The Democrats’ One Percent Solution
Does Bob Menendez seriously expect us to believe the top one percent, 1,303,712 federal tax filers, will be able to pay for that spending? It certainly sounds good to the remaining 99 percent, but is it realistic?
To put things in perspective, the top one percent currently pay 37 percent of all individual federal income taxes and New Jersey’s top one percent pay 42 percent of the state's income taxes. The bottom 50 percent of federal tax filers - 82.5 million - paid less in federal income taxes than New Jersey’s 2006 state budget. Confiscate all the income of the top one percent and it wouldn’t cover Menendez’ plans and he knows it.
Menendez doesn’t believe in innovative or market based solutions to problems. He believes in more government programs, more spending and higher taxes. And why not, it’s worked so well in New Jersey.
Then there’s Jon Shure, the Democrats go to guy on state tax policy. Shure is pushing lawmakers in Trenton to increase the state’s income tax on the wealthy - those earning $250,000 or more - to pay for $1 billion in “property tax relief”. Shure also wants Trenton to tax all 401(k) retirement account contributions. Somebody has to pay for the bankrupting pensions and retirement benefits for public employees, so what better way to finance those benefits than taxing away the other guy’s retirement benefits.
"No tax system is immune to a tanking economy," Shure said. We just wonder why Bob Menendez and Jon Shure are hell bent on making it a reality.