Posted on 07/02/2018 12:44:58 PM PDT by bkopto
Call it the consummate New Jersey compromise. Governor Phil Murphy and State Senate leader Steve Sweeney have been fighting over whether to raise tax rates on individuals or businesses, and over the weekend they decided to raise taxes on both.
Messrs. Murphy and Sweeney agreed to raise the state’s income tax on residents making more than $5 million to 10.75% from 8.97% and the corporate rate on companies with more than $1 million in income to 11.5% from 9%.
This will give New Jersey the fourth highest marginal income tax rate on individuals and the second highest corporate rate after Iowa. The corporate tax increase will supposedly last two years and then phase out over the next two years, but that’s what politicians always say.
The flight risk will increase with the new limit of $10,000 on deducting state and local taxes on federal tax returns. This is why Mr. Sweeney wanted to avoid raising individual tax rates, but Mr. Murphy insisted on it. The new Governor is another progressive who became rich working for Goldman Sachs but seems offended that someone else might also get rich. ....
The fair question is why any rational person or business that can move would stay in New Jersey.
(Excerpt) Read more at wsj.com ...
We already have too many from NJ!
Load ‘Em up the Truck and Move OUT OF NEW JERSEY!
Damn. Gonna have to put a gate on the highways coming down, stop the NJ flight.
Progressive = Regressive = Neocommunist
Interesting thing is both the Governor and State Legislature will read this WSJ article, understand it, but won’t be the least bit embarrassed by it.
The only thing left for NJ is to elect their own Alexandra Cortez. That will put the final nail in the coffin.
If you are a democrat progressive liberal marxist please stay in NJ and eat your peas.
5.56mm
Iowa is a weird state. It is often touted as the heartland "where the tall corn grows". But really it is a heavily democrat state. Sections of even small cities are really rundown, and full of gibs me dats. Iowa butts up against Minnesota and Illinois, so really it shouldn't be a surprise that corporate taxes are so high.
It is a beautiful state with wonderful people, especially outside the cities. But some things I just don't get.
Agreed. They escape their hellhole, come down here and start voting for ‘rats who want to make Florida a hellhole, just like the one they’re escaping.
Exactly! If these bussiness leaders had put in the effort and contributed to a more business friendly candidate they could have saved a lot of money. But I would not doubt that they even were stupid enough to vote for him. So Florida should refuse any bussness licences to them. Let them clean up their own political house or live with the consequences.
Guess NJ wasn’t losing House seats fast enough for them.
It’s a triple whammy. The property taxes are also out of sight. The median property tax in NJ is $6579 vs $1773 in FL.
At least it keeps them Joyseans out of Tennessee. Thanks Florida. One for the team.
Jersey will have to Build a Wall to keep People in.
We need a immigration system where one has to move out or die...
In fack were do not need more people in this country...to many people ruin everything...
SW Florida was great 15 years ago not now
Colorado Srings was great in 1980 not now..
Southern California was great in 1980 not now
Nothing to do with Rebs or dems just to dam many people..
Jersey will have to Build a Wall to keep People in.
new limit of $10,000 on deducting state and local taxes on federal tax returns
“The property taxes are also out of sight. The median property tax in NJ is $6579 vs $1773 in FL.”
That’s pussy....11 large here in criminalannoy for an average, no upgrades, no pool, etc 30 year old 3,000 sq ft house.
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