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New Jersey’s Gubernatorial Race, Part I: Governor Corzine Proposes 10.75% Income Tax Rate
Tax Foundation ^ | May 27, 2009 | Joseph Henchman

Posted on 05/29/2009 8:34:14 PM PDT by reaganaut1

...

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 ...


TOPICS: Business/Economy; Government; US: New Jersey
KEYWORDS: corzine; incometax; njtaxes; taxes

1 posted on 05/29/2009 8:34:15 PM PDT by reaganaut1
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To: reaganaut1

They think the money just grows on trees.

Then tax the trees!!!!!! :)


2 posted on 05/29/2009 8:35:52 PM PDT by ak267
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To: ak267

Tax the rich and make them poor! Make everybody equal in misery....that’s the Communist ideal.


3 posted on 05/29/2009 8:38:07 PM PDT by pray4liberty (http://www.foundersvalues.com/)
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To: reaganaut1

Please NJ, don’t give us Worse than Wittman part II - Christie. Vote Lonegan!


4 posted on 05/29/2009 8:38:29 PM PDT by frogjerk (C-NJ)
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To: reaganaut1

I wonder how the Gurnsey creatures feel about the 10% VAT coming.


5 posted on 05/29/2009 8:38:50 PM PDT by Rembrandt
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To: reaganaut1
Hawaii Enacts Top Income Tax Rate of 11% on Incomes over $200,000, Highest State Rate in the U.S.


6 posted on 05/29/2009 8:43:23 PM PDT by blam
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To: reaganaut1
It reminds me of a story. Years ago, my wife and then three year-old daughter flew into Newark, rented a car and got lost trying to get Hobeken(sp?). It was dirty, cold, sleeting and looking like the set of a an early Batman movie. My daughter, while looking out of the window, said in the most serious and inquisitive voice that she could muster, "Why do people live hear?"

We didn't have an answer then, and I certainly wouldn't have an answer now.

7 posted on 05/29/2009 8:50:17 PM PDT by Big_Monkey
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To: reaganaut1
Liberals think the rich have cash to spare more than any one else. Yeah sure - until they hit the road and never come back!

"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

8 posted on 05/29/2009 8:54:40 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: ak267

***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.


9 posted on 05/29/2009 8:56:42 PM PDT by Ruy Dias de Bivar
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To: reaganaut1

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”.


10 posted on 05/29/2009 9:42:05 PM PDT by CORedneck
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To: reaganaut1

Self ping Does anyone know of a Tea Party that is scheduled for the Central Jersey Area?
Thanks in advance.

JJ61


11 posted on 05/29/2009 9:57:18 PM PDT by JerseyJohn61 (Better Late Than Never.......sometimes over lapping is worth the effort....)
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To: reaganaut1

Why is this cretin still on the political stage? A simple question really.


12 posted on 05/29/2009 10:49:50 PM PDT by samadams2000 (Someone important make......The Call!)
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To: reaganaut1

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.


13 posted on 05/30/2009 3:58:02 AM PDT by Joe Boucher
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To: CORedneck

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.


14 posted on 05/30/2009 9:29:15 AM PDT by dsrtsage (One half of all people have below average IQ...In the US the number is 53%)
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To: dsrtsage
Definitely agree.

An interesting story. back in the early 1990's the company I worked for which was HQ'd in Indianapolis bought a plant in New Jersey. This was around the time I was fresh out of college. We did a two week trip to NJ - flew out on Friday afternoon, returned two weeks later. I was instructed to pack a suit and not to bother even pack a pair of blue jeans - we were expected to be dressed nice even on weekends. I broke that rule and wore jeans on the weekend.

Now about the facility. The offices had pretty nice bathrooms while the factory had pretty nasty bathrooms even where the toilet stalls had no doors. There was a sign on the office bathrooms that they were for use by office workers only. At night, they locked the bathrooms. The General Manager (GM) was a piece of work to say it nicely. Our last night there, we went to this very nice restaurant where the menu did not show prices. I ordered lobster, another gentleman in our group ordered fillet mignon. About a couple weeks after we got back from NJ, our manager got called into the CEO's office and got chewed out. The GM complained about how our cowboy mindset was very offensive and not only that, the GM complained that I didn't deserve to order lobster since I was the young one who hasn't paid my dues to Society. The ironic thing, we were told thanks for our hard work and we were more than welcome to order anything off the menu. My manager mentioned about the lobster after his @$$chewing. I was indirectly told b the GM that I needed to know my place. My response back was if the GM felt I didn't deserve the lobster, he should have said it to my face. The ironic thing also since we didn't leave for lunch during the day, they would bring in crappy food for lunch. The other plants, the office workers treated us very well especially in Alabama with their BBQ. These people left a very bad taste in my mouth concerning Northeasterners. The ironic thing, the GM was fired a year later and what I heard, he got into it with the CEO.

The line of work was we were there to get a new computer system installed. Anything you did, you had to get permission even to do the most mundane things. On their software, they insisted their software be different from the other facilities just to be different. Maintaining separate versions of their software was such a pain. It took a lot of time to get the software unified and when they found out, they got very mad. One thing, they thought they were so special. The office manager was a barracuda as well and very hard to deal with.

...but I cannot for the life of me really understand nor relate to many people in the north east.
15 posted on 05/30/2009 5:29:54 PM PDT by CORedneck
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