NJ Fiscal Folly

Tuesday, March 14, 2006

Lautenberg's Good Idea

One of Washington's regular food fights involves increasing the national debt limit. The dispute is largely pointless, but provides ample opportunity for partisan grandstanding.

Amidst the usual bickering, NJ's Senator Lautenberg (D) actually came up with a good idea: federal debt would have to be disclosed on federal tax forms.

I propose the same idea for NJ. All NJ tax forms would have to prominently disclose the amount of outstanding state debt, unfunded pension and health care liabilities, future obligations for Abbott district construction and transportation projects, etc.

I'll bet that $70+ billion in liabilities on our tax forms would get some attention!

NJ Democrats should follow the lead of their colleague in Washington.


At 12:23 PM, Anonymous Bob said...

When I receive my Social Security statement, it tells me based on my current income, proposed retirement age, etc., I am expected to receive $X monthly.

I think something similar could be done:
Based on the current debt, the fleeing of business, and our governor's propensity to raise taxes and borrow money, you'll need to pay $Y in taxes for Z number of years until we are solvent. Don't die on us, pal!

At 5:29 PM, Blogger PN said...

Actually, with estate taxes, the state might prefer you dead. You can't flee to another state, you can't vote for a different candidate, tax collection is accelerated, and service costs are minimal.

It's a politician's dream!


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