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jet
Citizen
Username: Jet
Post Number: 751
Registered: 7-2001
| | Posted on Thursday, February 17, 2005 - 9:52 am: | 
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This nightmare of a lame duck wants to reach into your 401k & tax it. This pig farmer took the deal to run NJSEA , got out of the way of Corzine , fattened his brothers pension to 98k per yr for life & is now going to do all the nasty things needed to pay those slim balls in Trenton for life. Get Upset, F the Bush adm. you can't do anything about that. |
Albatross
Citizen
Username: Albatross
Post Number: 507
Registered: 9-2004
| | Posted on Thursday, February 17, 2005 - 3:45 pm: |
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Very good. The outrage was well expressed.
What news source did you find this in?
Can you provide a link to the article?
In other words, do you have any useful information? |
TomR
Citizen
Username: Tomr
Post Number: 484
Registered: 6-2001
| | Posted on Thursday, February 17, 2005 - 4:58 pm: |
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I gotta wonder...
If we get taxed on our contributions to a 401k, will the withdrawals be taxed at income tax rates or at capital gain rates, with exclusion for the previously taxed contributions?
TomR.
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jet
Citizen
Username: Jet
Post Number: 754
Registered: 7-2001
| | Posted on Friday, February 18, 2005 - 8:45 am: |
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Hey , albatross , were do you live ? Under a rock . Try Star Ledger , njpolitics.com , 101.5 . Asbury Park Press, Camden Courier , Jersey Journal . For the most part those are news papers. |
jet
Citizen
Username: Jet
Post Number: 755
Registered: 7-2001
| | Posted on Friday, February 18, 2005 - 10:07 am: |
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Albatross, you sound like a teacher to me , those who can't ,rant. |
Rastro
Citizen
Username: Rastro
Post Number: 723
Registered: 5-2004
| | Posted on Friday, February 18, 2005 - 10:46 am: |
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jet, if you can actually put together a readable sentence, can you please rewrite your initial post so that those of us who aren't 12 can understand it? You might have a very reasonable point. It's tough to tell.
BTW, spaces go after commas, not before. |
jet
Citizen
Username: Jet
Post Number: 757
Registered: 7-2001
| | Posted on Friday, February 18, 2005 - 11:22 am: |
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Rastro , if you would like to mark it up with a red marker & hand back to me @ class tommorow great. It looks quite ledgible to me , but for those of you @ the back the class . 1} The Governor wants to tax your 401k contribution. 2}He agreed not to run for a full term in exchange for heading the New Jersey Sports and Exposition Authority 3} Shortly after becoming acting Governor his brother {a state prosecutor} was given a raise which makes him one of the highest paid State employees , he , 55 {retirement age} will now get $98,000 a year for the rest of his life, instead of $36,000 he was slated for. He does not have a 401k , he has a Tax payer finaced pension that has nothing to do with what you put in during your working career . OK |
Albatross
Citizen
Username: Albatross
Post Number: 509
Registered: 9-2004
| | Posted on Friday, February 18, 2005 - 11:45 am: |
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Actually, I haven't had the chance to read the news in the last couple of days.
I asked for a link and useful info because I was interested in learning more about these issues.
Having searched the recent Star Ledger news (both manually and with the search feature), I have not been able to find anything regarding 401K taxes or the NJSEA. I also searched the Jersey Journal 14-day archives and found nothing connecting the governor to NJSEA and nothing regarding 401Ks. I have also found nothing about the raise you mention.
So: can you post a link to the news article(s) with the information? |
Rastro
Citizen
Username: Rastro
Post Number: 724
Registered: 5-2004
| | Posted on Friday, February 18, 2005 - 11:49 am: |
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jet,
See, that wasn't so hard, was it? And now that I see what you're talking about, I agree. It does look ridiculous.
btw, I don't want you to feel like I'm ignoring your request, so here you go:
"Rastro , if you would like to mark it up with a red marker & hand it back to me @in class tommorow, that would be great. It looks quite ledgible to me , but for those of you @ the back the class . 1} The Governor wants to tax your 401k contribution. 2}He agreed not to run for a full term in exchange for heading the New Jersey Sports and Exposition Authority 3} Shortly after becoming acting Governor, his brother {(a state prosecutor}) was given a raise which makes him one of the highest paid State employees. , hHe , now 55 {(retirement age}) will now get $98,000 a year for the rest of his life, instead of $36,000 he was slated for. He does not have a 401k. , hHe has a Tax payer financed pension, whichthat has nothing to do with what you put in during your working career . OK?"
