Budget picture darkens as tax collections drop (NJ)

Newark Star-Ledger ^ | December 15, 2002 | DUNSTAN McNICHOL

[sarcasm]

New Jersey tax collections continued to fall short of projections by millions of dollars in November, worsening the state budget picture and prompting the Treasurer to warn that a freeze on state spending may be needed in coming months.

Treasurer John McCormac said tax returns for November fell $115 million short of projections, with a sharp drop in sales tax returns highlighting the bad news.

[Dahoser]

In addition, state officials are counting on a $1 billion surge in state corporate tax collections because of an overhaul of the tax.

The monkeys must have been up all night randomly typing away to come up with that euphemism for raising corporate taxes.

[Huck]

state officials are counting on a $1 billion surge in state corporate tax collections because of an overhaul of the tax

What does this mean? Overhaul? Did they change the tax? Raise it, maybe?

[Highest Authority]

They could save millions by cutting back on NJ's far left Socialist giveaway programs .... but they won't, the DemonRATS need the votes! If you think property taxes are high there now, just wait!

[Tired of Taxes]

Ping

[meenie]

Don't concentrate entirely on NJ. We have a major problem at the national level. There is a good possibility that we could see a trillion dollar debt increase in the fed budget in the next year if this economy doesn't start picking up and the tax receipts increase.

A war on Iraq can easily run the budget over the top. If Bush can work the Democrats into opposing a tax cut, then the Democrats take the fall. There will be some excuse to cancel a tax cut and go into tax increase mode. The country cannot sustain trillion dollar debt increases and pay the interest if interest rises to normal levels.

[Redleg Duke]

I guess cutting state spending isn't a viable option here, is it?

[OldFriend]

Perhaps our esteeeeeemed governor can return the new helicopter he purchased for his use. He can return the hundreds of thousands of dollars he spent on his Ireland vacation, and he can start paying attention to state business instead of personal fund raising for his re-election.

[Unknown Freeper]

McGreedy can:

1. Get his "friends" off the payroll.
2. Turn in his cell phone.
3. No more road trips around Ireland in the Benz
4. Stay at Motel 6 next vacation.
5. Cut some/all of those unnecessary programs.
6. Understand that if he drives corporations away, it won't get any better.