OT: NJ taxes

[RU_87]

NJ raising millionaire tax for those making over $1M per year to 10.75%. It’s expected to bring in $390M. The plan is to use it to give $500 rebate checks to every family (with at least 1 child) that makes less than $150k/yr. That leaves ~$40M. They’re taking that money to then “fund ‘what folks want’ - school funding, health care and housing”. (My speculation:) It’s not clear but I understand that the state was trying raise such funding to pay for free education, etc. for (illegal?) immigrants, etc.

It won’t affect or help me either way but in my opinion it’s not a good use for the new tax revenue, esp when they now need to raise money for all the other issues this didn’t resolve due to COVID, etc.

What do others here think about this?

 

[Plum Street]

I have an opinion . But I think this is politics and doesn’t belong here . We will see .

 

[RU_87]

Not meant to be political, as I could care less on party politics. The intent was to try to get an understanding of what others think about the state financials and priorities. Personally, I don't mind the tax, but I think the rebate checks should be larger but to a smaller less financially well-off grouping. Is $500 really going to make a difference to a family making 100-150k? I'd prefer to see that the distribution be something like $1500 to families making less than $30k. I can really see those families needing it the most...anything that remains to then cover other state shortfalls.

 

[chrisru99]

This thread will go to shit in 3,2,1,

 

[ru109]

In before the lock.

 

[Mr_Twister]

Let’s spend more on public schools. You’re kidding, right?

 

[RU88]

NJ raising millionaire tax for those making over $1M per year to 10.75%. It’s expected to bring in $390M. The plan is to use it to give $500 rebate checks to every family (with at least 1 child) that makes less than $150k/yr. That leaves ~$40M. They’re taking that money to then “fund ‘what folks want’ - school funding, health care and housing”. (My speculation:) It’s not clear but I understand that the state was trying raise such funding to pay for free education, etc. for (illegal?) immigrants, etc.

It won’t affect or help me either way but in my opinion it’s not a good use for the new tax revenue, esp when they now need to raise money for all the other issues this didn’t resolve due to COVID, etc.

What do others here think about this?

I’m sure Florida will welcome the millionaires.

 

[wheezer]

the need for the off topic board is more obvious every day

 

[MADHAT1]

 

[T2Kplus10]

I’m sure Florida will welcome the millionaires.

+1
FL is full of NJ millionaires.

 

[Knight Shift]

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[T2Kplus10]

Not meant to be political, as I could care less on party politics. The intent was to try to get an understanding of what others think about the state financials and priorities. Personally, I don't mind the tax, but I think the rebate checks should be larger but to a smaller less financially well-off grouping. Is $500 really going to make a difference to a family making 100-150k? I'd prefer to see that the distribution be something like $1500 to families making less than $30k. I can really see those families needing it the most...anything that remains to then cover other state shortfalls.

+1
Regardless of your party or political POV, I think we all can agree that this is a moronic idea. It improves nothing and just pushes more folks to leave the state.

 

[anon_ivydyf0amkzay]

tax and spend...it used to be a good mock against liberals but even conservatives are addicted to it...
Many of those super rich will find tax havens or new homes...in the end the thirst for more tax revenue will come at the expense of the ok-to-do!

Oh...and IN! 🕺🏼

 

[bigmatt718]

+1
Regarding of your party or political POV, I think we all can agree that this is a moronic idea. It improves nothing and just pushes more folks to leave the state.

The longer Murphy is in office, the more I think the guy is just a complete imbecile and in over his head. Millionaires will leave for FL or the Carolinas and think nothing of it. The rich doesn't pay taxes in this country...too many loopholes.

 

[MADHAT1]

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[Phi_1055]

U.S. states with highest ratio of millionaire households 2020 | Statista

This statistic presents the American states with highest ratio of millionaire households per capita in 2020.

www.statista.com

Anybody want to guess which state is number one in millionaires per capita? Hint: it’s the one some blowhards want you to believe is the state that all the millionaires are fleeing.

 

[mdk01]

NJ raising millionaire tax for those making over $1M per year to 10.75%. It’s expected to bring in $390M. The plan is to use it to give $500 rebate checks to every family (with at least 1 child) that makes less than $150k/yr. That leaves ~$40M. They’re taking that money to then “fund ‘what folks want’ - school funding, health care and housing”. (My speculation:) It’s not clear but I understand that the state was trying raise such funding to pay for free education, etc. for (illegal?) immigrants, etc.

It won’t affect or help me either way but in my opinion it’s not a good use for the new tax revenue, esp when they now need to raise money for all the other issues this didn’t resolve due to COVID, etc.

What do others here think about this?

1. With everyone pointing to the underfunded retirement plans (when it's convenient) the money is going to families making 100-150k per year? And don't point to the Washington FICA deferral. It's a deferral, and both Pelosi and McConnell oppose even the thought of forgiving it, and actually opposed the deferral. Funny how this was proposed 6 weeks before an election.

2. https://www.cnbc.com/2016/04/06/billionaire-to-save-hundreds-of-millions-from-florida-move.html. And the author made a mistake. As I'm sure you all know, NJ doesn't allow a deduction for charitable donations. Also, not mentioned in the article, mortgage interest. Keep that in mind when comparing tax rates to other states. Point is that you CAN drive people out of the state and it WILL make an impact on the budget.

