Carbon, Corporate, Sales, and Income Taxes Need to be Considered Through a ‘Last Are First’ Lens.
Our tax codes and tax policies have been looked at through a ‘first are first’ lens for long enough. My Administration, without the burden of decades of promises to big donors, and with an eye for caring for the last, can take a fresh look at taxes in this state.
Currently, NJ has a 7 bracket state tax system. High wage earners pay more based on reaching the next plateau in the bracket. Our tax bracket has remained stagnant even as wealth has dramatically increased among the highest wage earners. I propose that we, like other states, add new brackets. I propose we add an 8th and 9th bracket, so that those who have the good fortune of exorbitant wealth can contribute more to our state. Right now all monies after $500,000 are taxed at 8.97%. I propose $500,001-$750,000 at 10.50%, and $750,001 and above at 12%.
I also propose that the Estate Tax be reinstated. The 20+ Democrats who voted to fund the Transportation Trust Fund even as a deal was cut with Governor Christie to eliminate the Estate Tax, have led us in a dangerous direction.
Corporate welfare tax credits should be scrapped. If NJ goes with a NJ single payer Medicare for All, NJ business will have such incentive to do business in the state that there wouldn’t be a need for any additional tax credits.