Joe Biden’s tax plan would further cement New Jersey’s position as one of the country’s worst tax states, Save Jerseyans.
On Friday, the D.C.-based Tax Foundation released an analysis of combined capital gains tax rates. New Jersey is one of 13 states that would have a 50%+ combined rate under the new plan with a staggering 54.2%. Only New York (54.3%) and California (56.7%) would come out worse.
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By way of comparison, New Jersey was ranked 5th with a 30.4% rate in 2014. It’s currently 34.6%. So yeah, the Biden-Harris proposal would likely lead to a further accelerations of wealthy folks moving their families, businesses, and money to more tax friendly climates. What else is new…
Tue March 16, 2021 - Northeast Edition
Associated Press
Amid a deepening stalemate over financing highways and public transit, Pennsylvania Gov. Tom Wolf on March 12 proposed phasing out his state s gasoline tax, the second highest in the nation, and appointed a commission to recommend alternative ways to pay for the state s needs.
Wolf ordered a panel of several dozen lawmakers, transportation industry representatives, transportation planners, government officials and others to deliver recommendations by Aug. 1 of funding alternatives to foot the extra billions of dollars deemed to be necessary. Our economy, our communities and our future rely on a strong transportation system that supports our safety and growth, Wolf said in a statement.
(The Center Square) â The Washington, D.C.-based Tax Foundation has calculated that about $2 billion worth of taxpayer money from the Democratic-passed American Rescue Plan Act is allocated to local governments that donât exist or arenât in financial distress.
The act is a $1.9 trillion spending plan that President Joe Biden and Democrats hailed as another COVID-19 stimulus package. It includes extended unemployment benefits, direct funding to states and municipalities, and $1,400 checks for most Americans.
But in an
analysis, Jared Walczak, vice president of State Projects with the Center for State Tax Policy at the foundation, identified localities by state that have been allocated money that donât qualify to receive funds. The bill has been widely criticized for funding pork barrel initiatives, independent watchdog groups like Open the Books and Truth in Accounting have reported.