NJ Gov. wants to raise taxes on 250k+ households but his bipartisan opposition

[w¡n9Nµ7 §£@¥€r 123]

Gov. Jon Corzine is considering raising income taxes on New Jersey's wealthiest residents, ... according to people familiar with budget negotiations.

...

Corzine's plan would increase taxes on those with incomes over $250,000 by 5 percent of their current income tax bill.

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Some leaders in Corzine's own party, however, criticized the possible levies on the rich, saying that will discourage high earners from living here and create a double burden for taxpayers who are also facing the rollback of former President George W. Bush's tax cuts.

Last week, President Obama said he would let the Bush tax cuts expire in 2011, increasing the top federal income tax rate for couples making more than $250,00 from 35 percent to 39.6 percent. Those taxpayers would also face new limits on itemized tax deductions.

"The president already announced he's going to go after that group. It's a double hit," Senate Majority Leader Stephen Sweeney said.

He pointed out that New Jersey also raised the income tax on those making $500,000 or more in 2004, under Gov. James E. McGreevey's so-called millionaire's tax.

"We've hit that income bracket pretty hard. I'm not one of them, but we've hit them pretty hard," said Sweeney (D-Gloucester).

Sen. Raymond Lesniak (D-Union) ... views an income tax hike on the wealthy as "a huge mistake." As New Jersey tries to attract businesses, particularly those fleeing Manhattan during the recession, "it would be very counterproductive" to add to the tax burden of top executives, he said.

"I will aggressively oppose it," Lesniak said.

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Rutgers University economics professor Joseph Seneca said the top one percent of New Jersey's earners pay about 40 percent of its income tax, and Corzine would have to make bold spending cuts for a tax increase to fly.

http://www.nj.com/news/index.ssf/2009/03/c...come_taxes.html

[thetreble 19]

Well we are ALL taking a f*cking hit. As a state worker, which is SUCH a taboo thing to be in NJ according to 99% of people who work in the private sector, they are talking about 12 furlough days. (ie. 12 days between now and December without pay). So if I have to take 2.5 weeks off work without pay, and I make waayyy under $250K a year, then some guy making a million can be taxed more in my opinion. As long as we are all doing our part to get this state back on track then EVERYONE has to take a hit, not just state workers OR the rich.

Corzine is a dummy and a money guzzler. I'm ashamed that so many people work for the state of NJ, get paid lots of money, and don't work much. I see it every day. Not to mention, of course, the huge kickbacks politicians and certain state workers get. We also have a huge problem with the teacher's unions. What kind of payout did that school superintendent get on the jersey shore last year? Almost 1 million dollars?

This state is a mess. I hate living here because of that. I already live 10 minutes from PA...soon enough I will push myself right through the state line.

[johndecka 0]

President Obama should request 50% pay cut from the US Gov.

No make that ALL THE DEMOCRAT officals all those who making over $250,000 a yr.

I would to see those PPl's reaction and expression on their face.

Dont just raise the other ppl's Tax, Lower ur salary, MR. President.

why does he keep appointing those TAX Cheats???

[NickD 203]

I am a lot more concerned about my kids with minimum wage jobs trying to help themselves through college. Those crooks are charging as much as 170 bucks for a stupid book today and even a coke cost a buck and a quarter. Earning a mere $3,000.00 per year that is nothing, that is like 57 bucks per week, $229.50 is taken out for FICA taxes, that is four weeks of hard work for these kids! Also take out for federal and state income tax, but can get that back.

How does one earn over $250 per year? Think our dentist does that, wife lost a tooth, just for a simple bridge and no more than two hours work, the bill came to $3,126.00! our insurance only covered $1,200 of that amount. I am suppose to feel sympathy for those making that kind of money? And yes, we indubitably shopped around. One medical provider wanted $5,500.00 to fill out two I-693's, that was definitely out of pocket and only a limited number of doctors to chose from thanks to USCIS regulations. But I don't care, enjoyed getting screwed, might as well, have no other choice.