WASHINGTON, D.C. – (RealEstateRama) — Deputy Assembly Minority Leader Anthony M. Bucco Thursday joined guest host Steve Lonegan on The Voice of Liberty, a radio program on WNJE-AM.
Bucco shared the results of a report he received from the Office of Legislative Services on outmigration.
“Essentially what the data shows is that young people, who are just starting out in low income levels and just starting to have families, they are leaving the state in record numbers,” reported Bucco (R-Morris). “Then on the opposite end, those high wage earners who are approaching retirement are leaving in record numbers as well.”
Similarly the N.J. Business and Industry Association released a study in February 2016, which concluded that the state had a net loss of 682,062 residents between 2005 and 2014. And from 2004 to 2013, New Jersey lost $18 billion in net adjusted gross income. NJBIA also reported a net loss of 57,566 millennials between the ages of 18 and 34 between 2007 and 2014.
“And that just goes to prove what we have been saying for the last decade now,” continued Bucco. “People can’t afford to live here and they certainly can’t afford to die here. So if we don’t do something to correct the situation and to make New Jersey more affordable, those numbers are just going to continue to grow, and as a result the revenue goes with them.”
Bucco proposed a number of corrections including eliminating the estate tax, expanding the charitable deduction, freezing the senior tax bracket for retirement income, and a bill he recently introduced (A3536) to adjust state income tax brackets with inflation.
“By the way this has support from the left all the way to the right,” explained Bucco. “OLS has suggested that will put $200 to $400 a year back into people’s pockets. That will go a long way for people in New Jersey that are struggling.”
The bill is designed to stop what accountants and economist call “bracket creep,” which happens as increased wages push taxpayers into a higher income tax bracket. This can be costly for individuals and families who rely on every dollar they earn.
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You can listen to the whole May 19 interview here: https://soundcloud.com/user254702173/bucco-addresses-outmigration-and-talks-about-his-proposal-to-index-income-tax-brackets
