Gov. Christie proposes 10% N.J. income tax reduction

[Conservative]

Outstanding article on what Christie has done to lower unemployment and is trying to do to attract new businesses. As NY and CT increases taxes, NJ says "Hey 1%ers - Occupy NJ"! In addition, his income tax reduction plan has Dems scrambling for their own plan to decrease taxes. They want lower property taxes instead. I'm certain the 1%ers would be ok with that too.

Garden State Gov. Chris Christie has a message for the top 1% of income earners: Please occupy New Jersey. "I'm going to start going after a lot of these hedge-fund guys who are in Connecticut and New York and say, 'You're going to get a better deal with us,'" says the country's most important Republican not running for president.

Mr. Christie's new tax-reform plan also offers an improved deal to the bottom 99%, which is why he may be able to move it through New Jersey's Democratic legislature: a 10% cut in tax rates across the board.

Politically, so far so good. A recent Quinnipiac poll gives him a 53% approval rating among the state's registered voters, and Mr. Christie says that private polls show him "in the low 60s."

Economically, unemployment in the state has fallen to 9% from a high of 9.8%. With almost 3.9 million people working, New Jersey has added almost 60,000 private-sector jobs since he took office, while shedding more than 21,000 government jobs. Reforms of the pension and health programs for government employees will save taxpayers an estimated $120 billion over the next 30 years. A new limit on local property-tax increases appears to be working.

"When Governor Cuomo raised taxes over here that made it even more attractive for me to go after the income tax . . . from a competitive perspective." He adds that with Gov. Dannel Malloy also enacting a tax increase in Connecticut last year, "it's a strategic decision as much as a philosophical decision."

But is he fundamentally changing the political culture of New Jersey? This week's reaction to his tax reform suggests that he is. Democrats largely responded with their own plans to cut taxes, focused on local property bills.

The Weekend Interview with Chris Christie: Christie to the 1%—Please Occupy New Jersey - WSJ.com

I would expect the Democrats to begin recall petition proceedings any time now.

 

[chanel]

The irony is that he's getting them to work with him. They can no longer defend their record so they've surrendered I guess.

 

[Seawytch]

Well I just read our local message board and more comments on Philly.com. The line is "Christie is cutting taxes for millionaires and billionaires." Liberal math is soooo confusing.

BTW - How many billionaires live in NJ? 4?

Ranked by income, the list of rich places starts with Fisher Island, at $3.2 million per high-bracket taxpayer. Then come Purchase, N.Y. at $2.2 million; two more New York City suburbs, New Vernon and Alpine, N.J., both at $2.1 million, and Atherton, Calif. at $1.9 million.​

Where America's millionaires live

 

[Seawytch]

Why doesn't the Governorsaurus just sell off some of the parks he's budget cutting to the 1% for their next exclusive gated community?

 

[chanel]

Well I just read our local message board and more comments on Philly.com. The line is "Christie is cutting taxes for millionaires and billionaires." Liberal math is soooo confusing.

BTW - How many billionaires live in NJ? 4?

Ranked by income, the list of rich places starts with Fisher Island, at $3.2 million per high-bracket taxpayer. Then come Purchase, N.Y. at $2.2 million; two more New York City suburbs, New Vernon and Alpine, N.J., both at $2.1 million, and Atherton, Calif. at $1.9 million.​

Where America's millionaires live

Yes, NJ has lots of millionaires. There are a lot of highly educated people, and it's expensive to live here. Avg. cost of a home is over $300K. But of course, by "millionaire", it can mean $400K and/or those who have a million in assets (whichever suits their argument).

I said "BILLIONAIRES".

Liberal math is so confusing.

 

[Seawytch]

Billionaires have homes in all those places...one for each gated community. Duh.

 

[edthecynic]

As for the increased rebenues taking years. It took decades to dig us into the hole we are in so I will accept those years it will take to get us out.

But not for Obama.

 

[chanel]

Billionaires have homes in all those places...one for each gated community. Duh.

We are not talking about homes. This is about INCOME tax - where people work. There are only a couple hundred BILLIONAIRES in the entire country. I know. Decimals are tricky.

This is dated, but I was close. There are 5; not 4.

The World's Billionaires

State is NJ:

Rank Name Citizenship Age Net Worth ($bil) Residence
58 Jacqueline Mars United States 67 10.5 United States
100 Donald Newhouse United States 77 7.3 United States
249 Peter Kellogg United States 65 3.5 United States
664 Michael Price United States 54 1.5 United States
664 David Tepper United States 49 1.5 United States

The World's Billionaires -- State is NJ sorted by Rank - Forbes.com

 

[Sallow]

Well I just read our local message board and more comments on Philly.com. The line is "Christie is cutting taxes for millionaires and billionaires." Liberal math is soooo confusing.

