Quote:
Originally Posted by crazynip
I wonder what Political Action Committee "Ann" works for?
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Quote:
Originally Posted by liamnwk
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What we often fail to realize is that the number one political action committee in this state (and country) is the 'Committee to Re-Elect Depublicans and Remocrats.' They trick us into thinking that they are two parties -- each having one segment of the working class's best interest at heart. Yeah... right!
Bah, humbug! The Depublicans and Remocrats of New Jersey have been very successful at pitting groups of producers against each other -- private workers vs. state workers, union vs. non-union, pensioned vs. non-pensioned, and those who receive benefits as part of their compensation vs. those who don't. But all the while, who's milking the system?
The Depublicans and Remocrats are milking us dry!
It's time for people who work for a living to unite against the Depublican and Remocrat forces -- those who excessively tax the
productive classes. (In this regard, the Tea Party is correct.)
But somebody still has to pay the government's bills, and if the politically powerful retirees think that Generation X and our Millennial offspring are going to pony up more deductions from our paychecks while the current retirees' benefits go untouched, they've got another thought coming! In this regard, Ann is right -- the best qualified people will leave public service in droves... and the most capable people will leave this state faster than self-serving politicians can vilify us!
When it comes to the responsibility/accountability to fix the problem, how can we continue to ignore those who created the problem in the first place?
Current retirees are the ones who voted into office the Depublicans and Remocrats who created the mess! Hence, current retirees should share some of the responsibility to fix it, wouldn't you think?
Where do we begin? Liam is right -- the only way to do it is raising taxes. But on whom?
How about raising taxes on current retirees? Why retirees? Read on...
Are you aware that New Jersey is a
tax haven for retirees? Are you aware that some retired couples can have income of nearly one-hundred thousand dollars (yes, that's $100,000.00) a year and pay nothing -- zero -- nada -- in New Jersey income tax? Working couples making that kind of money are forking over nearly $4,000 in New Jersey income tax! How can this be, you may ask?
Currently in New Jersey, retirees receive a double income tax benefit.
Benefit One: Social Security Income is
not subject to state income tax. This is called the 'Social Security Income Exclusion.'
Benefit Two: Additionally, the first $20,000 of pension income (filing jointly) is tax exempt. This is called the 'Pension Exclusion' or the 'Other Retirement Income Exclusion.'
For the state to begin fairly distributing the tax burden away from the backs of the productive class, the solution is simple. Tell retirees to "pick your exclusion." From now on you take one or the other,
not both.
Contrary to AARP propaganda,
retirees are the wealthiest age group of American society. (Some pertinent links: 1.
Generation gap? About $200,000 - USATODAY.com 2.
The Average Net Worth of Americans: Where Do You Stand? | Money Relationship) Don't believe the articles or me? Here's a way to test for yourself: Any weekend, stop at a diner or restaurant in the Toms River area. Whereas many food service businesses throughout the state are hurting due to the overall economy, the waiting lines are still out of the doors in these retiree-friendly neighborhoods. It's obvious that the retired population, politically preferenced as they are, still have oodles of money to spend!
It's time to stop giving middle class retirees a free pass on NJ income tax while those of producing age are taxed hand-over-fist. We begin by making retirees choose their tax deduction -- pension income exclusion
or social security exclusion; one or the other, NOT BOTH!
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One big, fair step to SOLVE the state's fiscal woes:
