The average New Jersey homeowner paid $8,161 in property taxes last year, according to new data.
From 2009 to 2012, 81 percent of all income growth in New Jersey went to just 1 percent of the state’s most well-off households, and New Jersey’s top 1 percent took home 27 times more than the bottom 99 percent in 2012.
A common-sense piece of accountability legislation took a step forward yesterday, as a Senate committee cleared a bill that would bar companies exploiting so-called “corporate inversions” from receiving state business tax subsidies.
Assembly members had the chance to assert that maintaining nutritional benefits for struggling seniors, the disabled and children trumps short-term political considerations. While most members said “yes” there were not enough of them to override the governor’s veto.
Just as households are advised to sock away savings to last them through an emergency, common-sense financial practice says that states should do the same. But the lingering effects of the Great Recession and the lack of a real economic recovery mean that New Jersey isn’t even saving enough to get by for half a week.