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Re: New Jersey ranks 49th among US states for its fiscal health
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Home away from home
 
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2013/3/29 21:43 Last Login : 2023/9/5 18:27 From Bergen Hill
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Nobody argues for raising taxes when it really should happen. I am contending that by lowering corporate taxes in a variety of measures has hurt us more than it has created jobs. When Prudential states that building a brand new tower in Newark in order to not pay taxes is cheaper than remaining a tenant in their current building? then you have to know who is picking up the slack.
Posted on: 2015/7/10 13:26
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Dos A Cero
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Re: New Jersey ranks 49th among US states for its fiscal health
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Yup, it's no coincidence that we're highest in taxation and lowest in growth.
And yes, Christie has done everything he can to reduce or lessen the rate of tax increases. The Democrats want more of what they've done in the past. Do the math yourself.
Posted on: 2015/7/10 0:13
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Re: New Jersey ranks 49th among US states for its fiscal health
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Y'all are being too hard on Christie. So what if the State is 49th in fiscal health. So what if the State's credit has been downgraded 9 times.
It's all Sweeney and the Democrats fault (probably Hillary had something to do with it also). Much like the press I am expecting jclist.com to issue an apology to our great Governor. 
Posted on: 2015/7/9 23:21
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Re: New Jersey ranks 49th among US states for its fiscal health
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Christie just vetoed raising personal and corporate taxes. Who wanted to raise them? Go yell at Sweeney and the Democrats. NY is working better because they're lowering personal and corporate taxes. With a blue Governor.
Posted on: 2015/7/9 21:34
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Re: New Jersey ranks 49th among US states for its fiscal health
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Home away from home
Joined:
2013/3/29 21:43 Last Login : 2023/9/5 18:27 From Bergen Hill
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Considering the fact that Christie has gone out of his way to try and lower the taxes, and in some cases eliminate the taxes, paid by corporations that make millions, yes, the middle class is already paying more of its share.
When you have places like Prudential, Goya, Panasonic, etc, just simply paying damn near nothing, who else is going to pay? These decisions have an impact on the state's bottom line. Arguing otherwise is akin to arguing that the sun revolves around the Earth. Prior administrations definitely made mistakes. This administration decided to just double down and compound them instead of work to alleviate the problem.
Posted on: 2015/7/9 17:46
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Dos A Cero
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Re: New Jersey ranks 49th among US states for its fiscal health
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He's done wonders, considering that he can't write legislation and has to deal with the solutions that Sweeney et al bring to him. Do you think we'd have any tenure reform, pension reform (yes, far to go), with a Democratic Governor? The lid would just still be off the cookie jar, with all the special interest groups pulling out their cookies.
Posted on: 2015/7/8 17:37
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Re: New Jersey ranks 49th among US states for its fiscal health
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An 8 billion dollar myth if you believe the USA Today article below. And as far as spending $20k to avoid a $2k hike - you're missing the math for retirees. Cashing out home equity, buying a bigger place for less AND cutting expenses by $2k or more - makes perfect sense. Increasing taxes may simply create a vicious cycle of more tax increases - particularly if it's hitting the middle classes.
Posted on: 2015/7/8 16:18
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Re: New Jersey ranks 49th among US states for its fiscal health
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I think that when you have revenue shortfalls, raising taxes is and ought to be one of the options. And again, studies are showing that tax migration is a myth. Who is going to change a job and/or sell off a business, uproot their family, and spend $20,000 or more to move, in order to avoid a $2000/yr tax hike? Quote: And yes, the Obama economy hurt badly-revenues.... The what now? You mean the recession that started before Obama ever took office?  That said, I fully agree that lots of factors were not in Christie's control. More on that below. Quote: I'm not sure what universe you live in, but the mess NJ is in was created by decades of special interest giveaways by Democrats in Trenton. It landed on Christies shoulders. lol... Yes, it's not like any Republicans were elected governor of NJ. Except Whitman. And Christie. And Keane... ;) Since 1974 -- and that includes Byrne's 9 years in office -- Democrats have had the gov seat for 20 years, Republicans for 22. If we start with Keane, it's 11 Democrat vs 22 Republican. Not to mention there are plenty of Republican state legislators, county executives, mayors and so forth. I.e. exclusively blaming Democrats (or Republicans) is patently absurd. Again, my post is not saying "NJ has problems and it's ALL Christie's fault." I'm reminding you that Christie is pulling shenanigans while claiming he's fixing things. I didn't even get into Sandy stuff, such as redirecting $6 million in relief funds to a senior citizen home that wasn't affected by the storm. That dog won't hunt, monsignor. Plus, Christie has been in office for 5 years now. I don't think any politician can magically fix NJ in a few short years, and again the problems go back far beyond Christie's term, and is certainly impacted by broader socioeconomic forces. But at some point, he has to start taking responsibility for some of what's going on in Trenton. Has he done so yet...?
Posted on: 2015/7/8 15:57
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Re: New Jersey ranks 49th among US states for its fiscal health
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Some people can't see the forest for the trees. We don't have a tax problem, we have a spending problem.
The Democrats cowed to the special interest groups that support them and put in 'prevailing wage' legislation. This adds 30-35% to the cost of all large public projects. Just imagine getting 135 miles of roads repaired instead of 100. Or 30-35 more units of low income housing built for every 100 that get completed. And the 6 billion dollar NJ School Construction Corporation to build new, and rehab existing schools-it ballooned to 8 billion, and something like 2 billion dollars of work was done. And not a single person is in jail. Yup, NJ, raising taxes will work just fine-no other adjustments needed!
