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New Jersey’s Fiscal Apocalypses May Finally Be Here

Phill Murphy -Sara Medina del Castillo

May 22,2018

the staff of the Ridgewood blog

Ridgewood NJ, , In a new report, Moody’s Investors Service described New Jersey’s April income tax collections, which were down 1 percent from last year, as an outlier and “weaker than expected.” NJ Treasurer Elizabeth Muoio told the Assembly Budget Committee on Monday. “A reality check on the urgent need for new revenues.”

Both Democrat and Republican leadership in both houses of the state Legislature say they’re opposed to those tax hikes, and they’re now firmly in the position of having to come up with $1.5 billion in cash or slashing as much to keep the budget in balance.

The ugly reality is that increases taxes ill continue to erode the already shrunken tax base in New Jersey .

While the Murphy Administration has promised a wild spending spree with no visible budget cuts anywhere else and the pace of taxpayer exodus from New Jersey has quickened ,Holly Schepisi , New Jersey State Assemblywoman for District 39 , “While wanting to create programs such as free community college, expansion of financial programs and aid, raising salaries and providing retroactive pay increases may be laudable progressive goals of Governor Murphy, New Jersey is in a real financial crisis necessitating a combination of budget cuts, large scale reforms to our pension and health system and a restructuring of our entire tax code and school funding mechanisms. Our legislature must work in a bipartisan manner and have the intestinal fortitude to do what is needed in order for our State to become fiscally healthy. Then, and only then, should conversations regarding the Governor’s proposed increases in spending take place.”

6 thoughts on “New Jersey’s Fiscal Apocalypses May Finally Be Here

  1. Murphy campaigned on higher taxes

  2. Doesn’t Moody’s realize most taxpayers prepaid their 2017 taxes by December 31 to get a tax deduction.
    Final time before SALT limitation of $10,000 started.
    That being said, the Fiscal Apocalypse has been a long time coming. Just look at the leadership in the State.

  3. If NJ were a corporation it would have filed for bankruptcy years ago. Murphy will run out of other peoples’ money to spend almost immediately.

  4. I am sure moody’s did but I bet the Trenton may have forgot

  5. Time for nj to declare bankruptcy like Detroit did.
    Cancel and renegotiate all union contracts pensions and benefits
    If th unions don’t like it and go on strike. I say bring it on.
    We will then see that we can survive very Well without them and can use the saving to pay for privat contractors .
    Without exception, we could fill everyone of these jobs for less than half the cost of current wages, medical benefits, and pensions with out of staters and locals lining up for the jobs.
    Problem solved.

  6. All pensions “earned” in nj by local county and state employees should be taxed heavily if they move out of state . Any Cadillac medical benefits that exceed the basic Obama care should be taxed as income.
    These union contract giveaways caused the problem,now it’s time to fix it.
    It’s a disgrace these retirees milked the system and move away still sucking the treasury dry without spending money in the NJ economy. This shit needs to end now.

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