"Knowledge will forever govern ignorance

 and a people who mean to be their own governors

 must arm themselves with the power which knowledge gives."

Sunday, October 29, 2006

The Democrats’ One Percent Solution

Bob Menendez has a solution for plugging the coming shortfalls in the Social Security and Medicare systems - roll back the “Bush tax cuts” for the top one percent of federal taxpayers. To address the sky rocketing costs of Medicaid, Menendez looks to the same one percent to pick up the tab. He also claims he’d balance the federal budget and fund his plan to cover forty million Americans without medical insurance by raising taxes on the top one percent.

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.


At 1:43 PM, Anonymous Jim - PRS said...

Those "wealthy" taxpayers might well move out of New Jersey to escape from the political shithole this state has become.

Then what? Increase the income tax on the "almost wealthy"?

At 2:52 PM, Blogger Ken Adams said...

Whoever has the most in the state is "wealthy," even if we're all living in tar-paper shacks and subsisting on gubmint cheese.

At 4:09 PM, Blogger Mr. Snitch said...

"Those "wealthy" taxpayers might well move out of New Jersey"

Not that the left ever learned from history, but that's precisely what happened in Hoboken. The wealthy Stevens family, who founded the town, and their wealthy friends packed up and left. They were political targets because of their wealth. Once a wealthy person leaves an area, they don't simply move back in when conditions change.

What happened in Hoboken is a sobering lesson. With the wealthy truly gone, it became a working-class town - mostly longshoremen. The middle class began to prey on itself, and thefts from ships reached 33%. When container ships destroyed the local shipping business, this town truly descended into hell. Once-fine townhouses became boarding houses. Hoboken was a town of squalor. People look at it now, with the years of utter desperation behind it, and think it couldn't happen again, but it could and did. And it was greed and political corruption that did it.

At 9:51 PM, Blogger Mr. Apropos said...

Ugh, John Shure sounds like an extra from "Atlas Shrugged"... "This is a virtue, not a vice,"... what a load of bull.

At 11:05 AM, Anonymous Anonymous said...

Junior cetainly isn't paying his fair share. 4%.

At 1:08 PM, Blogger Enlighten said...

Anonymous @ 12:05,

Clearly you’ve never prepared a “long form” tax return. Because if you had you’d know income taxes are calculated on adjusted gross income – after deducting losses on investments, taxes to other jurisdictions, mortgage interest etc.

Go back and check what percentage “Junior” paid on his AGI. Then add up the dollars “Junior” paid in federal, state and property taxes and let us know the totals. We’d also be interested to know how much more you think he should have paid to each level of government.

We suspect if Junior hadn’t paid “his fair share” he wouldn’t have made his complete returns available to the public. PoliticsNJ even provided a link. Speaking of making tax returns available to the public, do you have a link to Bob Menendez’ complete tax returns, we most have missed it.

We’ll bet your one of those folks who can’t understand why a company doesn’t pay taxes on its sales rather than on its profits.

At 6:58 AM, Anonymous Shooter1001 said...

As soon as the NJ Government passes a tax on 401-K contributions, then I start looking to move out of state! I'll encourage my professional kids and their families to do the same.
I left NYC 30 years ago because it was such a liberal shithole. This will be the straw that breaks my back! This time I'm leaving the liberal scumhole of the Northeast.


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