OT: NJ taxes

e5fdny

Heisman
Nov 11, 2002
114,993
54,302
102
I don’t see how taxes could ever be based on net worth - maybe tangible net worth?. Definitely can’t force people to sell things like patents or copyrights (for example) if they can’t afford to pay ongoing tax to keep it in the family. I don’t see a net worth tax of any kind happening in the near term in NJ.

Unlike this proposed tax, that would truly destroy the NJ real estate market because property would count in the calculation.

In this case - you have to figure that only a millionaire who was already thinking of moving would possibly leave NJ faster if this is passed. It’s already true that by living in FL you pay zero state tax on income and these people we’re talking about are still in NJ right now. The money has to come from somewhere. It’s hard to really bash this move regardless of political affiliation. What would you otherwise propose the state do to raise money right now)
How about we try a cut in spending before we go for the tax levy.

Maybe Trenton should tighten their belt first instead of continuing to ask everyone else to go on a diet.
 
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T2Kplus10

Heisman
Feb 24, 2010
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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.
Great post!
#commonsense
 
Oct 17, 2007
69,704
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KING MURPHY!!!

Will King Murphy ever stop BOSSIN?

He has 71% approval and climbing. It's all so great!

Hey can't Republicans stop him?

Oh right- NJ rejected the GOP bigly because it's an educated state! SO GREAT!
 
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Knight Shift

Heisman
May 19, 2011
90,072
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How about we try a cut in spending before we go for the tax levy.

Maybe Trenton should tighten their belt first instead of continuing to ask everyone else to go on a diet.
Gov. Christie held the line from his first year until his last 2 years. There is a disturbing trend under Murphy.

NJ Budget 20210- $40.7billion (proposed)
NJ Budget 2020- $38.6 billion
NJ Budget 2019- $37.9 billion
NJ Budget 2018- $34.6 billion (Christie's last year)
NJ Budget 2017- $34.8 billion
NJ Budget 2016- $32.8 billion
NJ Budget 2015 - $34.4 billion
NJ Budget 2014 - $32.5 billion
NJ Budget 2013 - $32.9 billion
NJ Budget 2012 - $29.3 billion
NJ Budget 2011 - $38.4 billion
NJ Budget 2010 - $32.2 billion (Christie's first year)
NJ Budget 2009 - $33.9 billion (Corzine's last year)
NJ Budget 2008 - $33.6 billion
 

RUschool

Heisman
Jan 23, 2004
49,942
14,021
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Yes, my sister lives in Upper SR, the rest of the family live in East Stroudsburg. So I'll stay in PA and venture across the Iron Curtain for Christmas Day
Your sister married well or smarter than you. You need to convince her to move to Tennessee. I’m assuming that is Upper Saddle River where taxes are like $30-60k a year.

I hope you don’t get into a holiday fight talking about Trump, taxes, BLM and how Tennessee is so much better than NJ. Just enjoy the holidays.
 
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mdk02

Heisman
Aug 18, 2011
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Your sister married well or smarter than you. You need to convince her to move to Tennessee. I’m assuming that is Upper Saddle River where taxes are like $30-60k a year.

I hope you don’t get into a holiday fight talking about Trump, taxes, BLM and how Tennessee is so much better than NJ. Just enjoy the holidays.

Average property tax bill in USR is about $17.5 per year. Nice try.
 

RUschool

Heisman
Jan 23, 2004
49,942
14,021
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Average property tax bill in USR is about $17.5 per year. Nice try.

i didn’t have time to look it up before but it’s Alpine or Montclair type taxes.

13. Upper Saddle River

Upper Saddle River has an average property tax bill of $18,513.

Residents here saw a $92 increase in their property taxes from 2018 to 2019 and a $302 increase from 2017 to 2018.

That’s 2019 which is the 13th highest in the state. Lot of million dollars homes.

10. Montclair

Taxpayers in this wealthy suburb in Essex County paid an average of $19,720 in property taxes last year. That’s a $350 jump from 2018. Taxes there rose $305 the year before.
 
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egbman

Redshirt
Aug 25, 2011
13
2
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And it’s $150 K max income with minimum one child - so how is a child defined ? Based on 2019 tax return in which my 22 year old college student was defined as a dependent ? Or based on age ? Any accountants out there ?
 

tom1944

All-American
Feb 22, 2008
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The US tax system has nothing to do with the State of New Jersey tax system and you know it.


