reconstructing I-4 through Orlando must contend with traffic, sinkholes, residences. Price to redo 21 miles: $2.3 billion”
“The Orlando highway makeover has resulted in hundreds of damage claims from drivers and property owners, including some who were flooded when a retention pond burst. Four workers have been killed on the project, an atypical toll according to one analyst. The lead contractor, from Sweden, has said it doesn’t plan to tackle a project of this kind in the U.S. again.
The I-4 Ultimate exemplifies, in extreme form, the challenges facing urban areas across the country as the U.S. interstate highway system hits the half-century mark.”
https://www.wsj.com/articles/the-interstate-is-crumbling-try-fixing-the-section-used-by-200-000-vehicles-a-day-11559056024?mod=hp_lead_pos5
Wayne and Parsippany boomers have the money to stay in nj. They are not ultra rich, hence, don’t have the money to go snowbirding through retirement.
Did you look at the population drop? Wayne and Parsipanny both lost a 1,ooo residents. What do you think this is from? The houses are not vacant, so I would assume it’s their kids moving while they stay behind.
With wayne, you also have to take into effect how many homes were eliminated through the flood buyouts.
So be very careful drawing conclusions that people are not moving to wayne from the population change.
3b says:
May 28, 2019 at 1:56 pm
I guess you can just go door to door in a certain town and have the boomers say they are all set to retire there and that’s why the population is declining. It only works in one town though.
NJ turnpike widening from exit 6 to 9. 35 miles. 2.5 billion. Significantly less overpa$$es. Not exactly the most densely populated part of the state. Unless by density, you are referring to warehouses instead of rowhouses.
Back to ignoring the village idiot.
Hoboken a top 10 shrinker. First decline in decades.
They word must have finally got out that the town is overrated and overpriced.
I assume prices are around the same level for the last decade or better. I think the increase in property taxes and the bust is going to keep it this way for a while. I do see these houses moving, though. There’s one priced around 7 digits in ask and has been there for a while but the others in that middle range seem to move quickly and every one sold has young kids.
Oooh, Oooh!! Peking Duck Pancakes…in a spray can?
Plus with the draw of Chengdu 23 in Wayne! Ping Pong and Peking duck Panckakes are a lethal combination.
Neighbor selling his home and moving to the Carolinas. His new home is almost built and he is looking at his taxes going from $1400 a month to $200 plus whatever he makes on the sale. An extra $1200 goes a long way in your monthly budget to buy lots of big boy toys. He is not into nyc/arts scene so the country woods and hunting fit his lifestyle. Spends most of his time searching craigslist and driving the usa buying boats trucks trailers fixing them up and having fun. A mechanically inclined means he was able to retire at 55 without his Euro cars repairs draining his bank account.
My only concern for him will be where is he going to keep all this stuff in a gated community. A new 3 car garage can only hold so much.
I got a ninety-nine Civic with an 096
White Castle boxes, empty Coke on the floor
She’s waiting tonight down in the parking lot
Outside the Chengdu 23 Chink store
Me and my partner Nimfy bought it with a big scratch
And we ride from Wayne to Clifton town
We never leave Passaic County, got no strings attached
We buy Slurpees then we pound ’em down
Tonight, tonight Colfax Road is just right
I want those Ping Pong Chinks right off of my street
Summer’s here and the time is right
For racin’ in the street
I’ve visited Chengdu several times, so if I was ordering at Chengdu 23 (the menu looks pretty authentic), here’s what I’d get:
appetizers:
Ox Tongue & tripe w/ roasted chili peanut vinaigrette
sichuan pork dumplings w/roasted chilip vinaigrette
Mains:
triple pepper chicken
spicy braised beef & romaine hearts in sichuan roasted chili sauce
tea smoked bacon sauteed with garlic leeks
enjoy
My post below…nails it.
“A Growing Problem in Real Estate: Too Many Too Big Houses
Large, high-end homes across the Sunbelt are sitting on the market, enduring deep price cuts to sell.
That is a far different picture than 15 years ago, when retirees were rushing to build elaborate, five or six-bedroom houses in warm climates, fueled in part by the easy credit of the real estate boom. Many baby boomers poured millions into these spacious homes, planning to live out their golden years in houses with all the bells and whistles.”
https://www.wsj.com/articles/a-growing-problem-in-real-estate-too-many-too-big-houses-11553181782?emailToken=1b9595e377accd6e1478df23b2e7b5a9VmYEkKmN/SrkirfKmZ7ny6iU1E4RxDhe4jTnCheTRSwIZBuoTrztkJaggDHcNUrjvqNoE0QOpYdoDfUFOXTcSVsnRCwLM1IORoKaIBRHX2NoLg4ZLuPu1jcOAlk602WQ&reflink=article_copyURL_share
“You want to know where the blood bath in high end will take place? Look at where all the boomer’s took their money and started buying high end housing? Yes, in retirement locations that don’t have jobs to support the price of rich retiree pricing. They will be dead when they go to sell and the market of rich boomer retirees dries the f’k up.”
