Archive for the ‘Taxes’ Category

Path to Egress

Among the recommendations of the Sweeney Commission in Path to Progress:

  • Make retirees pay a lot more for their health benefits;
  • Raise tolls;
  • Allow counties to impose a 1% sales tax;
  • more Study Commissions.

This is nothing but a bunch of insiders nourished on the teat* of dysfunctional government throwing out diversions.

In regard to pensions there is a modified hybrid plan envisioned (that will likely cost more since it will impact younger workers who do better under a Defined Contribution Plan) and this particularly inane charade they suggest:

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Sweeney Panel’s NJ Tax Plan

The panel of insiders that New Jersey Senate President Stephen Sweeney assembled came out with their report on ways to “make the state more affordable”. All you need to know is in the fifth line of the  U.S.News story:

The report doesn’t specify how much the changes could save or potentially cost taxpayers.

I can answer that.

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Another NJ Tax Report

On Wednesday, July 25 Stephen Sweeney told Stuart Varney to be on the lookout for some tax relief suggestions that were supposed to come out this past week from a group he got together.
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Nothing came out so far except for a story in the Asbury Park Press about a new rollout date:

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NJ Taxes (3A) Personal Income

Personal income taxes are supposed to generate 11.1% more in FY19 with the mega-millionaire tax though I could not find any bill confirming that it will raise tax rates from 8.97% to 10.75%  on income over $5 million as every news outlet is reporting (hence the 3A in the title) though dentss dunigan in a comment here believes differently:

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NJ Taxes (2) Corporations

This was the massive hike. After years of taking in on average $2.5 billion the FY19 line item for the Corporate Business Tax went up 28%. Here’s why.

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NJ Taxes (1) History

S2019 calls for a 6.4% increase in taxes in New Jersey for the fiscal year ending June 30, 2019. We will examine many of these taxes individually but first, numbers that show taxpayers getting…

  • some breaks (except for sales taxes and primarily due to federal aid) in 6 budgets prior to Christie,
  • gouged (except for corporations) under 7 Christie budgets, and
  • gouged at record levels (except for sales taxes which he did want to raise) in Murphy’s first budget.

 

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NJ Shutdown Derailed; Breakdown On Track

In announcing a deal on the New Jersey FY19 budget Governor Phil Murphy commented on one of the taxes being increased or created for this budget:

Mr. Murphy said the four-year surcharge would tide the state over until economic growth generates more revenue.

“This economy has been flat as a pancake,” he said. “We need time to get there. We can’t get there overnight.”

That “economic growth” pipe dream was the mantra of former governor Chris Christie and several of his predecessors (most notably Christie Whitman) but with one fairly important variation.

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