Archive for the ‘Taxes’ Category

NJ Covid-19 Death (and Taxes) Spike

As announced last week, New Jersey dug up some more covid-19 deaths:
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How did they come up with those extra deaths?

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Financial Condition of the NJ Budget

The report on the impact of the pandemic on the New Jersey budget is all conjecture as the primary variables (the length and scope of the lockdown) are unknown (even to the governor). However, when you consider that it was announced (a little too cheerily for my taste) yesterday that there were 1,394 new positive cases:
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Contrast that to how seriously South Korea treats ONE new case* and the prospects dim for any type of recovery here.

The largest revenue drop to date has been in state income tax receipts due primarily to the extension of the deadline for filing 2019 tax returns from April 15 to July 15 though, to her credit, Treasurer Elizabeth Maher Muoio, acknowledged losses will go beyond delayed payments.

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New Jersey “Dying a Slow Death,”

The statement was made by New Jersey Senate president Steve Sweeney in regard to the severe underfunding of the state retirement system and the upcoming FY21 budget.

The solution: more taxes and a swifter death for the state itself.

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New Jersey and Who?

New Jersey went from:
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to:
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Normally when you put your hands that close together to denigrate a one-issue voter that issue is something like gun control or abortion, not taxes which anyone who owns property, earns a salary, or buys something would have to care about.

But it gets worse for Bubble Boy when you consider what other issues of broad scope he could have targeted to remind people to get out of here:

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Tax Incentives for Campaign Contributions

New Jersey governor Phil Murphy will be holding a Town Hall meeting a couple of hours from now a few blocks from where I am writing this and I hope to attend. If allowed I would ask about what plans, if any, he has for when the Judicial Retirement System here runs out of money (on paper) in 2021 but I suspect the planted questions will focus instead on tax incentives, as announced today in an op-ed on nj.com by one of the authors:

To fill the void left when our tax incentives ended and to announce to the world that New Jersey is open for business, Senate President Steve Sweeney tasked Senator Kyrollis, a Republican, and me, a Democrat, to produce what Governor Murphy has asked for — “robust tax incentives for New Jersey.”

Our draft legislation will produce the most robust tax incentives in America.

Not really but it should produce more robust campaign donations from those seeking these tax incentives despite the claim that the bill would “add strict oversight and compliance requirements to catch any business attempting to game the system for tax incentives.”

Here are the mentions of oversight in the draft bill:

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State Tax Burdens Ranked by Kiplinger

But not according to a Kiplinger report on taxes that puts New Jersey as only the fifth worst according to the criteria they used (ignoring things like debt and tolls while under-weighting the property tax burden):

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Perverted Perspective on NJ Millionaires Tax

NJTV had a ‘progressive’ discussing the need for a ‘millionaires tax’ (now abandoned) in New Jersey that stopped me cold when it got to:
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You may recall New Jersey Policy Perspective (NJPP) as being the people behind a 2014 report claiming that New Jersey’s non-public-safety plans “rank 95th in pension generosity out of 100 top plans nationally” based on criteria they made up.

So where is their report on the millionaires tax?

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Sunlight on NJEA Role in Tax Hikes

The Sunlight Policy Center of New Jersey released another report today – “NJEA: Higher Taxes – Who Has Been Complaing About the Sales Tax Anyway“.

Excerpts below:

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New Tax Bill – Pension Parts

The text of the RETIREMENT, SAVINGS, AND OTHER TAX RELIEF ACT OF 2018 came out late yesterday and here are the excerpts most pertinent to my (and possibly your) job.
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Fiscal State of the States

Two reports came out this week on the fiscal situation with state governments.

Truth in Accounting (TIA) released a report on the Financial State of the States based on data provided by the states and the Tax Foundation released a report on the business tax climate.

Guess who finished last in both.

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