Yes, it's a slow day. |
jet
Citizen
Username: Jet
Post Number: 759
Registered: 7-2001
| | Posted on Friday, February 18, 2005 - 12:03 pm: |
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class, class , CLAAASSS , thank you. Same here Rastro , party on. |
jet
Citizen
Username: Jet
Post Number: 760
Registered: 7-2001
| | Posted on Friday, February 18, 2005 - 12:09 pm: |
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Albatross , try politicsnj.com & go back 1to 2 days in achives. |
OddLot
Citizen
Username: Amh
Post Number: 44
Registered: 3-2002
| | Posted on Friday, February 18, 2005 - 1:16 pm: |
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Jet -- I'm not sure I understand all of the comments in your original post, but I agree with you that this is a really lame proposal. Here's the version of the story that I had read:
Codey is tempted to tax deposits in 401(k) plans
Tuesday, February 08, 2005
BY JOE DONOHUE
Star-Ledger Staff
The Codey administration is actively considering a proposal to tax contributions to 401(k) retirement plans as a way to generate more than $400 million and help close a deficit in the upcoming state budget.
Under such a scenario, the state would tax contributions to the popular retirement plans as they are made during a resident's working years, administration officials said. The state income tax is now deferred until residents begin withdrawing money after they retire.
The proposal is part of a wide range of options under consideration as state Treasury officials attempt to close an estimated $4 billion difference between what the state will take in and what it will spend in the fiscal year that starts in July.
With the state staring at a potential deficit for the fifth straight year, acting Gov. Richard Codey has already said he might have to cut taxpayer rebates, freeze increases in aid to municipalities and school districts and, as a "last resort," raise income or sales taxes.
The administration also may seek to eliminate property tax deductions for wealthy taxpayers to generate about $40 million, sources in the administration and the Legislature said yesterday.
Some states, including Pennsylvania, already tax 401(k) contributions as they are made, officials said. For example, if someone makes $50,000 and contributes $2,000 a year to a 401(k), the state taxes the full $50,000 instead of $48,000.
According to one administration source, the state has considered such a change in policy since 2001. The official said that one-quarter of all retirees move away from New Jersey, and the state never receives any income tax when they withdraw from their 401(k) plans.
The official said contributions to other retirement plans, such as IRAs, Keough Plans, teacher retirement accounts and deferred compensation accounts are already subject to the state taxation.
"It's not a tax increase. It is consistency. All (retirement) plans should be treated the same," the official said.
The administration believes removing the state income tax exemption would not dissuade people from contributing to 401(k) accounts because they still would get to deduct the amount for federal tax purposes. Hundreds of thousands of taxpayers make regular payments into 401(k) plans.
Administration officials say the proposal would mostly affect those earning $100,000 or more because they make the biggest contributions to their 401(k) plans. The change would end one of the few deductions allowed on state income tax returns.
The administration is also considering limiting the number of taxpayers who can deduct their property tax bills from their state income tax returns.
Lawmakers in 1996 restored a system that allows residents to deduct property tax bills of up to $10,000. The plan under consideration would eliminate those deductions for wealthier residents -- perhaps those earning more than $250,000.
According to the Treasury Department, the property tax deduction will cost about $361 million this year. The Statistics of Income report for 2004 says taxpayers who earn $250,000 or more now receive about $40 million of the tax benefit.
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jet
Citizen
Username: Jet
Post Number: 761
Registered: 7-2001
| | Posted on Friday, February 18, 2005 - 1:48 pm: |
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The bottom line here is to capture some revenue before folks up & split from NJ & start drawing on their 401k in another less usurey state. How about cutting some of the countless party hacks from the payroll .Has anyone ever driven along the beach in LBI ? Next time you do take note of how many NJ state owned Crown Vics you see in the driveways of beach front properties . |
cjc
Citizen
Username: Cjc
Post Number: 3154
Registered: 8-2003
| | Posted on Friday, February 18, 2005 - 2:27 pm: |
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Why do people leave here when they retire? Could it just possibly be high taxes?
Maplewood will not oppose this. All tax increases are necessary no matter how painful in Maplewood. |
Bobkat
Supporter
Username: Bobk
Post Number: 7649
Registered: 5-2001
| | Posted on Friday, February 18, 2005 - 2:36 pm: |
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Uhm, Cjc, I think it also has something to do with the weather. Not to mention a couple can sell their Maplewood home, pocket the first $500,000 in capital gains tax free and move somewhere where living costs are less. But, yah better hurry. I am sure that neat little tax break will be history after Bush redistributes the tax burden next year. |
cjc
Citizen
Username: Cjc
Post Number: 3155
Registered: 8-2003
| | Posted on Friday, February 18, 2005 - 2:48 pm: |
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I've lost two neighbors who were retired. They didn't mention the weather as the reason they were (reluctantly) leaving. |
Bobkat
Supporter
Username: Bobk
Post Number: 7652
Registered: 5-2001
| | Posted on Friday, February 18, 2005 - 3:15 pm: |
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In your neighborhood? Since you are so wealthy I would assume that your neighbors are also and those $20,000 tax bills aren't an issue for someone with a seven figure 401k and a pension well into six figures. Heck, the social security checks will cover that! 
Joking aside, and admiting I was trolling in my earlier post, taxes, especially RE taxes, are a big issue when one retires or even is contemplating retiring in a few years. Trust me on this, I know, I is one of them. |
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