Phil Murphy has long touted his progressive agenda by saying he wants New Jersey to be an East Coast version of California. That leaves Murphy facing a choice—either scale back his plans or raise taxes, the report said. This comes as legislative leaders in his own party have said the state needs to look at reducing, not increasing, state spending and have vowed to resist further tax increases. Murphy has shown no inclination to bring his plans into line with the financial realities of a state that already bears one of the highest tax burdens in the nation.
How does it work?
The financial burden of I would fall squarely and disproportionately on individuals, families, farmers and small businesses. We know this because independent studies have estimated that would increase the cost of gasoline by 12 to 14 cents per gallon in the first year alone, increasing annually with no cap, quickly adding up to 60 cents more per gallon within 15 years.
And more exemptions can be added at any time. As a result, large corporations and many polluters would be protected, while individuals, families, small businesses and farmers would pay billions more for gasoline, natural gas, heating fuel, electricity and transportation costs.
At its core, I is a regressive tax that hits hardest those who can least afford it, including low-income and fixed-income households, seniors and working families. I would create an unelected board of political appointees, with no accountability to voters, that would have broad authority to spend billions in taxpayer dollars, no specific plan and no requirements that all the money be spent specifically to reduce greenhouse gases.
I is virtually an entire book of blank checks for political appointees to spend as they choose. Finally, there are no consequences under I if it fails to deliver its greenhouse gas reduction goals — and ironically, the measure rewards failure by increasing the fees, and the taxpayer dollars collected, for every year the proposed goals are not met.
Washington state is already a leader in environmental policy, and we should continue to pursue policies and incentives that will continue to improve our environmental record. Initiative is not such a measure.
It is costly and poorly written, undermining other ongoing efforts to achieve environmental goals. We need serious, sensible and accountable solutions that address our environmental challenges effectively and responsibly.
I is not a viable solution. For these reasons, this fall we urge a no vote on Billions in new taxes and no guarantee of carbon reductions A state analysis shows that would increase energy taxes by $ billion in the first five years alone.
And I’s taxes. According to an MBTA analysis, a proposed expansion of South Station would cost $ billion, and a North-South rail link, which Dukakis has long pushed for, is estimated between $12 and $21 billion.
During Baker’s campaign, he touted a "no new taxes" platform, but Dukakis says new tax revenue is unavoidable with the proposed South Station.
Complied by Americans for Tax Reform. WASHINGTON, DC --Obamacare contains 20 new or higher taxes on American families and small businesses.
Arranged by their respective sizes according to CBO scores, below is the total list of all $ billion-plus in tax hikes (over the next ten years) in Obamacare, their effective dates, and where to find them in the bill.
Tax Notes offers a wide array of products, including federal, state and local, and international tax news, commentary, and analysis (available both online and in print), as well as select research tools.
Steven Terner Mnuchin was sworn in as the 77th Secretary of the Treasury on February 13, As Secretary of the Treasury, Mr. Mnuchin is responsible for the executive branch agency whose mission is to maintain a strong economy, foster economic growth, and create job opportunities by promoting the conditions that enable prosperity and stability at home and abroad.
"The top 10 percent income earners pay about 70 percent of federal income taxes," says Will McBride of the Tax Foundation. "The bottom 50 percent of tax filers have, they pay almost no federal.