Economics / Taxes

Take home pay up considerably under new tax law

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When wage increases over the last year are combined with this year’s tax rate cuts, American workers are doing far better than they’ve done in years.

Socialist Senator Bernie Sanders says that because wages went up 2.7% in the last 12 months and inflation was up 2.9%, workers fell behind. Without others considerations he would be correct.

According to Andy Pudzer, former CEO and author of “The Capitalist Comeback: The Trump Boom and the Left’s Plot to Stop It,” there are other ways they’ve benefited to the extent that they’re now enjoying take-home pay increases not seen in years.

Read moreTake home pay up considerably under new tax law

Better not own property or rely on a public pension in NJ

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New Jersey is in very bad financial shape, mostly due to stunning mismanagement of its public pension system.  Though it has promised the moon, it has chosen never to pay more than $1.9 billion in the plan in any year. Now it needs about three times that to keep the pension system solvent.

Governor Murphy knows he can raise the state income tax rate to levels where his state’s wealthiest residents would likely take their capital elsewhere. But they, like any other home or property owner in the state, cannot move their NJ real estate holdings. Private real property stays and that’s what will eventually get taxed heavily enough to likely reduce home values in the Garden State significantly.

Read the entire article from Steven Malanga of the Manhattan Institute here.

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