Jeb Bush tax plan would hit New Jersey hard
GOP Candidate Jeb Bush鈥檚 tax plan hits New Jersey especially hard.聽Jeb Bush would eliminate the聽聽from the individual income tax. That includes state income and local property taxes. 鈥淭he state has a lot of wealthy residents who pay a relatively high amount in state and local taxes,鈥� said TPC鈥檚 Richard Auxier. New Jersey taxpayers' average deduction was $16,682 in 2013. For what it鈥檚 worth, fellow GOP presidential candidate and New Jersey Governor Chris Christie聽聽in his goal to reduce his state鈥檚 property taxes.
As for GOP candidate John Kasich鈥β�聽end annual budget deficits by getting Congress to move toward a constitutional amendment to balance the federal budget. Of course, he鈥檇 also like to boost spending on defense and health research, as well as overhaul the federal income tax code by way of reducing tax rates. As a US congressman in 1997, 鈥淜asich was part of one of the most important budget deals ever,鈥� said Maya MacGuineas of the Committee for a Responsible Federal Budget. But today, 鈥溾�f you look at what he鈥檚 talking about, it would add to the deficit.鈥�
In Alabama, the Senate continues its work to fill a budget hole.聽It considers聽聽that total about $200 million. The transfers from public school and college funds and the added revenues would help the state to meet Medicaid, prisons, public safety and the Department of Human Resources budget needs. Other state agencies could see an overall budget cut of five percent.
Will California enact a cocktail tax?聽The Cocktails for Healthy Outcomes Act would levy a聽on cocktails to fund developmental disability services and alcohol prevention and counseling, and polls show large majorities of Golden Staters favor raising liquor taxes. But this may not be the best way to do that. Because the tax would be limited to spirits and cocktails sold at bars and restaurants, it would be hard to track and enforce鈥攏o government entity tracks drink sales. The bill has moved out of committee in the state legislature, but GOP opposition has pushed floor action off until the next legislative session.
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