Gov. Christie paints a rosy picture next year for New Jersey, placing his third budget squarely in his campaign narrative of a “New Jersey Comeback” after the “shared sacrifice” of his first budget and the “new normal” of his second budget. In the coming year, he expects state revenues to grow by 7.3 percent, allowing him to collect and spend $31.9 billion — $2.2 billion more than this year.
The Senate Budget and Appropriations Committee met Monday to analyze Gov. Christie’s proposal to cut personal income taxes 10 percent across-the-board, a cut that would cost New Jersey more than $1.3 billion in lost revenue by the time it is fully phased in.
Do you want to know if Gov. Christie is telling the truth about balancing his budget or raising tolls or the graduation rate of kids in Newark? Do you want to know the same thing about his critics? Since 2008, an award-winning column called the Truth-O-Meter has ranked public statements on a scale that ranges from True to Pants on Fire.
The cornerstone policy proposal of Gov. Christie’s State of the State speech yesterday was a 10 percent across-the-board reduction in income tax rates. But “fixing” the only tax in New Jersey that isn’t broken would be a bad idea, resulting in less money for schools and local government services and likely forcing many New Jerseyans to pay more in property taxes.
Revenue collections in New Jersey this fiscal year are currently up about 5 percent over last year, suggesting that New Jersey’s economy is improving slowly. However, revenues remain slightly lower than the state’s expectations, according to numbers released last week by the Department of Treasury.
Fairness demands those with the greatest means — especially those with income of $1 million or more a year — should pay at least an equal share. That doesn’t happen now.
The state’s economist issued a study this week that purports to show that the state’s tax policies are driving taxpayers – particularly the wealthy – from New Jersey. But there are several issues with the report that raise questions.
Social Security is an American mainstay, as much a part of our culture as baseball, hot dogs and apple pie. Established in 1935, it now provides benefits to over 50 million people, about one in every six U. S. citizens. In New Jersey, Social Security provides benefits to more than 1.4 million people.
A new report provides an up-to-date rigorous examination of the unproven claims that tax hikes drive large numbers of households – particularly the most affluent – to other states.
A scorpion and a frog meet on the bank of a stream, and the scorpion asks the frog to carry him across on its back. The frog asks, “How do I know you won’t sting me?” The scorpion says, “Because if I do, I will die too.”