I do know it but why so worked up about one tax system playing favorites to some extent without mention of a vastly bigger system that favors a different group

What did you think about my link of the true issue with redistribution?
 

tom1944

All-American
Feb 22, 2008
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How about we try a cut in spending before we go for the tax levy.

Maybe Trenton should tighten their belt first instead of continuing to ask everyone else to go on a diet.

Most of the State budget funds are redistributed to municipalities
 
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tom1944

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Feb 22, 2008
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And it’s $150 K max income with minimum one child - so how is a child defined ? Based on 2019 tax return in which my 22 year old college student was defined as a dependent ? Or based on age ? Any accountants out there ?

I believe you will qualify
 
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Catwink03

Freshman
Aug 31, 2006
176
85
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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.
For anybody making over $5MM, this increase is an additional $71,200 over the 2018 increase
 

Greg2020

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Jan 25, 2020
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At least they are working. I don't like sharing my wealth so people can hang out on the corner all day
No they are being paid to not grow crops lmao. SO socialism is okay as long as people work? Most socialists agree with you and think people should work. Welcome to the club!!!
 
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mdk02

Heisman
Aug 18, 2011
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I do know it but why so worked up about one tax system playing favorites to some extent without mention of a vastly bigger system that favors a different group

What did you think about my link of the true issue with redistribution?

Theft? Holy Hyperbole Batman, though I'm aware that wasn't Rand's classification. It also doesn't take into account that a majority of workers are covered by employer provided health insurance, which is not included in the taxable income they're using for measurement. What it does show is that top earners are commanding much more of a premium than in 1945. Look at professional athletes and entertainers.

And one last thing, the tax rates for lower income workers have been in decline for the last 75 years, and it accelerated beginning in 1981.
 

yesrutgers01

Heisman
Nov 9, 2008
122,704
38,476
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i didn’t have time to look it up before but it’s Alpine or Montclair type taxes.

13. Upper Saddle River

Upper Saddle River has an average property tax bill of $18,513.

Residents here saw a $92 increase in their property taxes from 2018 to 2019 and a $302 increase from 2017 to 2018.

That’s 2019 which is the 13th highest in the state. Lot of million dollars homes.

10. Montclair

Taxpayers in this wealthy suburb in Essex County paid an average of $19,720 in property taxes last year. That’s a $350 jump from 2018. Taxes there rose $305 the year before.
median home price in USR is about 852k and the property tax rate is 2.38 which would have the median property tax somewhere in the 20k range. So and average of 18k or so wouldnt be too far off

What sux is that you are now only able to claim up to 10k on your tax return.
 

yesrutgers01

Heisman
Nov 9, 2008
122,704
38,476
113
i didn’t have time to look it up before but it’s Alpine or Montclair type taxes.

13. Upper Saddle River

Upper Saddle River has an average property tax bill of $18,513.

Residents here saw a $92 increase in their property taxes from 2018 to 2019 and a $302 increase from 2017 to 2018.

That’s 2019 which is the 13th highest in the state. Lot of million dollars homes.

10. Montclair

Taxpayers in this wealthy suburb in Essex County paid an average of $19,720 in property taxes last year. That’s a $350 jump from 2018. Taxes there rose $305 the year before.
Alpine has a SUPER LOW tax rate of about .71 or something like that. Bogota being the highest in Bergen Co at over 4.00
 
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Greg2020

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Jan 25, 2020
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Trump probably gave $2-3 million to each farmer as a handout with the $50 billion. They will expect the handout every year. You’re complaining about $500 for parents with a kid.
Handouts from trump= a fist pump, handouts from murphy= he's a socialist chump!
 
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RUevolution36

All-American
Sep 18, 2006
8,169
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median home price in USR is about 852k and the property tax rate is 2.38 which would have the median property tax somewhere in the 20k range. So and average of 18k or so wouldnt be too far off

What sux is that you are now only able to claim up to 10k on your tax return.
Do these folks want to talk about the 10k limitation being a mechanism for wealth distribution from the wealthy blue states to the poorer, red states? of course they won't.
 
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