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I'm not sure how property tax relief helps everyone as not everyone owns a house. I wouldn't hold my breath waiting for your LL to lower rent becuase of this.
And nothing is going to help everyone a "significant" amount. NJ could never afford that.
NJ is not in a position to lower income taxes.... The states finances are still a complete mess.
Not to mention that working on lowering property taxes would be a much more logical move that helps EVERYONE a significant amount, rather then this, which has hardly any effect on people outside of the extremely wealthy....
Quote:
Originally Posted by JERSEY MAN
Very well said. This is another smoke and mirrors game. I live in Ocean County and my taxes went up over 800 bucks. I don't wan't 25 bucks a year in a bs income tax plan, that you are going to tout on the national level, WE NEED PROPERTY TAX RELIEF. What a tool.
It's a tough call.
On one hand, I don't see after making so many cuts that if there is in fact excess that some of that funding can't be restored, particularly to towns and schools. Either that or direct the surplus to accelerated debt service.
On the other hand, I think expanded direct property tax relief would be welcomed. The argument there would be that the benefit would only go to property owners and skip the ~35% or so of the state that rents. My only counter to that line of thinking would be that property owners bear a disproportionate burden of maintaining town and school taxes compared to renters, so consequently the funding cuts that the towns had to makeup fell hardest on owners and they deserve some relief.
So, IMO...
Best use = Restore cut funding or accelerate debt service.
Fairest use to majority of people = Cut income taxes.
Fairest use to people hardest hit by funding cuts = Direct property tax relief.
Of course, if one has national aspirations, being able to claim that they "reformed the way business was done in NJ, overhauled the pension system AND cut taxes", it makes them rather marketable.
I am not wise to politics as I need to be, but I read a comment on the link below that says a 10% income tax cut would only benefit wealthy, upper-class citizens. The commenter says that the lower and middle class would not benefit. For example from the commenter, someone earning $50,000 a year would only save $80 while someone earning $1mil would save $7,2650 [sic].
(Not sure if the commenter meant $7,265 or $72,650, but either way it's a much better outcome than a middle-class citizen like me.)
Can someone verify this claim, but it wouldn't be good news for someone like me which I am guessing where most of us are.
Thanks.
To answer your question yes. What you heard is correct the avg guy or gal making 50k will save about $80 bucks a year. While the avg guy or gal that makes 1 million will save about 8k. Not exactly sure what I would say but its not close enough to help me in any way at all so maybe they can keep the dumb 10% and lower the tolls that Christie and Cuomo allowed to be raised.
Thanks
There you have it. This will not truly help the average NJ citizen. However, it panders to his base & adds another BS talking point/feather in his cap. Rich people will love this & middle income types will fall for the rhetoric & be enthralled with the false sentiment.
It thought the whole reason he won in the first place was to deal with property taxes? What happened to that?
So everybody is talking about tax cuts- whether they be income tax cuts or property tax cuts. What I don't see being discussed is spending cuts. Unless there's a significant surplus that I haven't heard about, cutting taxes without cutting spending doesn't work out to well......
Honestly I rather them keep the money and pay off some of the states debt, perhaps even build up a cash reserve for future projected shortfalls. Nothing pisses me off more than having a huge surplus one year and them crying poor a few years later. Why didn't you save that surplus instead of pissing it away I say!
If the state has all its debts paid and a nice cash reserve, than they could think about a tax cut. From what I understand the state can't afford any kind of tax cut right now. It's all political BS I say. The governor is going to claim he tried to give a big tax cut and them blame it on the other party why it never happened. Far as I can see there is no money available to fund this tax cut.
Why would it NOT be good news for you? You would pay less taxes than if the cut were not made, right? How is it bad news to you that the people paying more than you also get a cut of the same percentage?
what am I giving up in the forms of services to save $80/year? that's how it could be bad news for me. paying less taxes isn't always a good thing, believe it or not.
But - to the OP...yes, the higher your income the more you benefit dollar-wise from this particular proposal. Not that I wouldn't like some income tax relief, but I thought Christie was going to fix the property tax issue in this state? I'd like to see a bit more focus on that, personally.
Very well said. This is another smoke and mirrors game. I live in Ocean County and my taxes went up over 800 bucks. I don't wan't 25 bucks a year in a bs income tax plan, that you are going to tout on the national level, WE NEED PROPERTY TAX RELIEF. What a tool.
when you run for national office, it's much sexier to be able to say your lowered income taxes than it is to say you lowered property taxes. unfortunate for us NJ residents who actually thought he was going to do something about property taxes, isn't it?
I'm not sure how property tax relief helps everyone as not everyone owns a house. I wouldn't hold my breath waiting for your LL to lower rent becuase of this.
And nothing is going to help everyone a "significant" amount. NJ could never afford that.
I'd honestly rather see my property taxes reduced by $100 than my income tax reduced by $100. That property tax reduction would not only be the same amount of dollars in my pocket, but it would result in increases to home values, which would help people who are still trying to sell their homes. and maybe a landlord would pass the savings on, maybe the landlord would not...but even if only some do, it would help more people than income tax breaks would, as proposed.
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