Culture

NJ congressional delegates concerned about GOP tax plan

NJ congressional delegates concerned about GOP tax plan”

New Jersey Democratic Gov. -elect Phil Murphy is calling GOP efforts to overhaul the nation's tax system a "scam".

That puts him at odds with the House legislation that leaves the top rate at 39.6 percent and the Senate bill as written, with the top rate at 38.5 percent.

The House and Senate versions would eliminate deductions for state and local income taxes and sales taxes paid.

Underscoring the difficulty, the chairman of the House Ways and Means Committee said Sunday he was certain that chamber won't go along with the Senate's proposal to eliminate the deduction for property taxes, setting up a major flashpoint.

Trump also said, "Now how about ending the unfair & highly unpopular individual mandate in (Obama) care and reducing taxes even further?" Somebody said to me it's like cutting your hand off, versus cutting half of your hand off. "They're pushing one item that's good for a soundbite".

Murphy won election as New Jersey's next governor on Tuesday.

The state's business community, meanwhile, also seems to be in agreement that the federal legislation needs to be revised, suggesting the proposed changes, taken together, could lead more residents and businesses to flee the state.

Mnuchin and Trump said the Republican proposals would simplify the tax code and save about $1,000 a month for the "median" family of four.

Both the House and Senate versions of the legislation would eliminate deductions for state and local income taxes and sales taxes paid. By 2025, 21.4 million households would have steeper tax bills.

Democrats say they're all for tax reform, noting that the last tax overhaul - in 1986 - had a Democrat at the center, one who worked with Republicans in the Senate and a Republican president. While both houses' legislation calls for the standard deduction to be almost doubled, they would also repeal personal exemptions worth $4,050. The House is expected to vote on its bill Thursday.

The analysts found a similar magnitude of tax increases under the House bill. But the Senate version delays the cut for one year.

A key feature of both bills is a reduction in the corporate tax rate from 35 percent to 20 percent.

Murphy, a former Goldman Sachs executive, said that it's been proven in the past that the hope that tax breaks for corporations and the wealthy, what he labeled as "trickle-down economics", is not a successful strategy for generating growth. After it was first introduced, representatives from high-tax states like New Jersey said that a compromise was needed to create tax fairness for states that give more money to the federal government than they receive. It is bad no matter how you slice it. "It's a devastating blow".

"This is an assault on the middle class", said Murphy.

"It's important to make sure that people keep more of what they earn, even in these high-tax states", Brady said during an appearance on "Fox News Sunday".

"This is not tax reform". Earlier this year, MacArthur was the primary architect of a failed bill that would have repealed and rewritten the Affordable Care Act.

"When they can't pay for this bill, they're going to come after Social Security, Medicare and Medicaid", Pascrell said. Leonard Lance (R-7) and Rodney Frelinghuysen (R-11), whose districts would be particularly hard hit, will be too strong to see them vote with the House majority.

President Trump has pledged to cut taxes, and two of his advisers, daughter Ivanka Trump and Treasury Secretary Steven Mnuchin, were in New Jersey on Monday with Rep. Tom MacArthur (R-3) to discuss the plan. "There should not be one representative from the state of New Jersey who would even consider this bill". He also pointed to the overall benefits that lower corporate rates and other proposed tax-policy changes could have on the broader economy.

The liberal think tank New Jersey Policy Perspective estimated that the SALT deductions now benefit almost 41 percent of New Jersey households and that New Jersey would be among the hardest-hit states in the country if the plan goes through.

"We feel Congress can and should do better", said Michele Siekerka, the NJBIA's president and chief executive.

"We as Democrats believe in fairness", Pallone said.



Like this

Latest


15 November 2017
Influential Analyst Rating Changes: Genworth Financial, Inc. (GNW), Ruby Tuesday, Inc. (RT)
Bayesian Capital Management LP acquired a new position in shares of Genworth Financial during the 2nd quarter valued at $126,000. The latest exchange of 0.56 Million shares is below its average trading activity of 930.23 Million shares.

15 November 2017
Alabama could be home to Toyota/Mazda plant
There are two megasites in Chatham County, one in Edgecombe County and one on the Guilford-Randolph counties border. The Japanese automakers announced the plans for the new plant in August, saying the move will create 4,000 jobs.

15 November 2017
Robeco Institutional Asset Management BV Acquires 1120 Shares of Equinix, Inc. (EQIX)
Cowen and Company reaffirmed a "buy" rating and issued a $482.00 target price on shares of Equinix in a research report on Friday. Short interest decreased from 1,976,556 to 1,914,876 over that timeframe. 68 funds opened positions while 168 raised stakes.

15 November 2017
Do You Own Transocean Ltd. (NYSE:RIG) Shares?
According to their observations and findings, the stock could provide a high EPS of $0.07/share and a low EPS of $-0.47/share. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.

15 November 2017
Bundy standoff trial underway
Defense attorneys were scheduled to make their opening statements later on Tuesday in a trial expected to last through February. Federal prosecutors have twice failed to win full convictions at trial of men who had guns during the tense confrontation.

15 November 2017
Oppenheimerfunds, Inc. Marginally Decreases Its Stake in Fomento Economico Mexicano SAB De CV (FMX) Last Quarter
COPYRIGHT VIOLATION NOTICE: This article was first posted by TrueBlueTribune and is the sole property of of TrueBlueTribune. As of the end of the quarter Axiom International Investors LLC /DE had bought 9,263 shares growing its stake by 1.5%.

15 November 2017
Traders Secrets on Corning Incorporated (GLW), Las Vegas Sands Corp. (LVS)
Maybe the focus is on finding a stock that has recently taken a turn for the worse for no real apparent reason. (NYSE: LVS ). State of Alaska Department of Revenue boosted its stake in shares of Las Vegas Sands Corp .by 24.4% in the second quarter.

15 November 2017
Trump approves disaster aid for some counties hit by Lake Ontario flooding
It omits two lakefront counties, Monroe and Cayuga, but says additional designations could be added later if warranted. Lawrence, Niagara and Orleans counties because of flood damage sustained from May 2 to August 6.

15 November 2017
Helix Energy Solutions Group, Inc. (HLX)
In recent trading day CF Industries Holdings, Inc. (NYSE:HLX) advice their clients to include it in their buy candidate list. Following the sale, the chief operating officer now directly owns 151,530 shares in the company, valued at $1,022,827.50.

15 November 2017
Analyst Opinion Summary: DISH Network Corporation (DISH), CatchMark Timber Trust, Inc. (CTT)
LLC now owns 2,500 shares of the company's stock valued at $157,000 after buying an additional 100 shares during the last quarter. The stock has a market capitalization of $23,683.15, a price-to-earnings ratio of 18.68, a PEG ratio of 2.38 and a beta of 1.08.



Recommended