New Jersey Democrats Saying Taxes Are Already High On The Rich

#1
Rasputin_Vol

Rasputin_Vol

"Slava Ukraina"
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#1
N.J. approaches a government shutdown as Democrats feud over tax on millionaires - The Washington Post

Unlike shutdowns of the federal government over partisan fights between the political parties in Congress, the fight in new Jersey pits Democrats against each other.

Gov. Phil Murphy (D) has demanded that the state adopt a tax on millionaires, asking the state's wealthiest to pay an additional $765 million a year to replenish state coffers and fund some of his spending programs. But Democrats in the state legislature have balked at enacting the hike, saying taxes on rich people in the state are already too high. They have also rebuffed Murphy's request to raise the sales tax as part of the budget deal.
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#3
#3
SpaceCoastVol said:
The 'rich' must be leaving... see Detroit
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People are selling houses for insane amounts, over here on the Sun Coast, to NJ/NY "refuges"......they have such a warped sense of property values coming from up there and no state income taxes......our agent told us that when we are ready to sell, don't put it on the market through MLS, they have a NY "network" for selling to them......
 
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#4
#4
T-TownVol said:
People are selling houses for insane amounts, over here on the Sun Coast, to NJ/NY "refuges"......they have such a warped sense of property values coming from up there and no state income taxes......our agent told us that when we are ready to sell, don't put it on the market through MLS, they have a NY "network" for selling to them......
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Damn Yankees.
 
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#6
#6
T-TownVol said:
People are selling houses for insane amounts, over here on the Sun Coast, to NJ/NY "refuges"......they have such a warped sense of property values coming from up there and no state income taxes......our agent told us that when we are ready to sell, don't put it on the market through MLS, they have a NY "network" for selling to them......
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I flew some time back with a guy that lived in NJ, and from what I remember him telling me that his tax bill every year was more than what my mortgage was. It is insane.
 
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#9
#9
T-TownVol said:
People are selling houses for insane amounts, over here on the Sun Coast, to NJ/NY "refuges"......they have such a warped sense of property values coming from up there and no state income taxes......our agent told us that when we are ready to sell, don't put it on the market through MLS, they have a NY "network" for selling to them......
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Same thing in north Dallas suburbs. People coming in and way over paying on already expensive prime real estates. My property taxes are going up 10% a year which is the legal maximum. They keep track of the loss so even after it flattened out my taxes will rise more for a year or two. Ridiculous.
 
#10
#10
I remember in about 1980 my neighbors moved into a house across the street and moved from Chicago. Got probably 3-4 times the house and lived in probably the best house in hood, which was pretty high scale. They drove a Pacer "bubblemobile" and a Gremlin or Pacer (iirc). My friend had a Karman Ghia that he was restoring.
 
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#11
#11
T-TownVol said:
People are selling houses for insane amounts, over here on the Sun Coast, to NJ/NY "refuges"......they have such a warped sense of property values coming from up there and no state income taxes......our agent told us that when we are ready to sell, don't put it on the market through MLS, they have a NY "network" for selling to them......
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Can we enforce a law that will prohibit them from voting? They can't stand the way NY/NJ are ran but I promise you'll hear, "Back in Jersey, here's how we did it" a million times.

Kindly remind them I-95 has North bound lanes, as well.
 
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#12
#12
SpaceCoastVol said:
I flew some time back with a guy that lived in NJ, and from what I remember him telling me that his tax bill every year was more than what my mortgage was. It is insane.
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When I left New England my property tax per month had finally passed my monthly mortgage payment. +/- $7k a year for a small ranch on 3/4 acre, not counting the various other local taxes.
 
#13
#13
SpaceCoastVol said:
I flew some time back with a guy that lived in NJ, and from what I remember him telling me that his tax bill every year was more than what my mortgage was. It is insane.
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Well that isn't unusual even here in Tennessee. I'm paying about $1200 city/county property taxes and my mortgage is not much more than that.

What is normal up north in places like Ohio, PA, etc is multiple times of my mortgage payment being sent to the state in property taxes. $5-10k tax bills are not uncommon.
 
#14
#14
Boca Vol said:
Can we enforce a law that will prohibit them from voting? They can't stand the way NY/NJ are ran but I promise you'll hear, "Back in Jersey, here's how we did it" a million times.

