When New Jersey collects taxes or fees, it currently deposits those funds in private banks—spreading the state’s money across American and international institutions. Those banks, in turn, charge fees … and they use the capital from New Jersey’s deposits to provide loans or finance projects.
“They’re not being obligated to come back and do anything in New Jersey, and they don’t.”
Congress passed a massive tax giveaway to the richest that will add at least $1 trillion to America’s debt late last year, GOP lawmakers were remarkably candid about the next step: cutting the safety net for hundreds of millions of Americans by going after Social Security, Medicare and Medicaid benefits.
In 2015, 72 percent of the tax cut went to those making more than $500,000 per year (about $390,000 per year puts you in the top 1 percent). Another 22 percent went to those making between $200,000 and $500,000 in 2015, leaving just 6 percent for Oregonian’s who made less than $200,000.