 

[RUHouston]

That's why I live in Texas...no one is getting their hands on THIS trust fund baby's money![roll]

 

[goru1869]

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Greatness

 

[T2Kplus10]

The longer Murphy is in office, the more I think the guy is just a complete imbecile and in over his head. Millionaires will leave for FL or the Carolinas and think nothing of it. The rich doesn't pay taxes in this country...too many loopholes.

Truth.
The rich move as needed.

 

[goru1869]

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Greatness

 

[goru1869]

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Greatness

 

[ru66]

move to nyc --they have not made the decision to raise taxes and cuomo is against it

 

[mdk01]

move to nyc --they have not made the decision to raise taxes and cuomo is against it

NYC? No. You have the city income tax. Rockland, Westchester, Nassau, Suffolk? Not only would the rates be lower but no matter how high your income is you can deduct a minimum of 50% of your charitable deductions. And when a family gives millions that makes a difference.

 

[RU Diesel07110]

U.S. states with highest ratio of millionaire households 2020 | Statista

This statistic presents the American states with highest ratio of millionaire households per capita in 2020.

www.statista.com

Anybody want to guess which state is number one in millionaires per capita? Hint: it’s the one some blowhards want you to believe is the state that all the millionaires are fleeing.

The tax is on ppl earning 1 mil, not ppl with 1 mil in assets.

 

[mdk01]

The tax is on ppl earning 1 mil, not ppl with 1 mil in assets.

Great point!!! That survey is net worth not income.

 

[Extra Point]

I like that Murphy supports RU football, but he has to go. They invent a new expense so they have to put another tax in place. Why do people making 150K need 500 dollars for their kid? Because they bought an expensive car and phone and can't afford to feed their kid?

 

[rutgersdave]

People making over $5 million a year are already taxes at 10.75%. They are raising the tax for the $1 million to $5 million income by an additional 1.78%. The state figures you’re not going to move out of state for $17,800 more taxes.

 

[rutgersdave]

I like that Murphy supports RU football, but he has to go. They invent a new expense so they have to put another tax in place. Why do people making 150K need 500 dollars for their kid? Because they bought an expensive car and phone and can't afford to feed their kid?

People on the board say that $150k income is not a lot.

 

[Knight Shift]

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[RUJohnny]

I'll tell you what I think. I think when that $500 check shows up in my mailbox, I'm going to sign it over to the first millionaire earner I find, take a vid of me doing it, tweet it at the gov with the caption "keep your filthy wealth redistribution" and hope it goes viral and helps get this corny socialist out.

 

[mdk01]

People making over $5 million a year are already taxes at 10.75%. They are raising the tax for the $1 million to $5 million income by an additional 1.78%. The state figures you’re not going to move out of state for $17,800 more taxes.

But if you're already paying millions with an outlook that rates are going nowhere but up it might be the final straw. More as a leading indicator of the future than the sum itself. Especially if the alternative is zero.

 

[dollarbill]

Great point!!! That survey is net worth not income.

Taxing net worth is coming next. You can take that to the bank. On second thought, the bank is already near negative interest rates. Maybe the mattress? Stay tuned. $$$$

 

[Mr_Twister]

Our last flight from Fort Myers to Mercer County Airport was a $49 round trip on Frontier Airlines. You don’t have to be a millionaire to get back-and-forth from Florida. You can’t drive that inexpensively.

 

[goru1869]

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EXCELLENT !

 

[goru1869]

I'll tell you what I think. I think when that $500 check shows up in my mailbox, I'm going to sign it over to the first millionaire earner I find, take a vid of me doing it, tweet it at the gov with the caption "keep your filthy wealthy redistribution" and hope it goes viral and helps get this corny socialist out.

Was thinking the same thing ! And this coming from someone who makes $35,000 per year .

 

[yesrutgers01]

So many "business owners" that have 3-5 drugstores or something similar- take a 75k salary and have $5mil in the bank and a $2mil+ home.
just saying...When I was making just over 7 figures, I also had well into the 6 figure expenses. There is always a way to figure you way around it at this level. Much harder for the guy making 70k in NJ

 

[mdk01]

Taxing net worth is coming next. You can take that to the bank. On second thought, the bank is already near negative interest rates. Maybe the mattress? Stay tuned. $$$$

You must have seen the Stiglitz/Picketty article on the CNBC website today.

 

[DanRU]

Murphy has an agenda of spending and he'll do whatever it takes to accomplish it. He's wanted this millionaire tax increase since getting in office. He got permission to borrow up to $10 BILLION this year in order to cover deficits related to coronavirus. His next move was to propose giving a $1,000 bond to every child born in the state with a family income of less than $140K. Borrowing money to pay for things like this is idiotic. The state is already in tremendous debt so there's no reasonable way to justify borrowing more for new programs. I could live with a tax increase as long as it's accompanied by a spending decrease in order to pay down debt but Murphy apparently can't see past the end of his term and doesn't care about the future.

 

[Mr Magoo]

Our last flight from Fort Myers to Mercer County Airport was a $49 round trip on Frontier Airlines. You don’t have to be a millionaire to get back-and-forth from Florida. You can’t drive that inexpensively.

wow. Mine was $82 last month from Trenton to Ft. Myers and I thought that was the lowest I would see.