BTW - How many billionaires live in NJ? 4?

Ranked by income, the list of rich places starts with Fisher Island, at $3.2 million per high-bracket taxpayer. Then come Purchase, N.Y. at $2.2 million; two more New York City suburbs, New Vernon and Alpine, N.J., both at $2.1 million, and Atherton, Calif. at $1.9 million.​

Where America's millionaires live

The lovely thing about Jersey is almost everyone working in the financial industry which is based in NYC lives in New Jersey. Which means they use many of the services provided by NYC for a reduced rate.

Gotta love it.

 

[Sallow]

Billionaires have homes in all those places...one for each gated community. Duh.

We are not talking about homes. This is about INCOME tax - where people work. There are only a couple hundred BILLIONAIRES in the entire country. I know. Decimals are tricky.

This is dated, but I was close. There are 5; not 4.

The World's Billionaires

State is NJ:

Rank Name Citizenship Age Net Worth ($bil) Residence
58 Jacqueline Mars United States 67 10.5 United States
100 Donald Newhouse United States 77 7.3 United States
249 Peter Kellogg United States 65 3.5 United States
664 Michael Price United States 54 1.5 United States
664 David Tepper United States 49 1.5 United States

The World's Billionaires -- State is NJ sorted by Rank - Forbes.com

Only?

You know how long it would take the average joe make that much money?

Multiple lifetimes.

It's disgusting we have that sort of concentration of wealth in this country.

 

[chanel]

Follow the thread please.

Yes, there are only 5 billionaires in the state of NJ, I'm pretty sure Kellogg and Mars aren't in the financial industry, and Newhouse's father started as a newspaper man. No one cares about 5 people ex. those that want to steal from them.

There are many more millionaires, and most of them earned it.

It doesn't take multiple lifetimes to save a million dollars if you are smart. My poor immigrant grandparents did it and so will we. And no, no one gave us anything - ex. good values.

 

[California Girl]

Billionaires have homes in all those places...one for each gated community. Duh.

We are not talking about homes. This is about INCOME tax - where people work. There are only a couple hundred BILLIONAIRES in the entire country. I know. Decimals are tricky.

This is dated, but I was close. There are 5; not 4.

The World's Billionaires

State is NJ:

Rank Name Citizenship Age Net Worth ($bil) Residence
58 Jacqueline Mars United States 67 10.5 United States
100 Donald Newhouse United States 77 7.3 United States
249 Peter Kellogg United States 65 3.5 United States
664 Michael Price United States 54 1.5 United States
664 David Tepper United States 49 1.5 United States

The World's Billionaires -- State is NJ sorted by Rank - Forbes.com

Only?

You know how long it would take the average joe make that much money?

Multiple lifetimes.

It's disgusting we have that sort of concentration of wealth in this country.

David Tepper is a self made man. An 'average joe' that you speak of. Just saying.

 

[C_Clayton_Jones]

Gov. Christie proposes 10% N.J. income tax reduction

Christie wants to turn NJ into Mississippi. Pity.

 

[chanel]

This story made me LOL. "Their suspicions were correct. 10% of a million is actually more than 10% of 10,000" I wonder how many accountants and mathematicians they consulted before they could say that definitively.

TRENTON - Democrats in the New Jersey Senate took their first look at Gov. Christie's plan to cut income taxes 10 percent, and the details they got from the Legislature's budget expert confirmed their suspicions: The higher a resident's income, the bigger their tax reduction would be.

The biggest winners, if Christie's proposal is enacted, would be the top 1.6 percent of taxpayers, who earn $500,000 or more, David Rosen, the Legislature's chief budget officer, told the Senate Budget Committee.

Tax-cut details irk Christie foes | Philadelphia Inquirer | 01/31/2012

Now I'm not particularly great at math, but I'm pretty sure that 1.6% is not a huge majority of the taxpayers in NJ. Does anyone have a calculator?

 

[Conservative]

We are not talking about homes. This is about INCOME tax - where people work. There are only a couple hundred BILLIONAIRES in the entire country. I know. Decimals are tricky.

This is dated, but I was close. There are 5; not 4.



The World's Billionaires -- State is NJ sorted by Rank - Forbes.com

Only?

