Archive for the ‘Taxes’ Category

New Tax Bill – Pension Parts

The text of the RETIREMENT, SAVINGS, AND OTHER TAX RELIEF ACT OF 2018 came out late yesterday and here are the excerpts most pertinent to my (and possibly your) job.
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Fiscal State of the States

Two reports came out this week on the fiscal situation with state governments.

Truth in Accounting (TIA) released a report on the Financial State of the States based on data provided by the states and the Tax Foundation released a report on the business tax climate.

Guess who finished last in both.

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Taxes In Fear

Among the tales of West Wing backbiting and foreign policy bunglings in Bob Woodward’s Fear is one chapter (35) on the “only major legislation passed [in] his first year”: tax reform. Another round is coming that, as it relates to retirement plans, seems sensible but the backstory of those 2017 reforms reflects the chaos of Trump’s first year.

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Path to Egress

Among the recommendations of the Sweeney Commission in Path to Progress:

  • Make retirees pay a lot more for their health benefits;
  • Raise tolls;
  • Allow counties to impose a 1% sales tax;
  • more Study Commissions.

This is nothing but a bunch of insiders nourished on the teat* of dysfunctional government throwing out diversions.

In regard to pensions there is a modified hybrid plan envisioned (that will likely cost more since it will impact younger workers who do better under a Defined Contribution Plan) and this particularly inane charade they suggest:

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Sweeney Panel’s NJ Tax Plan

The panel of insiders that New Jersey Senate President Stephen Sweeney assembled came out with their report on ways to “make the state more affordable”. All you need to know is in the fifth line of the  U.S.News story:

The report doesn’t specify how much the changes could save or potentially cost taxpayers.

I can answer that.

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Another NJ Tax Report

On Wednesday, July 25 Stephen Sweeney told Stuart Varney to be on the lookout for some tax relief suggestions that were supposed to come out this past week from a group he got together.
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Nothing came out so far except for a story in the Asbury Park Press about a new rollout date:

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NJ Taxes (3A) Personal Income

Personal income taxes are supposed to generate 11.1% more in FY19 with the mega-millionaire tax though I could not find any bill confirming that it will raise tax rates from 8.97% to 10.75%  on income over $5 million as every news outlet is reporting (hence the 3A in the title) though dentss dunigan in a comment here believes differently:

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