Politics New Jersey Republicans want state to return portion of tax collections to state residents
Opinion: America's tax system is rigged to protect the rich and powerful
Jeffrey Sachs writes the US tax system is designed to protect wealthy individuals and powerful corporations, and it is breaking the country in more ways than one. Much of the Republican Party lives and breathes to protect the rich and powerful from paying taxes, and Democrats like Sen. Joe Manchin of West Virginia too often side with them. Meanwhile, public opinion -- strongly supporting higher taxes on wealthy Americans and corporations -- counts for little because the rich have undue influence over the political class. © Getty Images But the severity of the problem cannot be overstated.
With New Jersey looking to bring in , state Republicans want to return the money to the taxpayers.
On Wednesday, treasury officials said New Jersey’s baseline state revenues for the 2021 fiscal year could be roughly $4.1 billion higher than anticipated. Coupled with other revenue increases, the state expects to end fiscal 2021 with a $10.1 billion surplus.
“The surplus should be given back to taxpayers because it is theirs to keep, and the state is already flush with cash,” Assemblyman Hal Wirths, R-Sussex, the Republican budget officer, said in a news release. “… The surplus should be used to cut taxes, whether by increasing school aid, decreasing payroll taxes, increasing the earned income tax credit, cutting taxes for small businesses struggling to recover, or any other way that puts money in people’s pockets.”
ProPublica's bombshell tax investigation reportedly has lawmakers eyeing policy changes. One senator who designed a key corporation tax cut says it wasn't supposed to let 'multibillionaires' avoid tax.
Republican Sen. Patrick J. Toomey, who authored 2017 tax reforms, said his intention "was not that multibillionaires ought to pay no taxes."The nonprofit news site ProPublica published a report on Tuesday showing how much the 25 richest Americans - including Jeff Bezos, Elon Musk, Warren Buffett, Bill Gates, and Mark Zuckerberg - paid in tax. The report highlighted how two key tax loopholes benefit billionaires.
Meanwhile, a spokesperson for Gov. Phil Murphy, a Democrat, said he plans to work with lawmakers on how best to allocate the money.
“Governor Murphy’s budget will make investments in New Jersey and New Jerseyans and – unlike the budgets of [former Republican] Governor [Chris] Christie, which prioritized tax cuts for millionaires and billionaires – will ensure we properly invest in our public education system, reduce the burden of health care costs, and provide additional tax cuts to New Jersey’s growing middle class,” Alyana Alfaro Post said in an email. “We will continue to discuss proposals with Legislative Leadership to determine the best uses of state funds.”
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Original Author: Todd DeFeo, The Center Square
Biden infrastructure plan would reduce growth: Tax group .
A leading tax think tank projected President Joe Biden’s infrastructure plan would lead to a decrease in long-run economic output. © Provided by Washington Examiner The Tax Foundation, a nonpartisan group that generally prefers lower taxes, released modeling of Biden’s American Jobs Plan on Friday. The think tank examined Biden’s plan as first proposed, which clocks in at about $2.3 trillion — although that number will be significantly lower if negotiations with Republicans are successful.