The New Jersey state income tax experiment has been a colossal failure. For suburban homeowners who supposedly were going to get property tax relief with the introduction of the state income tax 40 years ago, the fiasco has been monumental. There has been no property tax relief. In fact, the opposite has happened. That’s a fact that cannot be ignored or swept under the rug.
In 1976, the Democratic Governor Byrne passed an income tax at 2% for income below $20,000 and at 2.5% for income over $20,000 (the modern day equivalent of about $87,400). Ever since, the rates have risen consistently, getting up to 8.97% for the highest income level.
New Jersey should abolish this invasive tax and join the 7 other states who don’t have a state income tax (these seven states are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming).
We need a New Jersey where free enterprise thrives, all levels of government are limited in their power over the people and we crea...
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The New Jersey state income tax experiment has been a colossal failure. For suburban homeowners who supposedly were going to get property tax relief with the introduction of the state income tax 40 years ago, the fiasco has been monumental. There has been no property tax relief. In fact, the opposite has happened. That’s a fact that cannot be ignored or swept under the rug.
In 1976, the Democratic Governor Byrne passed an income tax at 2% for income below $20,000 and at 2.5% for income over $20,000 (the modern day equivalent of about $87,400). Ever since, the rates have risen consistently, getting up to 8.97% for the highest income level.
New Jersey should abolish this invasive tax and join the 7 other states who don’t have a state income tax (these seven states are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming).
We need a New Jersey where free enterprise thrives, all levels of government are limited in their power over the people and we create a culture where philanthropy replaces the failed social policies of the welfare state.
I propose phasing out the income tax over the next four years so the people will have control over their earnings instead of the Trenton trough redistributing it throughout the state. The income tax would be reduced 10% in the first year, 20% in the second year, 30% in the third year, and 40% in the fourth year. And in four years the people of New Jersey will no longer have to pay a state income tax.
For specifics about the implications on this plan please visit my blog, where you can also read about other Libertarian ideas.
We must end once and for all abolish the idea that there must be a government program to deal with every social issue facing the American people. Free people must rely on voluntary institutions in the nonprofit sector to obtain the services they need to deal with personal challenges. That is the hallmark of a real individual compassion.
Free enterprise, limited government and nonprofitization will restore the state’s motto, Liberty and Prosperity, and make New Jersey the freest state in the union with the most vibrant economy rivaling that of Hong Kong and Singapore.
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