Tuesday, February 25, 2020

New Jersey May Raise Cigarette Taxes to Highest Level in Nation - The New York Times

UNION, N.J. — Zahir Shabazz smokes about three packs of cigarettes a week. Each time he runs out, he hands a cashier $10, give or take, and a slim pack of Newports appears, feeding a habit of nearly 30 years.

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Gov. Philip D. Murphy released a proposed budget on Tuesday that included a $1.65 increase in New Jersey's cigarette tax. If it is approved, the tax on each pack would climb to the nation's highest statewide level, $4.35. Smokers would also pay a state sales tax.

Date: 2020-02-25T10:00:29.000Z
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This may worth something:

Charles Simpson: Behind Burlington's high taxes - VTDigger

Editor’s note: This commentary is by Charles Simpson, of Burlington, a former Progressive Party candidate for Burlington City Council, who is active with People for Peace and Security. 

On Feb. 16, the Burlington Free Press highlighted homes in three Chittenden County communities. Roughly the same size, they were priced the same, between $269,900 and $272,500. The difference was the property tax. An owner in Colchester would pay only 81% of the property tax owed in Burlington; a Williston owner would pay 62% of what the same house would be taxed in Burlington. Why the disparity?

Publisher: VTDigger
Date: 2020-02-25T19:00:23-05:00
Author: Commentary
Twitter: @vtdigger
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2020 Report Ranks U.S. Property Taxes By State

According to a recent study released by Wallet Hub, residents of New Jersey pay the highest property ... [+] taxes.

The average American household spends $2,375 annually on real estate property taxes, and, according to the National Tax Lien Association, more than $14 billion in property taxes go unpaid each year.

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In order to rank property taxes, by state, from highest to lowest, researchers compared all 50 states and the District of Columbia using U.S. Census Bureau data to determine real estate property tax rates. Researchers divided "median real estate tax payment" by the "median home price" in each state, then used the results to obtain the dollar amount paid as real estate tax on a house worth $204,900. (Note: According to the U.S. Census Bureau, $204,900 is the median value for a home in the U.S.

Publisher: Forbes
Date: 2020-02-25
Author: Julia Brenner
Twitter: @forbes
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When Will Your Tax Refund Arrive?

For the proactive taxpayers out there who have already filed, the next question you must be asking is: Where is my tax refund ? If you're due a check from the government for a few thousand dollars, it's perfectly understandable that you're anxious to know where your money is.

Fortunately, the IRS has tools to help you find the location of your refund. They include the Where's My Refund? tool and the IRS2Go mobile app. To use those tools, you'll need to know your Social Security number, filing status and the exact amount of your refund. The IRS uses this information to prove you are who you say you are – otherwise anyone could check your rebate.

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Quite a lot has been going on:

Letters to the editor: Measure D, bond measure taxes, proposed new pool | News | Mountain View

Also, rent increases are currently limited by the rate of inflation, which has varied between 2.4% and 3.6% since 2012. Measure D allows a 4% annual increase regardless of inflation. Taken together with passing through upgrade costs to tenants, annual rents are more likely to increase by as much as 10% each year.

The League of Women Voters supports rent stabilization and just-cause programs that are fair and reasonable for both landlords and tenants. Because of these significant changes to current law, the LWV urges you to vote no on Measure D.

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NJ budget 2021: Murphy wants to raise taxes on millionaires, cigarettes

Gov. Phil Murphy on Tuesday proposed a $40.9 billion budget that raises taxes on millionaires , cigarettes and guns while setting aside a record amount of money for NJ Transit — but he helps pay for that by diverting money from other accounts, moves he has denounced as budget gimmickry.

And he boasted that "no other administration has done so much in its first two years to control property taxes," a claim his predecessors would likely challenge. The late Brendan Byrne in his second term enacted the income tax , which must by law go solely to property tax relief. Jim McGreevey sent taxpayers rebates. Chris Christie signed a 2% cap on annual property tax increases.

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Publisher: North Jersey
Author: Dustin Racioppi
Twitter: @northjersey
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After divorce, who gets the deduction for mortgage interest and property taxes? - nj.com

Q. I was divorced in 2018 and now I will be filing taxes as a single person. The house my former husband and I purchased while married will be sold next month. Because of his limited income, I agreed to pay all the marital bills until the house is sold. In 2018 I paid all the house-related expenses including mortgage, taxes and insurance. The account the bills were paid from is solely in my name. Do I have to share any related tax credits with my former husband when I file my taxes for 2019?

Publisher: nj
Date: 2020-02-25T21:03:48.961Z
Author: njmoneyhelp
Twitter: @njdotcom
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How to reduce the tax you might have to pay on Social Security checks

And that means that they haven't been using strategies proactively to reduce those levies and extend their income over their retirement years.

William Meyer, founder of Social Security Solutions, a provider of benefits-claiming software, estimates that, on average, you can find up to seven years' worth of more money by creating tax-efficient withdrawal strategies that coordinate Social Security benefits.

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"It adds up to a lot of money for most people," Meyer said. "It doesn't matter if you have a lot of money or a little.

Publisher: CNBC
Date: 2020-02-25T15:37:34 0000
Author: https www facebook com CNBC
Twitter: @CNBC
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