Archive for the ‘Taxes’ Category

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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Scumbag Politician Chronicles

Sundown (and a Friday) before a major Jewish holiday so what better time to stick it to New Jerseyans? Three months ago they floated this scheme and now it looks like a done deal.

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Christie Gaseous – NJ Taxpayers Nauseous

On July 1, 1990 the the New Jersey sales tax increased from 6 percent to 7 percent, and was expanded to include items such as soap, detergent, toilet paper and cigarettes. Immediately afterward and for the rest of his term, then Governor Jim Florio, was excoriated.

Governor Chris Christie yesterday justified raising the gas tax by 260% effective tomorrow in conjunction with lowering the sales tax at a later date (to 6.5% as of 1/1/17 and 6% as of 1/1/18) with more of his mindless bravado and dodgy numbers:
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Raise Taxes Quoth the Raver

The penultimate comment to this blog as of now reads:

I was searching for a link to my original article when I came across this. Sorry I missed it the first time.

I guess the author thinks it’s an “old bromide” to point out that the state has a legal obligation to pay employees what they agreed to pay them for work the employees have already done.

And it turns out I was right: the benefits are quite modest by any reasonable standard:

http://www.njspotlight.com/stories/14/12/18/new-study-contradicts-christie-s-claim-that-pension-payouts-are-excessive/

What’s really getting old is ignoring the realities of labor markets. If you want to attract a certain caliber of people to work in public service, you need to pay them. Conflating union dues and pension payments does nothing to address this.

BTW: if you didn’t like this post, wait until you see my next piece at NJ Spotlight…

Mark Weber

Mr. Weber’s njspotlight piece is out this morning and he is right.

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