• by:
  • 2019-12-15
  • Source: The American Dossier
  • 12/15/2019
Regarding “Sweeney plan to lift property tax cap a calculated move” (Carl Golden column, Opinion, northjersey.com, Dec. 5): Carl Golden’s essay about Sen. Sweeney’s proposal to lift the 2% spending on local school districts, which would allow them to raise additional funds from local taxes to make up for the drop in state aid that has occurred in many suburban communities, ignores the fundamental property tax-and-spend issue that has bedeviled New Jerseyans for more than 40 years.

Instead of “tinkering” with state aid formulas and property tax caps, the property tax should be abolished lock, stock and barrel for several reasons as well as the state income tax.

First, the property tax is a combination of a wealth and income tax. Homeowners pay a tax on their residence based upon the local assessor’s valuation of a home’s value thus making it a tax on “property wealth.” However, payment for the property tax comes out of an individual or family’s income. In other words, the property tax is another example of a “takings” by local governments, to support schools, public safety and other local services.

Second, a major flaw of our tax-and-spend political culture is that childless individuals and couples subsidize most families with one or more children in the public schools. In addition, parents who send their children to independent schools or homeschool their children still have to pay school property taxes.

Parents thus should pay for their children’s school costs, which would end once-and-for all the multidecade handwringing over property taxes
Murray Sabrin, Ph.D., Fort Lee The writer, a professor of finance at Ramapo College of New Jersey, is author of the book, “Why The Federal Reserve Sucks: It Causes Inflation, Recessions, Bubbles and Enriches the One Percent

Professor of Finance,
Sabrin Center for Free Enterprise (founder)
Ramapo College of New Jersey 
author, Why The Federal Reserve Sucks: 
It Causes Inflation, Recessions, Bubbles and Enriches the One Percent 
piggy bank by Vanessa Lee is licensed under Unsplash Unsplash
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