Are you a member of the media looking to speak to a NJPP expert or representative for a story? Contact Jon Whiten at whiten (at) njpp.org or 609-393-1145 ext. 15.
“The loss of tax credits would create a crisis in our state. Not only would those receiving them be affected, but insurance costs for those without them would dramatically increase as well,” said Ray Castro, NJPP senior policy analyst and author of the report.
By enacting what’s known as “combined reporting,” New Jersey would join 25 other states plus D.C. in limiting the ability of profitable multistate corporations to shift profits to other states.
More than one in eight young college graduates in New Jersey is out of work, while one in four residents under 25 years old is underemployed.
New Jersey students and families continue to have a hard time affording the high cost of a college education, thanks to lackluster state support for public colleges and universities.
To bring a modicum of sanity to these subsidies, New Jersey policymakers should return to the formula that existed prior to 2013’s subsidy revisions.
New Jersey cannot meet its current obligations like pensions and health benefits, is looking at a bankrupt Transportation Trust Fund and has slashed property tax rebates and credits. We simply can’t continue to give away business subsidies without any evidence about the results.
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New Jersey Policy Perspective, the prolific think tank, has provided another grim reminder about how middle class families are squeezed in their endeavor to educate their kids, and the numbers are jarring.