Charlie Rangel's Folly

New York congressman Charlie Rangel has decided that the tax code needs to be changed to make it more fair. Unfortunately, for Charlie, fair means shifting more of the tax burden to the middle class at the expense of giveways to citizens who pay only a small portion of the tax bill under the current code. Read more here.

How does this Federal proposal impact New Jersey? Well, if you remember the Bush tax cuts a few years ago. Along with the reduction in taxes from the Federal government, NJ took the opportunity to feel comfortable raising state taxes. Assuming that the current congress continues to be run by the likes of Rangel, can we expect a reduction of NJ tax to offset higher Federal taxes?

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