You know how long it would take the average joe make that much money?

Multiple lifetimes.

It's disgusting we have that sort of concentration of wealth in this country.

David Tepper is a self made man. An 'average joe' that you speak of. Just saying.

the jealousy of the rich is so thick in here, you could cut it with a knife.

 

[Conservative]

This story made me LOL. "Their suspicions were correct. 10% of a million is actually more than 10% of 10,000" I wonder how many accountants and mathematicians they consulted before they could say that definitively.

TRENTON - Democrats in the New Jersey Senate took their first look at Gov. Christie's plan to cut income taxes 10 percent, and the details they got from the Legislature's budget expert confirmed their suspicions: The higher a resident's income, the bigger their tax reduction would be.

The biggest winners, if Christie's proposal is enacted, would be the top 1.6 percent of taxpayers, who earn $500,000 or more, David Rosen, the Legislature's chief budget officer, told the Senate Budget Committee.

Tax-cut details irk Christie foes | Philadelphia Inquirer | 01/31/2012

Now I'm not particularly great at math, but I'm pretty sure that 1.6% is not a huge majority of the taxpayers in NJ. Does anyone have a calculator?

WE ARE THE 98.4%!

The reduction will benefit everyone equally. The rich will not get a larger percentage of the reduction. The middle and poor will not get a smaller percentage of the reduction.

You can't do anything in this country that has even the slightest benefit to 'the 1%', without some liberal whiny bitch crying how you 'targeted' the benefit to the rich at the expense of the poor.

Fuck all y'all libtards.

 

[chanel]

You wouldn't believe how many papers carried that story on the front page. Seriously? Are they not smarter than a fifth grader? Scary.

 

[chanel]

I'm not overly optimistic about his revenue projections, but this is a budget worthy of applause. I'll be curious to see how the NJEA reacts.

Gov. Christie presented a $32.1 billion budget to the state Legislature this afternoon that increases school aid by $212.5 million, makes the largest payment toward public employee pensions in state history and uses rosy revenue projections to help pay for an income tax cut.

The spending plan is the highest since fiscal year 2008, and about 8 percent higher than last year's budget. It projects a 7 percent increase in revenues.

"Resolve today to join us in the tough choices which leadership and truth inexorably lead us to, and join us now," Christie told a joint session of the Legislature this afternoon at the Statehouse. "End the nay-saying – join us to accelerate the New Jersey comeback this year."

The fiscal year 2013 budget, which needs to be approved by the Democratic-controlled Legislature by June 30, finds cost savings by restructuring departments that provide services to vulnerable populations without eliminating funding for those programs, according to budget documents.

Projecting big economic recovery, Christie offers budget with little pain

 

[Conservative]

I'm not overly optimistic about his revenue projections, but this is a budget worthy of applause. I'll be curious to see how the NJEA reacts.

Gov. Christie presented a $32.1 billion budget to the state Legislature this afternoon that increases school aid by $212.5 million, makes the largest payment toward public employee pensions in state history and uses rosy revenue projections to help pay for an income tax cut.

The spending plan is the highest since fiscal year 2008, and about 8 percent higher than last year's budget. It projects a 7 percent increase in revenues.

"Resolve today to join us in the tough choices which leadership and truth inexorably lead us to, and join us now," Christie told a joint session of the Legislature this afternoon at the Statehouse. "End the nay-saying – join us to accelerate the New Jersey comeback this year."

The fiscal year 2013 budget, which needs to be approved by the Democratic-controlled Legislature by June 30, finds cost savings by restructuring departments that provide services to vulnerable populations without eliminating funding for those programs, according to budget documents.

Projecting big economic recovery, Christie offers budget with little pain

I also think the projections are a little high. If it works out, he's gonna be gold for 2016.

 

[chanel]

His projections may be high, but he didn't pull them out of his ass. A new casino is due to open this year.

When the glitzy Borgata opened in 2003, casino tax revenue jumped by $31 million, just shy of the bounce Christie is betting on with Revel.

This year, Christie expects the state’s $3 billion in gross casino revenue to bring in about $234 million in taxes, which must go toward property tax relief and programs for the elderly. Next year, he anticipates tax revenue will climb to $272 million, a 14 percent jump but still far short of the $413 million generated in 2007.

"I hope it happens," said Assemblyman John Burzichello (D-Gloucester). "They may appear optimistic, but things may be looking up.

Gov. Christie betting on Atlantic City rebound, and more tax revenue for N.J. | NJ.com