It’s scary how fast you can get killed in capitalism by being a lemming. You want to save your money, then don’t go chasing what everyone is doing. Guaranteed way to get killed by capitalism every single time. Giant herd artificially drives up the price of something in capitalism, and before you know it, the value is all gone as the herd has moved onto the next value. Now do this over and over, and you have capitalism. People that understand herd mentality get rich, others that don’t, suffer the fate of the lemmings.
Not being fair, and you know it.
Give you an example. Where would it be cheaper for you to build a house; nj or Texas/Florida? Now why? Now apply the same economics to infrastructure and you have your answer to why it is so much more expensive in nj. It’s easy to say that “other people” should be working for less to help lower costs in this high cost of living state, but are you going to start taking less pay to help lower the costs for everyone else? Hell no, and neither is anyone else, it’s economics at play in the cost of everything in nj.
Libturd, seen crazy things done with ping pong balls. says:
May 28, 2019 at 2:07 pm
NJ turnpike widening from exit 6 to 9. 35 miles. 2.5 billion. Significantly less overpa$$es. Not exactly the most densely populated part of the state. Unless by density, you are referring to warehouses instead of rowhouses.
Back to ignoring the village idiot.
Chengdu 23 is tops. Their Sunday dim sum is kick ass.
What about that joint in Denville?
Govt can only control the min wage. High costs are the result of market dynamics engrained in capitalism and nothing else. A govt can’t make an area cheap, nor expensive. Only the market is responsible for that. That’s the bottom line. Anyone stating otherwise is lying to themselves and you.
So take nj’s lefty state govt and switch it with Florida’s and guess what the result will be….high costs either way. Lower the taxes and regulation, and you will still be paying the high cost one way or the other because the market says so.
Taxes are not held by the govt, but by the economy. The reason these high populated areas have high taxes is because there is a lot more to take care of. So lower the taxes, but still have to pay the costs somehow…no way to escape the cost…impossible.
So can pay collectively through a tax or pay individually through a price, but make no doubt about it, taxes do not make a location a high or low cost area. The market and its participants determine whether an area is low cost or high cost. Get a lot of high earners in a small location and watch that market become high cost. It’s as simple as that.
Jesus fcuking christ, is he really commenting on his own comments, multiple times, now?
Will someone please just jump the sidewalk at 50mph and take him out finally.
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Chengdu is much more Authentic than Hunan Taste in Denville, which is probably the best example of the Americanized Chinese restaurant concept. Chengdu is lazy Susan sitting in middle of large table with specials printed and taped to wall of lobby. Clientele is ALWAYS at least half Asian speaking. Hunan Taste is fried noodles and duck sauce before you order joint. With only Asians serving the food. Still. For those who like Beef with Broccoli, they do a heck of a job in both taste and presentation.
As for best dishes (IMO) at Chengdu:
Sichuan Pork Dumplings w/ Roasted Chili Vinaigrette
Shrimp Toast (best I’ve ever had though I don’t think authentic)
Spicy Cumin Lamb
Tasty Flounder Filets
Golden Egpplant (one of the most unique dishes you will ever have)
Crispy Tofu and Broccoli
Triple Pepper Chicken
For those who never had the Chinese numbing spice (which is found mainly in unique Sichuan peppers grown in certain regions in China and hard to get hear in America) . The eggplant and chicken dishes both here are examples of it’s use. Most of the other authentic dishes there are more Sichuan hot pepper oil based and will send you home with a burn in your belly that will last longer than the burn in your mouth. The tummy burn will dissipate only long enough until you pass this stuff out your backside, for which the burn will return for a fiery second encore. It’s worth the drive. Very different than the usual Cantonese offerings of the local takeout.
Libturd,
So right about authentic sichuan food. Getting both the hot and numbing on certain dishes is proof of authenticity. And yes, about 12 hours the best dishes are pretty much guaranteed to create burning diarrhea. I bring a full pack of Immodium whenever I visit Chengdu for this reason. No pain, no gain.
There are a few key things to understand- some dishes will have bones in them that need to be avoided. Also, the dried red peppers aren’t intended to be eaten. (But some dishes have enough pepper flakes in them that you will ingest them anyway.)
