January 11, 2007 |
In assessing the Legislature's recent property-tax-reform deliberations, it seems fair to conclude that New Jersey's leaders fundamentally view tax reform as an accounting problem. In taking a "balance sheet" approach to tax reform, the Legislature has sought to generate savings from budget cuts and governmental efficiencies and to apply these savings toward increases in local aid. This approach resembles previous reform efforts in which homestead rebates, municipal-spending caps and local-aid formulas were all touted as answers to rising property taxes.
April 10, 1989 |
When Gov. Casey's "tax reform" plan passed the Legislature in November, it was hailed as good for the state and great for Philadelphia. Now there are signs that the plan, which needs voter approval in a May 16 statewide referendum, may be in trouble. At its heart, the plan would allow local governments to restructure their taxes and move the burden away from property taxes. However, sponsors cannot say whether the complex plan, which also would cut the Philadelphia wage tax, would lower taxes overall or just shuffle them.
October 5, 1988 |
George Bush has a kind, gentle habit of handing out tax breaks. Bashed last week for his plan to soften the tax on capital gains, which would help the rich most, he tossed a break to non-wealthy folks to help them "afford a home, pay for college or start a business. " Although news stories called the benefit negligible but plausible, his scheme actually could leave people worse off. The candidate proposes Individual Savings Accounts in which the interest wouldn't be taxed until withdrawal.
December 2, 1988 |
The state's new tax reforms, if implemented, will improve the city's long- term financial outlook while reducing the burden of the wage tax, Mayor Goode said yesterday. "We are very pleased that after decades of struggle there is the real beginning of local tax reform throughout the commonwealth," Goode said. "Long-term, there is a great deal of potential for some fundamental change in our overall tax base. " The reforms, however, will have no impact on the city's financial crisis during the next several years, city officials said.
June 24, 1986 |
Let us pay Sen. George Mitchell (D., Maine) the mild tribute that is due a mild, if unavailing, effort to make the Senate tax-reform debate mildly serious. What most of us want in an income tax policy is familiar - a policy of "don't tax me . . . tax that fellow behind the tree," as Russell Long never tires of saying. Is that also what we need? Mitchell proposed an amendment (it failed, by a lopsided vote) to set the top income-tax rate at 35 percent, the vicinity of the original Treasury proposals and the House bill.
October 1, 1986 |
Americans will need a new book. Its title: How to Pick the Best Book on How to Profit from Tax Reform. Literally dozens of "how-to" tax books and magazines are being rushed to market, along with lots of "all new" or "completely revised" money- management books. Unfortunately, nobody can yet write a more important book: How the 1986 Tax Reform Affects America's Future. That's the book that Americans interested in their future well-being and that of their children could really profit from.
April 13, 1989 |
April, when the Internal Revenue Service is most on the public mind, is also the month when the federal income tax - and the far-reaching modifications made in 1986 - commands greatest attention in the print and broadcast media. Yet most discussions have ignored a potentially explosive aspect: While academic, political and journalistic elites cherish the 1986 income tax overhaul, which reduced rates by curbing deductions and credits, the public considers it a turkey. It is not an abstract disagreement.
June 18, 1992 |
The second round in Chester County's debate on statewide tax reform proceeded on schedule Friday. Representatives from the county's various taxing agencies met to continue their task of writing legislation designed to change how local governments and school districts tax their residents. The 16-member task force was formed last month by the three county commissioners, two of whom have said they will make no decision on whether to order a countywide reassessment of real estate properties until the task force makes its recommendations on tax reform.
November 25, 1992 |
A few years ago Governor Casey led an effort on tax reform, which was defeated by the public by a wide margin. Those who are least likely to afford it are still stuck, paying for education through outrageous property taxes. The reason this reform bill was defeated, proves, without a doubt, that most of the people weren't paying their fair share for education. All people are responsible and should pay their fair share for education, but the burden is put on the property owner, and most of all, the elderly on fixed incomes, who can least afford it. Many elderly have lost, or are about to lose, their homes because of the outrageous school taxes placed on properties.
December 7, 1987
The disclosure last week that Philadelphia business leaders, including the ubiquitous Willard Rouse 3d, had come up with a compromise proposal on tax reform was good news. It indicated that efforts were still under way to keep the concept alive. The two-stage plan would provide additional state revenues and taxing authority for Philadelphia and could result in an added sales tax for Philadelphia and the surrounding suburban counties. Gov. Casey, for one, thought it sounded like a good idea.