Posted on 05/29/2009 8:34:14 PM PDT by reaganaut1
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Governor Corzine Limits Property Tax Rebate Program, Spends Down Rainy Day Fund, and Looks Again to High-Income Earners
Due to unfunded mandates imposed by the state on several byzantine layers of local government, New Jersey property taxes are among the highest in the country. Their unpopularity has led to calls for action, and the state's response has not been to address the underlying mandates or redundancy. Instead, the state chose to shift tax revenue from local property taxes to state sales and income taxes, by offering state-level tax rebates and income tax deductions for the payment of local property taxes.
The rebate program, around since 1977 but greatly expanded under Gov. Jon Corzine (D) in 2007, has sent out $2.2 billion in checks per year. In 2008, the rebates were restricted to households that make under $150,000 per year.
Corzine proposed in March as part of his Fiscal Year 2010 budget to eliminate the income tax deduction for property taxes for all filers, except senior and disabled citizens, and scale back the property tax rebate even further to households that make under $75,000 per year. Additionally, he proposed raising the top income tax rate from the current 8.97% to 9.72%. The "double whammy" of eliminating both the property tax rebates and deductions proved unpopular, and the proposal was recently modified.
Now, Gov. Corzine's revised proposal eliminates the property tax deduction only for taxpayers who earn more than $150,000 in income, but eliminates the rebate checks for all except senior and disabled citizens (some 500,000 households would lose the rebates). However, the top income tax rate would go to 10.75%, with new 10.25% and 8% brackets as well. 61,300 filers out of 4 million would pay more, and officials estimate the income tax increases would raise $400 million.
(Excerpt) Read more at taxfoundation.org ...
They think the money just grows on trees.
Then tax the trees!!!!!! :)
Tax the rich and make them poor! Make everybody equal in misery....that’s the Communist ideal.
Please NJ, don’t give us Worse than Wittman part II - Christie. Vote Lonegan!
I wonder how the Gurnsey creatures feel about the 10% VAT coming.
We didn't have an answer then, and I certainly wouldn't have an answer now.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
***Then tax the trees!!!!!! :)***
The Turks did that when they controled the Mid East. Result...Everyone went out and cut down their trees. No trees, no tax.
Who would want to live in the East Coast cesspool ? If the East Coast wants to be come a desirable place, people’s attitude there need to change. The first thing is the mindset of taxing everything and return back to their American Revolutionary roots and second, get rid of their formal attitude and class structure. An example of their class structure is the idea is “you better know your place and stay there”.
Self ping Does anyone know of a Tea Party that is scheduled for the Central Jersey Area?
Thanks in advance.
JJ61
Why is this cretin still on the political stage? A simple question really.
There ya go New Jersey. Keep electing those politicians who continue to raise your taxes instead of going after ALL the waste graft and corruption in your state ya fools.
That’s it raise them taxes.
Gotta agree on the east coast mindset. I have been traveling for a living for 15 years. Not in the manner where you go to some town for a meeting for a few days, but in the manner where I go to many places large and small and work there from weeks to months. I’m a hard core westerner who lives and breathes the desert, am very laid back, and get along with almost any type of person from the ceo’s to the most redneckiest of rednecks in mississippi..but I cannot for the life of me really understand nor relate to many people in the north east. I have never encountered such a collection of uptight people anywhere in the 50 states, 10 canadian provinces, 23 mexican states, nor 31 other countries I have visited and worked in. They baffle me.
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