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I think Murphy's plan seems solid, but I would do it a bit differently with more brackets over 1 mil in income and a graduated increase.
Just like our current tax system, it's a marginal tax bracket system, so the amount of taxes you pay is graduated and only applies to each amount of income over the previous bracket. How do adult taxpayers not understand how their own tax system works?
NJs credit rating has been downgraded 11 times (!) in the last 8 years. Someone has to start making fiscally sound decisions. Christie was all about fake "tax cuts", where he'd cut sales tax very marginally, and then turn around and hike NJ transit fares, tolls, gas tax. It's time someone gets our credit in good standing. I'll be interested to see how how his plan to legalize marijuana and use that revenue to drive some of these changes pans out.
Sometimes I wonder WHY WHY WHY does the government,,, ANY government take ANY money or taxes from people,, when they can print all the money they need???
People have told me that's to control inflation. I'm not 100% sure I ever buy that.
I mean if the expense is just and it helps all residents just print whatever money is needed, paid, done.
Some governments do that, but it always seems to lead to economic collapse.
This is economics 101. The more money there is in relation to product, the less the money is worth. Print enough and it becomes completely worthless. This isn’t theory, it has been done many times throughout history.
Lots of misinformed people here. They seem to think the 10.75% millionaires tax is on top of the current rates. It is not. The current top bracket is 8.97%, which starts at $500K. This change creates a new bracket with a rate higher by 1.78%, which only takes affect on dollars earned above $1 million. It is not adding 10.75% of he salary on top of what one already pays. If that were the case, then tax owed would more than double. Clearly that’s not what is happening.
nobody really cares about raising taxes on "millionaires" until you lose a millionaire. for every one you lose, you are losing the tax revenue of multiple people. the states should be competing to keep millionaires, not driving them off. but its just politically easier to pretend you are taking from the rich and giving to the poor.
nobody really cares about raising taxes on "millionaires" until you lose a millionaire. for every one you lose, you are losing the tax revenue of multiple people. the states should be competing to keep millionaires, not driving them off. but its just politically easier to pretend you are taking from the rich and giving to the poor.
A guy in my town moved to Florida, and that hurt the NJ economy enough that his move was written about in the Star Ledger. He was paying something like $150M in state income tax per year. So a simple move, to a warmer climate earned him $150M a year bonus, while leaving NJ’s fiscal mess even worse.
It must drive people on the left crazy that there are other states to give people a choice of whether to pay these high NJ taxes or not.
A guy in my town moved to Florida, and that hurt the NJ economy enough that his move was written about in the Star Ledger. He was paying something like $150M in state income tax per year. So a simple move, to a warmer climate earned him $150M a year bonus, while leaving NJ’s fiscal mess even worse.
It must drive people on the left crazy that there are other states to give people a choice of whether to pay these high NJ taxes or not.
to play devil's advocate here not everybody is David Tepper and is big time enough to be able to afford or command their entire operation to up and move to FL. Also I think he waited until his kid/kids were full grown to move as well after his divorce.
I honestly don't know- and would value your input here- I assume it would be much harder to move a private medical practice to another state completely. The only example I know of anecdotally like that was a huge risk and ordeal for the Dr I know.
I am sure estate planning also has a lot to do with people of wealth leaving Zoo Jersey. Florida is a no brainer for many. It is my understanding many of these hedge fund gurus have multiple residences. I am sure they have the entire tax picture figured out.
Even a doctor can just sell his practice here and buy one in another state. Lost a few of my docs that way. One to FL one to ME.
I spent the entire morning looking for a home in NC, SC and VA. If I am not out of here by this time next year, I'm a chump..
Billionaires and centimillionaires don't have to move all of the way down to Florida or Texas to escape excess NJ taxation. They can just move their principle residence across the Delaware to PA and still conduct their businesses in NJ while paying PAs flat income tax rate of 3.07%. The 2 states have a reciprocal tax agreement.
to play devil's advocate here not everybody is David Tepper and is big time enough to be able to afford or command their entire operation to up and move to FL. Also I think he waited until his kid/kids were full grown to move as well after his divorce.
I honestly don't know- and would value your input here- I assume it would be much harder to move a private medical practice to another state completely. The only example I know of anecdotally like that was a huge risk and ordeal for the Dr I know.
It has always been a lot easier for Anesthesiologists, Radiologists, ER Docs, and other hospital based specialties than it is for office based specialties. But giant medical corporations are taking over everything these days. Many physicians are selling heir practices to them, and becoming employees. This is making it a lot easier for doctors to be mobile.
It is no different than going from running a small business, to taking an office job with a big corporation. When you have built a small business, you are not as likely to move far away and start all over again. But if you have a corporate job with marketable skills, you are just giving up one salaried job for another.
It has always been a lot easier for Anesthesiologists, Radiologists, ER Docs, and other hospital based specialties than it is for office based specialties. But giant medical corporations are taking over everything these days. Many physicians are selling heir practices to them, and becoming employees. This is making it a lot easier for doctors to be mobile.
It is no different than going from running a small business, to taking an office job with a big corporation. When you have built a small business, you are not as likely to move far away and start all over again. But if you have a corporate job with marketable skills, you are just giving up one salaried job for another.
that's an interesting point- but makes tons of sense about private practice vs hospital based as owner vs employee.
Don't mean to derail the topic at hand, but I see your other point as well on selling of practices. My PCP did so recently. He was great doc and took time to actually listen to my symptoms, and the admins in his practice were great (so many private practices seem to neglect this aspect to their detriment). He sold to local hospital conglomerate (can't fault him I'm sure he goy paid $$$) and now it's a combo practice/urgent care center. One appointment was all it took and I am now in search of new PCP. This trend is one I'm not terribly fond of at all.
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