N.J. Assembly approves 2-year tax hike on millionaires

[GHook93]

NJ Dimocrats are not learning from NY and CA! These are two states that not just losing the most people, but these are two states losing the most millionaires. What are the states gaining the most millionaires? Texas and Florida, two red states with no income tax!

Captain Christie will rightfully veto the tax! Whenever Dimocrats want to raise taxes they say it's for the children! It's for education! Yet I doubt those dollars make it to the classroom. Rather it will go to the HIGHWAY ROBBERY teacher pensions and to tenure teachers that suck! It's not going to improve the schools! Rather those dollars will go to the teachers unions who will funnel it back to the candidates for reelection. What a crock of shit. When the millionaires and business leave, they will say those people and businesses are ungrateful!

An Assembly budget panel has approved a two-year income tax increase on New Jersey's 16,000 millionaires.

Democrats say the surcharge will generate more than $500 million in additional revenue. They want to use the money mostly for aid to public schools.

A Senate panel is scheduled to take up the measure tonight.

Gov. Chris Christie has vowed to veto the tax.

N.J. Assembly budget panel approves 2-year tax hike on millionaires | NJ.com

Complicated issue. Since the NJ Supreme Court has found that the state needs to restore $500 million in school aid cuts, I don't see how Christie has a choice.

But with that said, can someone help me with this math?

The top tax rate will be raised from 8.97 to almost 11%. 16,000 people are expected to pay $500 million MORE? Do you think these people might deserve a thank you?

It blows my mind.

 

[8537]

Maybe they shoould jsut close all the schools.

then everyone will move out of the state

Judging by the five or so minutes of Joisey Shore I've seen, it sounds to me like they closed their schools a long time ago.

Holy shit that's funneh!

 

[iamwhatiseem]

Christie took over a nightmare.
Unlike Illinois, California and Florida - Christie has the guts to make the hard choices and push through unpopular decisions - but were needed.
he has the guts to give the people what they NEED rather than what they want.

That is rare - and to be respected.

 

[Modbert]

Supposing your right Modbert, do you honestly believe they'll raise 500 million?

Supposing I'm right? Evidence is pretty clear I'm right. They're (people making more than $10 million) paying 19% on average to the Federal Government when their tax rate is 35%.

Another example is the "burdening" Corporate tax rate of 35%. Which corporation paid 35% in 2011? Suckers with bad Accountants, that's who.

From 2004:

Most US firms paid no income taxes in '90s - The Boston Globe

WASHINGTON -- More than half of US corporations paid no federal income taxes during the boom years of the late 1990s, and those that did were able to shelter much of their income, according to congressional accountants.

The report by the General Accounting Office raises questions about whether the corporate income tax burden is too light and distributed unequally. It could undermine arguments that US companies are overtaxed and provide ammunition to politicians and activists who claim companies are using loopholes to avoid paying their fair share.

The GAO report showed that 61 percent of US corporations paid no federal income taxes from 1996 through 2000, a period of rapid economic growth and rising corporate profits.

An estimated 94 percent of US corporations reported tax liabilities amounting to less than 5 percent of their total income in 2000. The corporate income tax rate is ostensibly 35 percent, but companies are able to reduce their effective burden by claiming various deductions and credits.

US companies paid an average of $11.88 in corporate taxes for every $1,000 in gross receipts, the study said.

Small corporations were more likely to avoid taxation than large ones, it showed. About 38 percent of big companies (those with more than $250 million in assets or $50 million in revenues) paid no taxes during the five-year period.

And the tune hasn't changed in 2008:

Study says most corporations pay no U.S. income taxes | Reuters

(Reuters) - Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.

More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.

During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study.

Anyone who honestly believes that the ultra rich are paying the tax rates they're supposedly burdened with are being suckered.

To finally answer your question, short answer: no. Simply for the reasoning I put above. Unless, of course, they already accounted for that then maybe.

 

[The Rabbi]

The you agree with Christie, right Juniorbert?

 

[Modbert]

The you agree with Christie, right Juniorbert?

Nope.

 

[GHook93]

Maybe they shoould jsut close all the schools.

then everyone will move out of the state

Or better yet! Just a thought! Get rid of all the highway robbery teacher pension plans and go to wha 99% if the private sector was forced to go to, individual retirement plans (401k). Have teachers contribute to their healthcare, like the private sector does. Get rid of the marxist tenure policy. It makes teachers worse. It give no incentive to increase their knowledge of better themselves. If a teacher has no fear of losing her job, the majority ultimately become lazy.

