I’ve Surpassed My Parents

Several years ago it was argued that my generation (whatever that is . . . I am the wedge between Boomers and Y) was the first who would not surpass its parents’ wealth. That change would have disastrous effects, it was thought. There’s some truth to it as it is my generation who first gave up on knowing Social Security would be available to them.

While my father was able to provide for his family as a school teacher (along with some odd jobs that both my folks did on the side) and my mother was a SAHM, I cannot. My wife has to work. We could not pay the bills with my single salary. So, evidence would suggest that I have not reached my parents’ level of living.

But there’s always good news from New Jersey Governor Jon Corzine. He looks at my situation and calls Phooey. He combines my wife’s salary and mine and declares we are among the rich. I kid you not, dear reader. The eCache household is rich! Woo hoo!

Of course, it’s not all luxury here at the top. Corzine says I am not among the middle class so I have to pay more taxes to fund those who are.

Corzine’s property tax proposals include preserving rebates at their current levels for those making $50,000 or less, as well as seniors and the disabled, while giving two-thirds of last year’s rebates to households earning between $50,000 and $75,000. He would eliminate rebates for wealthier families, while also eliminating the property tax deduction on state income tax for all non-senior and non-disabled taxpayers next year.

Let’s re-cap:

  • The governor has decided two public school teachers are among the wealthy
  • New Jersey has the highest property taxes in the nation
  • The wealthy will no longer receive property tax relief in NJ
  • State aid to all communities will be reduced
  • Reduced municipal aid will cause property taxes to rise
  • My community (which is classified as an urban enterprise zone, a disadvantaged town, etc.) is raising my school taxes
  • I am paying more sales tax to fund the rebate.  But I am also losing the ability to write off my property taxes to fund the rebate.  But I am getting no rebate.  I haven’t figured that one out yet, but it’s the situation.

Of course, none of this matters, because Gert and I are wealthy.  Being so rich, we can afford all these increases.  And it makes sense because we need to help the elderly and the poor.

Notice the groups protected in Corzine’s budget:

  • elderly (a strong voting bloc)
  • teachers (a strong voting bloc)
  • the poor (a hopeful voting bloc)

There was no more money in this recession, so that’s who Corzine is going to the polls with.  That’s what this is all about: Corzine’s re-election.  It is not about fixing New Jersey.  Because this does not do it.

Nevertheless, in my early 40s, I have surpassed my parents’ wealth.  What a great country in which we live!

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