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New Jersey Voters Get What they wanted Higher Taxes and a Less Prosperous State

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the staff of the Ridgewood blog

Ridgewood NJ, Tax revenues are up 2.9% over prior year , but a  7.2% increase is needed to fund existing and new spending programs. Sales tax and Corporate Business Tax grew above projections (corporate tax revenues 47% higher than prior year).
So the target for tax increases will again be the Income Tax. Last year, the state passed a multi-millionaires tax, so that card has already been played.

At the current growth rate as detailed in that legislative services report, and not accounting for higher revenues in the second half of the fiscal year, the state would fall about $5 billion short of the $33.5 billion in major revenues certified by the governor. The Treasury Department declined to say what its current projection for the end of the year is, but the ratings agency S&P Global Ratings said it calculates a $740 million shortfall if the trend continues.

Tax increases continue to drive people and businesses out of New Jersey further  slowing the states already anemic economic growth,causing even a further deterioration in tax revenues .  

The states special interest groups, ie unions and various victim hood coalitions  will not allow a reduction in spending by reforming the big-ticket spending items in the budget.

Bottom line: things will continue to get worse until taxpayers begin electing fiscally responsible politicians.

7 thoughts on “New Jersey Voters Get What they wanted Higher Taxes and a Less Prosperous State

  1. I’m amazed at any Ridgewood resident that votes for a democrat. Completely against their own self interest. And the interests of the Village. Incomprehensible – they’ve been brainwashed by the likes of the clueless Ridgewood JOLT crowd.

  2. They vote Democrat because they have been conditioned to by their college professors and the mainstream media. To vote Republican means they must be heartless, racist, deplorable, etc. Also, if you have any ambitions with respect to getting into the Ridgewood social elite cocktail party set, being anything other than a liberal will get you very quickly de-friended.

  3. We can save a lot of money By using Traffic control workers instead of police. It would be a big savings.

  4. As long as people keep getting their news from the progressive-controlled MSM, Facebook, Google and Twitter, the madness will only get worse.

  5. As long as the electorate continues to get its news from the left wing controlled MSM, Facebook, Google, and Twitter, the madness will continue.

  6. Agreed on hiring “specials” to do traffic control and the extra duty work for PSE&G, Verizon and NJ Transit. Will definitely save us money. Why won’t this Council even entertain it? Conflicts?

  7. We should allow firefighters to grab some of the pseg traffic money. The whole idea of paying a cop $105 per hour to sit on his ass while simply putting cones out and a detour sign is absurd . The are not directing traffic . The signs do that. And if it was really in the interest of safety then why is their presence not required when water dept digs a hole. It’s a typical NJ Union “plum” that milks the pseg ratepayers .
    NY state allows flag men and I don’t hear of car accidents .and they actually direct traffic instead of making motorists take a detour .

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