Posted on 02/21/2019 6:11:11 AM PST by Coleus
On his inauguration day, Phil Murphy received two gifts any new governor of New Jersey could only wish for – the lowest unemployment rate in 17 years and hundreds of millions of dollars in new tax revenue based on U.S. Supreme Court decisions on internet sales and sports betting. It wasn’t enough.
In his first budget, Murphy raised other new and existing taxes more than $1.5 billion, including New Jersey corporate and personal taxes, despite both already being among the highest in the nation.
Murphy’s political justification was, “We need to make New Jersey stronger and fairer.” His policy justification was, “The Trump tax reforms lowered corporate taxes” and “People need to pay their fair share.”
(Excerpt) Read more at nj.com ...
Sorry but the electoral process in NJ is hopelessly corrupt and fixed. Electoral fraud is enshrined in urban areas. A Republican statewide needs 57% of the actual vote to win. Murphy bought off the Democratic county party bosses who control elections. He is trying to establish his progressive bona fides by legalizing marijuana, infanticide and embracing migrants. Fifty years ago New Jersey a prosperous, low tax wealthy industrialized state. Now it is rotting. Even Rutgers ,once its illustrious center of higher education, has devolved into a politically correct mass of mediocrity and overt anti intellectualism. Corruption in New Jersey knows no bounds.
So since Trump lowers the corporate tax rate, he feels the need to tax corporation more in his state out of “fairness”. How any company continues to stay in these northeast states is beyond me. Murphy’s a tool.
How damn dumb do you have to be to not know that interstate migration is not only possible, people do it every day. I guess most politicians don't know economics, or if they are supposed to, they ignore it (e.g., AOC). Ex-governor Celeste of OH was PO'ed at the number of companies that were leaving for less-unionized and more tax-friendly states in the South. So, he passed an "exit tax" that said that companies leaving the state must leave the equivalent of 6 months wages to "help offset the unemployment burden" caused by their departure. These deep thinkers were puzzled when, 6 months later, they noticed not one new business had formed in OH. Duh. To their credit, they repealed the tax.
NJ not only faces people exiting their state, NJ will be left with a labor pool that is becoming less and less skilled as the talented people leave the state. This not only has tax consequences because of those who are leaving (the tax base faces a dwindling average income), it also impacts corporate decisions for building new plant and equipment in NJ, which is now becoming less and less attractive due to higher taxes and less productive labor pool.
Wake up, Stupid! State fiscal policy has consequences.
They always say you got to pay your fair share but they never say, for what?
They always say you got to pay your fair share but they never say, for what?
They always say you got to pay your fair share but they never say, for what?
Oops sorry for the triple postings
Want lower taxes?
Move to a lower tax state.
It also means the top 10% need a tax break in order to pay their "fair share". And I am so sick of Hollywood idiots and Warren Buffet types saying they're "not paying enough in taxes". Yet, I have yet to read about any one of them sitting down and writing a multi-million dollar check to the IRS. So, sit down and STFU...the rest of us are struggling to support your get-me-reelected spending spree.
In NY, the top 1% of income earners pay 43% of the state tax bill. Maybe these clown need to stop spending our money to buy their seats in gov't. Free cell phones for deadbeats. Really? That's the best you've got?
Phil Murphy is a f#%ing idiot. Ironically, it's Democrats in the state legislature who are beginning to put him in his place in a desperate attempt to fend off a financial catastrophe here.
“NJ will be left with a labor pool that is becoming less and less skilled as the talented people leave the state.”
That is what takes our cities in particular out of the running for any serious investment/development (and you’re right, it will spread statewide). When our media was pretending Newark was in consideration for Amazon’s HQ2, Spartacus T-Bone said (with a straight face) that Newark had an educated, well-trained workforce. Yes, he really said that - and there was no punch line.
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