Posted on: 2015/7/8 13:11
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Re: New Jersey ranks 49th among US states for its fiscal health
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Increasing taxes mightn't hurt millionaires much, but it drives out the aging middle class.
http://www.usatoday.com/story/news/na ... aby-boomers-age/21672843/ During a five-year stretch, from 2006 to 2011, the state lost more than 90,000 taxpayers ? and $8 billion in income ? to other states and countries that was not made up from new workers within the state, according to an analysis of IRS tax and migration records From 2000 to about 2010, that net domestic loss was steady at about 45,000 people per year, Hughes said. ... Hughes said for many retirees, moving out of New Jersey ? away from a high cost of living in general ? is an economic no-brainer. High property taxes, transportation tolls and death taxes are all financial disincentives for aging New Jerseyans.
Posted on: 2015/7/8 12:55
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Re: New Jersey ranks 49th among US states for its fiscal health
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Newbie
 
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I don't know if you've been paying attention for the past 30 years but trickle down economics doesn't work. Tax rates on the "Job creators" do need to go up.
Posted on: 2015/7/8 12:27
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Re: New Jersey ranks 49th among US states for its fiscal health
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Nonsense. Do you really think an additional 15% tax hike on businesses would be a good thing, a job creating thing, a positive thing to NJ's already shaky economy?
Or raising personal income taxes on the most successful, most entrepreneurial, most job creating people by of the state by almost 20%? I'm not sure what universe you live in, but the mess NJ is in was created by decades of special interest giveaways by Democrats in Trenton. It landed on Christies shoulders. And yes, the Obama economy hurt badly-revenues feel short of predictions, cutting the promised full pension funding. But the funding gap would be hugely smaller had previous Govs, most of them Democrats, had put in their promised funds. We don't have Germany to write us bonds, nor can we stimulate the economy by printing money, like Obama has done. But under Christie, annual municipal tax increases have shrunk from 6-10%/year to under 1.5% last year.
Posted on: 2015/7/8 12:18
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Re: New Jersey ranks 49th among US states for its fiscal health
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We know you are a Christie partisan, but... Do you live in some sort of alternate universe? Christie has resorted to the same kind of financial trickery and irresponsibility as his predecessors, including playing fast and loose and borrowing lots of money to make NJ's budget look balanced. Pensions are woefully and deliberately underfunded, breaking the deal he made with Democrats and the unions, and increasing future costs. NJ's credit rating has been downgraded nine times during his tenure. He reduced tax credits for lower incomes. He basically swiped $3 billion from the federal government when he killed the ARC Tunnel, ensuring that no replacement would take place during his term. He took funds from a tax raise, that was earmarked for the tunnel, for other projects -- and put NJ $1 billion in the hole in the process. He capped property taxes... and cut the Homestead Benefit. The list goes on, and on, and on. Net result? His approval rating is in a nosedive, down to 30%. I wonder how low he can go. http://www.propublica.org/article/beh ... more-controversial-legacy And no, wealthy people do not flee a state when taxes go up by a small amount. If that was the case, everyone would have moved to Kansas by now. http://www.nytimes.com/2013/02/16/bus ... ion-studies-say.html?_r=0 http://www.theatlantic.com/politics/a ... failed-experiment/389874/
Posted on: 2015/7/8 12:00
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Re: New Jersey ranks 49th among US states for its fiscal health
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Yes, Buono was so far left that even stalwart Democrats left her hung out to dry. That said, she would've signed the budget Sweeney sent to Christie. The one with the giant tax increases that Christie line item vetoed that would have continued to kill jobs and drive out the high earners to other states with less onerous tax burdens.
Posted on: 2015/7/8 10:17
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Re: New Jersey ranks 49th among US states for its fiscal health
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Buono and Sweeney are not allies. It was a major contributing factor as to why Buono never gained any momentum. Sweeney was however, extremely chummy with the Christie.
Posted on: 2015/7/8 2:49
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Re: New Jersey ranks 49th among US states for its fiscal health
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NJ and other States are headed for a default on their pension obligations. Not an issue of 'if' but when. If the union leadership had any brains they would be clamoring to get the new hires out of the system and into a 401k with a match...
But that didn't happen and it is too late to avoid some sort of default.
Posted on: 2015/7/8 2:26
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Re: New Jersey ranks 49th among US states for its fiscal health
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Sadly I don't see any way around it.
Posted on: 2015/7/8 2:19
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Re: New Jersey ranks 49th among US states for its fiscal health
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At least with a red Governor we've held the line on this getting worse, even though the Dems tried to ram a giant tax increase on the earners/job creators and a tax surcharge on businesses. Can you imagine what it would be like if Buono had been rubber stamping Sweeney's Legislature? Or Corzine had won a second term? But if NJ votes in another Democrat as Governor our states finances will be ruined forever.
Posted on: 2015/7/8 1:50
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New Jersey ranks 49th among US states for its fiscal health
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New Jersey?s financial ranking in FY 2013 was based on several areas of financial weakness. The state?s revenues fell short of expenses, and long-term liabilities were two times larger than total assets. Unfunded pension liabilities amounted to $135 billion, with unfunded OPEB adding a further $66 billion and total primary government debt, an additional $40 billion. In total, these three items accounted for nearly half of the state?s personal income.
More here: http://mercatus.org/statefiscalrankings/newjersey
Posted on: 2015/7/8 1:38
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