I’d go to a place like that if it was near, but the closest authentic Chengdu restaurant for me is China Chalet in Florham Park which has a similar menu, and the head chef treats us very well since my wife comes from his hometown.
test
Case-Shiller released today for March 2019:
-nationwide, home prices increased 3.7%, year-over-year
-the year-over-year pace in February 2019 was 4.0%, so price appreciation is slowing
-New York, home prices increased 2.3% year-over-year
-New York, home down 0.098% month-over-month
https://www.housingwire.com/articles/49139-case-shiller-despite-economic-growth-home-price-gains-continue-to-lag
https://fred.stlouisfed.org/series/NYXRNSA
“Measures of income also don’t account for rapidly increasing consumption. Our contributors Phil Gramm and John Early recently explained how govern-ment metrics don’t account for rising living standards, from houses that are enormous by historical standards to innovation in cars. Americans now expect annual vacations or entertainment that not long ago were available only to the affluent. The uncomfort-able truth may be that the “two-income trap” is more about maintaining a certain high living standard than it is access to a decent life in America.”
https://www.wsj.com/articles/americas-millennial-baby-bust-11559086198?emailToken=993c34575128d066211fee1025626dc9KJImEAl5a2M4xLhm2swaVFN2M161Pryoqt7j1WGTvbtI7/cqrCkyBL8x6F2qNMDSZ4kiP6A0fJtnNGOxP3BP1A%3D%3D&reflink=article_copyURL_share
Most important information in that article.
“At the currently lower pace of home price increases, prices are rising almost twice as fast as inflation: in the last 12 months, the S&P Corelogic Case-Shiller National Index is up 3.7%, double the 1.9% inflation rate,” Blitzer continued. “Measured in real, inflation-adjusted terms, home prices today are rising at a 1.8% annual rate. This compares to a 1.2% real annual price increases in housing since 1975.”
crushednjmillenial says:
May 28, 2019 at 7:40 pm
Case-Shiller released today for March 2019:
-nationwide, home prices increased 3.7%, year-over-year
-the year-over-year pace in February 2019 was 4.0%, so price appreciation is slowing
-New York, home prices increased 2.3% year-over-year
-New York, home down 0.098% month-over-month
https://www.housingwire.com/articles/49139-case-shiller-despite-economic-growth-home-price-gains-continue-to-lag
True story
“An under-appreciated reality is how middle-income parenting has become far more time-intensive with parents spending twice as much time with kids as 50 years ago by one estimate. Economist Bryan Caplan has written that parents are “overcharging” themselves for each child, exhaust-ing themselves on a merry-go-round of activities, which makes parents unwilling to have more.”
https://www.wsj.com/articles/americas-millennial-baby-bust-11559086198?emailToken=b6de302c99e043adbc69cee1ff26484fTo8KU73PxjMqzlvTNTf29/y1In5cNaNxh++SlZvfBb8udGmYMpITcB44CASL7upXu4usZhNr2bUNqMLFeE9Egg%3D%3D&reflink=article_copyURL_share
Nimfy – Remember the good old days when your Dad never spent any time with you? He was either selling drugs, doing drugs, or imprisoned for doing either or both. At least now you have time to spend time together…in Poland.t
“The actual effect of lower taxes on the rich, he argues, isn’t to stimulate the economy but to further enrich the rich and further incentivize greed. In his analysis, when the wealthy get tax breaks, they focus less on reinvesting in businesses and more on hiring lobbyists, making campaign donations, and pursuing acquisitions that eliminate competitors. Chief executive officers, for their part, gain additional motivation to boost their own pay. “Once you’ve created a successful business and the wealth is established and you own billions of dollars, then what these people spend their time doing is trying to defend that position,” Zucman says.”
https://apple.news/AtAwci3qBSC-ItRyFlLHDDg
“Zucman says the response to inequality must be aggressive because wealth is self-reinforcing. The rich can always earn more, save more, and then spend more than everyone else to get their way. He considers Trump’s 2017 tax law—which slashed rates on corporations, created a new deduction for business owners, and made the estate tax even easier to avoid—to be a textbook example. After decades of rising inequality and policies favorable to the top 0.1%, the U.S. delivered the rich a boatload of new goodies. “It’s hard not to interpret that as a form of political capture,” Zucman says.”
“He warned everyone that if the trends continue, their future could resemble the distant past.
In the slow-growing, hierarchical societies leading up to the 20th century, he said, the most important factor determining your economic prospects was the class into which you were born; from Italy to India, the poor stayed poor and the rich stayed rich. By the mid-20th century, though, the most crucial factor was the country of your birth. In the U.S. and Western Europe, rags-to-riches stories became common, if not routine. Maybe, Zucman warned, the 20th century was an egalitarian anomaly and inherited wealth would again dominate. The question, he said, is “how to have a meritocratic society when so much of wealth comes from the past.””
Mr Chu – Rt 10 in East Hanover.
Order off the Asian menu, not the American menu.
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