Do those small things and schools will be funded easily!

 

[The Rabbi]

The you agree with Christie, right Juniorbert?

Nope.

You write that the rich (whoever they are) aren't paying the advertised tax rate since they use loopholes to reduce their liability. So whatever the increased rate is, they won't pay that either.
Which is basically Christy's argument.

So you agree with him but would rather look like an idiot than admit it.
Thanks.

 

[cutter]

An Assembly budget panel has approved a two-year income tax increase on New Jersey's 16,000 millionaires.

Democrats say the surcharge will generate more than $500 million in additional revenue. They want to use the money mostly for aid to public schools.

A Senate panel is scheduled to take up the measure tonight.

Gov. Chris Christie has vowed to veto the tax.

N.J. Assembly budget panel approves 2-year tax hike on millionaires | NJ.com

Complicated issue. Since the NJ Supreme Court has found that the state needs to restore $500 million in school aid cuts, I don't see how Christie has a choice.

But with that said, can someone help me with this math?

The top tax rate will be raised from 8.97 to almost 11%. 16,000 people are expected to pay $500 million MORE? Do you think these people might deserve a thank you?

It blows my mind.

That's 16,000 that may just vote with their feet(move) then how much more income have you raised?

 

[Mr Natural]

Man-O-man, those poor millionaires just can't catch a break what with being rousted from state to state and all.

 

[Modbert]

You write that the rich (whoever they are) aren't paying the advertised tax rate since they use loopholes to reduce their liability. So whatever the increased rate is, they won't pay that either.
Which is basically Christy's argument.

So you agree with him but would rather look like an idiot than admit it.
Thanks.

Except that's not Christie's argument. His argument is that it's a "Jobs killer" according to the one article I read that actually gave why he was vetoing it. Of course, Chris Christie says they won't pay the increased rate but won't get rid of the loopholes either.

 

[Soggy in NOLA]

Yet more evidence that leftists are utter retards.

 

[Two Thumbs]

Man-O-man, those poor millionaires just can't catch a break what with being rousted from state to state and all.

classist

How does it feel to be able to get away with hating a group of people and have the government punish them for you?

taxation as vengence is nothing short of tyranny.

 

[The Rabbi]

You write that the rich (whoever they are) aren't paying the advertised tax rate since they use loopholes to reduce their liability. So whatever the increased rate is, they won't pay that either.
Which is basically Christy's argument.

So you agree with him but would rather look like an idiot than admit it.
Thanks.

Except that's not Christie's argument. His argument is that it's a "Jobs killer" according to the one article I read that actually gave why he was vetoing it. Of course, Chris Christie says they won't pay the increased rate but won't get rid of the loopholes either.

The "loophole" is moving out of state and unless NJ wants to ban free movement they cannot eliminate it.

But again you prove you my point: You agree with Christie but would rather look like a retard than admit it.

 

[Modbert]

classist

I'm just curious, does that make Warren Buffett a "classist" then? And if so, does that mean people can be "classist" against themselves?

 

[Mr Natural]

Man-O-man, those poor millionaires just can't catch a break what with being rousted from state to state and all.

classist

How does it feel to be able to get away with hating a group of people and have the government punish them for you?

taxation as vengence is nothing short of tyranny.

That's a new one.

You should email it to Rush and maybe he'll start using it on his show.

It's very clever.

 

[Modbert]

The "loophole" is moving out of state and unless NJ wants to ban free movement they cannot eliminate it.

But again you prove you my point: You agree with Christie but would rather look like a retard than admit it.

To respond what I bolded: Wrong again.

I disagree with Christie. Using your logic, any sort of tax rate on millionaires is "jobs killing".

 

[Modbert]

That's a new one.

You should email it to Rush and maybe he'll start using it on his show.

It's very clever.

[ame=http://www.youtube.com/watch?v=kNq8Fil6oJ4]YouTube - ‪I Am Vengeance, I Am the Night, I Am Batman‬‏[/ame]

 

[Soggy in NOLA]

classist

I'm just curious, does that make Warren Buffett a "classist" then? And if so, does that mean people can be "classist" against themselves?

Sure they can... look at all the filthy rich capitalists on the far left who daily decry capitalism.

Nothing new... just pandering to their whackaloon base.

 

[Modbert]

Sure they can... look at all the filthy rich capitalists on the far left who daily decry capitalism.

Nothing new... just pandering to their whackaloon base.

Except why would Warren Buffett pander to anyone? He's not a politician. He has no need to pander to anyone whatsoever.