Archive for the ‘Taxes’ Category

NJ Policy Group (1) – Why

The Economic and Fiscal Policy Working Group consists of a panel of tax experts and lawmakers* that Senate President Stephen Sweeney convened to examine New Jersey’s state and local tax structure. They have been holding private discussions since February looking at everything from how the state funds its schools to bolstering New Jersey’s underfunded pension system and reportedly have come up with 58 suggestions in a draft document.

I will look at the more interesting of these suggestions in subsequent blogs but it is the very reason that this sort of panel is necessary that has to be addressed.

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How Do I Tax Thee

Subtitled “A field guide to the Great American Rip-Off” by Kristin Tate the book serves as a primer on various ways governments raise money for their own benefit with several examples hitting home.

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EA18 (7): IRS Hiring and Al Franken

The only other coverage of the 2018 Enrolled Actuaries meeting seems to be by ASPPA news and this is what they had to report from the Dialogue with IRS/Treasury session:

When an attendee raised the issue of earlier proposals during the crafting of the Tax Cuts and Jobs Act that called for new thresholds for and tax treatment of 401(k)s, Weller said that “the retirement system has a lot of bipartisan support” and “there doesn’t seem to be much appetite to use retirement plans as a funding source for other things.”

And when asked if President Trump’s “two-for-one” executive order (mandating that for every new regulation put in place, two must be eliminated) would affect regulations governing pensions, Weller averred that such matters are “way above my pay grade” but also observed that cost-benefit analysis is different for tax regulations than for rules in other departments.

I was that attendee and there was more to the answer……..and the question.

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New Taxes For Public Pensions?

Many public pension funds, with New Jersey in the forefront, have been getting massive earnings by investing in Alternative Investments. Whether these gains are illusory or not is not the issue. The federal government has taken notice.

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Trump Tax Plan

The nine-page plan is out and here is how it would impact me (and possibly you).

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Trump’s Tax Plan

Earlier this month at the Enrolled Actuaries meeting the first general session included gossip about what the new president’s plan for tax rates would be:

  • Individual tax rates at 12%, 25% and 33%
  • Corporate tax rates from 35% to 15% with the elimination of most corporate deductions

Earlier today a plan came out:

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NJ Gas Taxes to SEC and Pulaski Skyway

We now know where a large chunk of the money from the increase in the gas tax will be going.

An order was released by the Securities and Exchange Commission soon after Governor Chris Christie’s state of the State speech yesterday announcing that:
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