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Proposal would harm New Jersey’s budget, its low-income residents and its economy while reversing the progress the state has made in recent years thanks to the Medicaid expansion.
As a federal appeals court prepares to hear arguments this Friday on President Obama’s 2014 executive actions on immigration, it’s clearer than ever that these actions would greatly benefit New Jersey.
Despite repeated claims from business lobbyists that a so-called millionaire’s tax is “a tax on small business,” since most small business owners run their business income tax through their personal returns, nearly all of these “pass-through” business filers would not pay more if taxes on those earning $500,000 or more increased.
“The loss of tax credits would create a crisis in our state. Not only would those receiving them be affected, but insurance costs for those without them would dramatically increase as well,” said Ray Castro, NJPP senior policy analyst and author of the report.
By enacting what’s known as “combined reporting,” New Jersey would join 25 other states plus D.C. in limiting the ability of profitable multistate corporations to shift profits to other states.
The agreement to increase the state Earned Income Tax Credit undoes a tax increase Governor Christie and the legislature levied on low-income New Jerseyans during the depths of the Great Recession.
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New Jersey Policy Perspective, the prolific think tank, has provided another grim reminder about how middle class families are squeezed in their endeavor to educate their kids, and the numbers are jarring.