Upper-income New Jersey residents would pay $3.54 billion more in taxes next year if they see their tax rates increase and deductions reduced, according to a report released today by the nonprofit Tax Foundation.
NJPP president Gordon MacInnes tells NJ Biz it is misleading to focus narrowly on the tax impact of Obama’s proposal.
“President Obama and Governor Romney agree that the present path of debt accumulation is not sustainable, and you need to do something about it,” he says, adding that the Tax Foundation report doesn’t provide a balanced view of the potential benefit of balancing spending cuts with revenue increases. “It seems impossible, given the structure of the federal budget and how money is spent, that you can get on a sustainable path of spending and debt without balancing it with revenue.”
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