Kindly remind them I-95 has North bound lanes, as well.
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I concur.....they need to vote absentee up there.....
 
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#16
#16
Orangeslice13 said:
I have a cousin who has moved from Jersey and one who still lives on Long Island. They are in “we need a change in leadership” mode. Not “this is how we did it” mode. They think like I do. Just more moderate Dems abandoning ship.
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I wish we could say the same about most that move down here.....by the way.....is "they think like I do" a GOOD thing???????????????????????
 
#18
#18
Rasputin_Vol said:
Well that isn't unusual even here in Tennessee. I'm paying about $1200 city/county property taxes and my mortgage is not much more than that.

What is normal up north in places like Ohio, PA, etc is multiple times of my mortgage payment being sent to the state in property taxes. $5-10k tax bills are not uncommon.
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You are comparing monthly mortgage payments with yearly tax bills.
 
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#20
#20
The State Of New Jersey Just Signed Its Own Death Warrant | Zero Hedge

According to the New Jersey Business and Industry Association, the State of New Jersey lost a whopping 2 million residents between 2005 and 2014, earning a combined $18 billion in net adjusted gross income, i.e. income that would have been taxed by the state.

So it’s not just the masters of the universe that are tired of paying sky-high taxes. It’s also the regular wage earner and small business owner.

60% of these folks went to Florida, with a state income tax of zero.

So the message from New Jersey’s residents (well, now former residents) is pretty clear: taxes are too high.

Now, what do you think New Jersey is doing to solve this problem?

Instead of making the state friendlier to productive people and businesses, New Jersey decided to RAISE taxes on the sad saps that remain within its borders (for now).

New Jersey tax residents making more than $5 million will now pay 10.75%, up from 8.97%.

And the corporate rate on businesses with more than $1 million in net income increased from 9% to 11.5%.

(Proportionally, that’s a potentially 27% increase in the amount of tax a business might pay.)

The tax hike will give Jersey the fourth-highest marginal income tax rate on individuals and the second highest corporate rate after Iowa.

It’s the exact opposite of what New Jersey should have done.
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WTF is Iowa doing being in the same tax conversation as NJ?
 
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#21
#21
#23
#23
Rasputin_Vol said:
I guess that's the question. Do they want any corporations to move there? Is the tax intended to be a deterrent?
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It may have that unintentional effect. My company gets around it (so to speak) by using a metric butt-ton of non-profit group help. Kind of our way of telling the State to GFY since they can't tax the earnings.

On the other hand, it could just have a really sucky department of commerce like other States where they don't actively pursue new business and try to rely on a single source of income or two. Take Oklahoma for example that tries to rely on two sources of income: the Government (the Fed is the largest employer in the State followed by various state departments) and the energy industry. Somehow not realizing one of the two has it's ups and downs which in turn reduces income. Plenty of opportunity for OK to step up into smaller companies (or larger) and get things done. Service/retail industry notwithstanding of course.

https://okcommerce.gov/wp-content/uploads/2018/02/Oklahoma-Largest-Employers-List.pdf

Anyway, the taxes (both sales and income) in this state suck. Furthermore, OK has the largest amount of toll roads in the nation (different subject, different time), further hampering transportation nets that could be beneficial to industry. Hopefully, that changes real soon like.
 
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#24
#24
Meanwhile in California...

California Millionaires Flee State After Tax Hike | Zero Hedge

California lost an estimated 138 high income individuals due to the passage of the Proposition 30 - a tax hike pushed by Gov. Jerry Brown (D) and approved by voters in 2012, according to new research from Stanford University and members of the California Franchise Tax Board.

The measure raised taxes on the state's highest earners by 8% - increasing it one percentage point to 13.3%, leaving California top-earners with the highest state income tax rate in the country. It also hiked the tax rate on income between $300,000 and $500,000 by 2%, while raising the tax rate on income over $500,000 by 3%.

Using California Franchise Tax Board data, the study led by Charles Varner, associate director of the Stanford Center on Poverty and Inequality, examined taxpayers who were and were not affected by the Prop. 30 tax hike, and found that in the two years before the increase was imposed (2011 and 2012) net in-migration for both groups "was positive and roughly consistent." After the tax increases, however, net in-migration fell for households hit with a tax increase of 0.5% or more - with the greatest reduction coming from households saddled with the highest effective tax rate.
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Center on Poverty and Inequality???
 
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