I attended the New Jersey Chamber of Commerce luncheon featuring Senators Sarlo (D) and Oroho (R), the two lead co-sponsors of the Transportation Trust Fund and tax reduction legislation. During the Q&A I congratulated the senators for piecing together a necessary if flawed piece of legislation to fund road repairs and construction for many years to come.
I pointed out that the income tax exemption of $100,000 of pension and other retirement income was egregiously flawed, because if a retiree earns $100,001 or more, the entire income tax exemption is lost. I learned that the retirement income exemption will benefit 85% of the retirees in the state. In other words, 15% of retirees whose income is greater than $100,000 are if effect second class citizens. One principle of taxation should be that all income earners should be treated the same. Moreover, government is the only institution that punishes success. Shameful. We will see if the current legislative session fixes this injustice.
I am plodding through the bio of Alan Greenspan. Should be done by tomorrow, which covers his decisions that caused the dot com and housing bubbles.