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Rating Agency Warns New Jersey Not Prepared for the Next Recession

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Trenton NJ, Treasurer Elizabeth Muoio is right about New Jersey needing a much bigger surplus than the one being proposed right now. But the same analyst she cited in support of her position also has suggested that raising the millionaires tax is the wrong way to go, the New Jersey Business & Industry Association said this morning.

“NJBIA agrees with the Treasurer that New Jersey should have a much bigger surplus than it has now, and the one being proposed by the Murphy administration is the largest we’ve had in a long time,” said Andrew Musick, NJBIA vice president for Government Affairs. “That’s to the governor’s credit. But the way to grow New Jersey’s surplus is through the structural spending reforms that were introduced by legislators last week, not raising taxes in an economy that’s been growing for years and remains strong.”

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Reader says , “Ummm, those unfunded pension liabilities are based on some outrageous assumptions”

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“Ummm, those unfunded pension liabilities are based on some outrageous assumptions:

1. The State Investment Council assumes an annual return of 7.5% on the NJ state pension assets; a 30 year US treasury (which matches a long term pension liability) currently yields 2.825%. Pew Charitable Trusts suggests 6.5% is a more conservative assumption, which would increase the unfunded liability by 28% versus the current assumption assuming 7.5% annualized returns…

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Some Good News For New Jersey Economy For A Change Employers added 11,800 jobs

the staff of the Ridgewood blog

Trenton NJ, Employment levels in New Jersey increased in April as employers added 11,800 jobs to their payrolls, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics. The April job gain was widespread across industries and represents the sixth monthly increase in the past seven months. The state’s unemployment rate fell by 0.2 percentage points over the month to 3.9 percent.

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“Path to Progress” First Step in Putting New Jersey’s Fiscal House In Order and Avoiding Pension Apocalypse

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Trenton NJ, The legislative introduction of the fiscal reforms and cost saving initiatives from the “Path to Progress” report has already generated widespread support from an array of individuals and organizations throughout New Jersey, including:

“The state of New Jersey faces short and long term challenges. I was pleased to be part of the ‘Path to Progress’ team as several of our recommendations will significantly improve the fiscal health of the state – particularly those related to employee pension and health benefits, and school consolidation. Of particular note – even with the pension reforms – no current retiree or those employees already vested will be negatively impacted.” – Richard F. Keevey, former Budget Director and Comptroller for the State of New Jersey, former CFO, U.S. Department of Housing and Urban Development, and former Deputy Under Secretary for Finance, U.S. Department of Defense

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Most CPAs Are Telling Clients to Relocate out of New Jersey — Here’s How We Can Change That

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Statement by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director, NJCPA

Trenton NJ, Certified public accountants often hear objections about New Jersey’s high taxes from clients who are looking to leave New Jersey — and this past tax season was no exception, according to members of the New Jersey Society of Certified Public Accountants (NJCPA). And a Rutgers-Eagleton poll done in collaboration with the New Jersey Business & Industry Association (NJBIA) serves to underscore why.

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On This day forty-six Years Ago, Trooper Werner Foerster made the Ultimate sacrifice in service

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Trenton NJ, New Jersey State Police , “On this day forty-six years ago, Trooper Werner Foerster made the ultimate sacrifice in service to his fellow troopers and the citizens of our State. As an organization, we ensure that every trooper, past and present, honored with wearing the blue and gold uniform of a New Jersey State Trooper remembers the life and death of Trooper Foerster, but it is equally important that the public also remembers,” said Colonel Patrick Callahan of the New Jersey State Police. “Our pursuit of Joanne Chesimard will not cease until she is returned to New Jersey to serve out the remainder of her prison sentence for the brutal murder of Trooper Werner Foerster. We owe it to the Foerster family, the State Police Family, and every family member who has suffered the devastating loss of a loved one killed in the line of duty.”

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Do you file jointly in NJ? This GOP lawmaker wants to remove your tax penalty.

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Trenton NJ, When married couples approach tax season, the best option is usually to file a joint tax return. But that’s not always the case.

New Jersey is one of 24 states with a marriage penalty built into its income tax brackets. It taxes married couples 140 percent more on their income between $20,000 and $70,000.

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NJ Division of Fish and Wildlife Fines Illegal Dumper

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Peaslee Wildlife Management Area , according to NJ Division of Fish and Wildlife back In October, Fish and Wildlife’s Bureau of Law Enforcement Lt. Craig James, Detective Todd Vazquez, and Conservation Officer Keith Fox began an investigation on a large solid waste dump site in the Peaslee Wildlife Management Area in Cumberland County.

The pile was over 50 cu. yards and was mostly construction debris. It was suspected that the person responsible might return, so a surveillance camera was placed in the area. 

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ICE arrests 123 in the”Sanctuary state” of New Jersey during nationwide operation

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NEWARK NJ, A Mexican national who was previously deported, with convictions for indecent assault of a minor and DUI, is among 123 foreign nationals taken into custody during a month-long operation conducted by U.S. Immigration and Customs Enforcement (ICE) in New Jersey. The operation, which was spearheaded by ICE Enforcement and Removal Operations (ERO), targeted at-large criminal aliens, illegal re-entrants and other immigration violators who had prior arrests or convictions for DUI.

Of those arrested during the operation, 90 percent had prior criminal convictions and/or pending criminal charges.“The remarkable results of our officers and law enforcement partners highlight ICE’s ongoing commitment to public safety,” said John Tsoukaris, Field Office Director of ERO Newark. “This operation focuses on the arrest of individuals convicted of serious crimes and are a threat to public safety. Because of the targeted efforts of these professional and dedicated officers, there are 123 fewer criminals in our communities.”

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Indian National Wanted for Attempted Murder and Extortion Removed From New Jersey by ICE

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the staff of the Ridgewood blog

NEWARK NJ, An Indian national removed  by U.S. Immigration and Customs Enforcement’s (ICE) Enforcement and Removal Operations (ERO) for immigration violations and turned over to Indian authorities is wanted in his home country on attempted murder, criminal conspiracy, extortion, forgery, cheating, theft, abetment use and possession of illegal firearms, and transmission of information by using the internet to form an organized crime syndicate.

Ubaidullah Abdulrashid Radiowala, also known as Obed Radiowala, entered the U.S. illegally. ERO Newark arrested Radiowala on Sept. 20, 2017 in Iselin, New Jersey, and he was later ordered removed to India by an immigration judge. The Board of Immigration Appeals (BIA) dismissed his appeal. He was held in detention by ERO Newark until his removal on April 1, 2019.“This individual’s long list of criminal charges in his home country, including attempted murder, show that he was a danger to the community here in the U.S.,” said John Tsoukaris, field office director, ERO Newark. “The courageous and targeted efforts of our officers show our ongoing commitment to public safety.”

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