27 Jan 2025 10:15 am
Once again, you prove how eager you are to provide an incorrect opinion on **** you know nothing about.Cannonpointer » 26 Jan 2025, 8:48 pm » wrote: ↑ No.
If you were, your taxes would not have gone up. Wealthy people do not PAY state taxes. Working and middle class people do.
NJ taxes income from wages. Wealthy people make capital gains - not income. And wealthy people are able to shield even their capital gains from taxes by never claiming their gains, instead borrowing from themselves while leaving the gains unclaimed, or borrowing with the gains as collateral at lower interest than what those gains are making, while never claiming them.
No surprise there.
To help educate your ignorant self, the fact is that NJ and 9 other Democrat-controlled high-tax states had their wealthy residents lose state's property tax deduction for amounts over $10,000. My property tax was roughly $22,000, which meant that the Trump tax cut eliminated $12,000 of that property tax deduction from my federal return raising my taxable income significantly. And I fully agreed with the reasoning of that tax increase because it is not right for a state like NJ to increase property taxes on a whim, knowing most people paying those high taxes could deduct that full cost from their federal return. It rewarded high-tax states which are all run by liberal Democrats like NJ, NY, CA, CT, and MA to save money while responsible, low-tax states received no such value consideration.
You expose your ignorance to a laughable degree if you believe wealthy people don't pay state taxes. Losing that deduction combined with my income tax for BOTH federal and state taxes increased my total tax bill on my joint return after Trump's tax cut to rise to over $40,000 in one year and just under $30,000 in 2 other years.
Here, nitwit. Read the facts!:
Here's how Trump law limiting your property tax break hurt Jersey's middle class
Sep. 19, 2018 By Jonathan D. Salant | NJ Advance Media for NJ.com
WASHINGTON -- When pushing for limiting how much you can deduct for state and local taxes on your federal income taxes, Republican lawmakers argued that such breaks were unfair because they subsidized the super rich -- especially in states like New Jersey.
But new statistics show the impact of the tax law signed by President Donald Trump hits far more New Jerseyans who make far less.
Most New Jersey households affected by the Republicans' $10,000 cap on the state and local tax deduction make $75,000 to $200,000 a year, new studies show.
Trump tax law slams N.J. harder than any other state
Mar. 29, 2018
Jonathan D. Salant | NJ Advance Media for NJ.comWASHINGTON -- Watch out New Jersey: President Donald Trump's tax law will hit you harder than any other state.The Tax Policy Center, a research group, says in a new report that 10.2 percent of New Jersey households will see their federal income taxes go up this year under the Republican tax measure. That's in large part due to the law's $10,000 cap on the deduction for state and local income, property and sales taxes.New Jersey was the only state where the percentage of those facing a tax hike reached double digits.Next came Maryland with 9.4 percent and California with 8.6 percent, according to the report by the center, a joint venture of the progressive Urban Institute and Brookings Institution. Its advisory board includes experts who formerly served in Democratic or Republican administrations.