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Jul
How come revenue did not go up when New Jersey recently raised taxes 8 times?
Posted by: admin / Category: revenue propertiesThe state taxes in NJ is 3 times that of Delaware
The property taxes in NJ is 8 times that of Delaware
And yet NJ is almost broke and revenues did not go up after taxes increased
So doesnt NJ prove that raising taxes is just a bad idea?
The higher taxes probably made businesses which were successful pick up and leave, as they were being squeezed tighter and tighter with the ever increasing tax rates.
It’s an effect of the Laffer curve.
http://en.wikipedia.org/wiki/Laffer_curve
July 14th, 2010 at 9:12 pm
Many government agencies are on spending sprees. They need to learn to pinch pennies like many American households do today.
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July 14th, 2010 at 9:54 pm
The higher taxes probably made businesses which were successful pick up and leave, as they were being squeezed tighter and tighter with the ever increasing tax rates.
It’s an effect of the Laffer curve.
http://en.wikipedia.org/wiki/Laffer_curve
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July 14th, 2010 at 10:32 pm
Well, there is a thing we call "anecdotal evidence"
My father drank milk often. My father died of heart disease.
So doesn’t this prove that drinking milk always causes heart disease?
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July 14th, 2010 at 10:49 pm
because liberal policies dont work, if one thinks i am pulling their leg, look at the great freedom loving state of CA where just about everything is illegal and they are bankrupt, a state which is more concerned with gays getting married than bankruptcy
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July 14th, 2010 at 11:12 pm
The higher you raise taxes, the more people hide their money and go underground with their earnings…People aren’t stupid, they are not going to work hard for their cash and then let some stupid government waste their hard earned money.
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July 14th, 2010 at 11:35 pm
was carter running the state then? Funny how he tried the same thing and it didn’t work for the country then either.
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July 15th, 2010 at 12:03 am
Because of the unemployment rate, genius.
All things equal, if the same number of people are working, a higher tax rate generates higher revenue. If there is a net loss of jobs, revenues can decrease even as rates rise.
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July 15th, 2010 at 12:38 am
When liberal icon JFK LOWERED taxes, federal revenues INCREASED.
That is because the economy got a big boost from the lowered taxes.
Kennedy said "A rising tide lifts all boats."
Contrast that to Marxist god FDR who continuously added taxes and spending and made the depression last much longer than it should have.
So yes – raising taxes is always a bad idea.
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July 15th, 2010 at 12:55 am
"Since 1980, median real household income has risen less than 15 percent. The only period of strong middle-class income growth during this time came in the mid- and late 1990s, which by coincidence was also the one time when taxes on the affluent were rising.
"For most of the last three decades, tax rates for the wealthy have been falling, while their pretax pay has been rising rapidly. Real incomes at the 99.99th percentile have jumpedmore than 300 percent since 1980. At the 99th percentile — about $300,000 today — real pay has roughly doubled."
http://www.nytimes.com/2010/03/24/business/24leonhardt.html
Stats are from CBO and the Census.
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July 15th, 2010 at 1:18 am
It’s not because of the laffer curve. For him to lower the deficit, Reagan raised taxes on corporations by $420 billion. The largest tax increase since WWII. Then Bush 1 raised taxes. Then Clinton ended up with a budget surplus. Read your history.
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July 15th, 2010 at 1:53 am
You people are just greedy. You have to pay taxes if you want to use all the stuff Obama gives you like roads and doctors. If I paid taxes I would be happy to give more.
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July 15th, 2010 at 2:43 am
New Jersey didn’t move fast enough, so most of the victims were able to escape with something. The Scum Sucking, Sheep @#&&^ in DC were watching, and won’t make That Mistake !
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July 15th, 2010 at 3:15 am
It reminds me of a parasite killing the host whose blood sustains it.
You would think they would realize at some point that if they quit bleeding people dry, more victims would be lured to NJ for them to feed on and fewer of their present victims would run away. The citizens they already prey on, if allowed to prosper would spend more, invest and hire more people, creating more incomes for them to siphon. These new marks would still be subject to not only income tax but to property taxes, sales taxes and the litany of other vehicles the parasites use to seize the product of their citizens labor. I guess this is too much to hope for. Parasites are not know for their use of logic or reason, they are unprincipled opportunist.
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July 15th, 2010 at 3:28 am
Those of us who operate a business know that anytime taxes are increased, incentives go down. When big brother puts his thumb on your back and then pushes, we retreat. High taxes just chase away business and lower the incentive to achieve. The left just don’t get it.
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July 19th, 2010 at 5:13 pm
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