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New Jersey Business & Industry Association’s 60th Annual Business Outlook Survey : New Jersey continues to be perceived as being non-competitive with other states

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the staff of the Ridgewood blog

Ridgewood NJ, Expectations are high for increased profits, sales and wages in 2019 following a successful 2018 for many New Jersey businesses, according to results found in the New Jersey Business & Industry Association’s 60th Annual Business Outlook Survey.But the survey, released today, also finds a much more guarded outlook for New Jersey’s economy on the whole. In addition to a marginal increase of business owners who will look to offset a $15 minimum wage with raised prices, reduced staff or hours, or an increase in automation, there was a sizable decline from last year in respondents expecting New Jersey’s economy to perform better in the first six months of 2019. Similarly, while 83 percent of members rated the performance of the U.S. economy as excellent or good, only 40 percent rated New Jersey’s economy in the same categories.

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Reader says , “It’s no secret that NJ taxes were oppressing residents and businesses for a while now “

Phill Murphy -Sara Medina del Castillo

I’m not a Murphy fan, by far, but if Honeywell just got a $40 mil tax credit, then why splitting after less than 4 years? It’s no secret that NJ taxes were oppressing residents and businesses for a while now. The big loss is opportunity for skilled positions leaving and headed 600 miles south. The influx of unskilled illegals now the Murph has declared us a sanctuary state simultaneously with the weed business is an abomination.

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Honeywell Plans to Flee New Jersey

the staff of the Ridgewood blog

Morris Plains NJ, Just over three years after getting a $40 million tax credit to stay in New Jersey in 2015 Honeywell International Inc. is now fleeing the Garden State in a move to low tax and far more business friendly North Carolina.

In what can only be described as a major blow for the state ,Honeywell has joined the growing list of companies that has decided to leave New Jersey and its anti business high tax ways . The move is expected to result in 700 to 800 jobs for North Carolina . Honeywell is ranked 77 on the Fortune 500 list of the largest U.S.-based companies.

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New Jersey Business Tax Policies Chase Away Jobs

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the staff of the Ridgewood blog

Ridgewood NJ, In light of yesterday’s Wall Street Journal report detailing Google’s plans to add 12,000 new jobs in New York City, Senate Republicans Tom Kean and Steven Oroho said that the expansion would cost New Jersey thousands of  jobs and hundreds of millions of dollars in lost tax revenue.

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NJBIA President Forced to Admit No Incentive to Own and Operate a Business In New Jersey

Phill Murphy -Sara Medina del Castillo

the staff of the Ridgewod blog

Trenton NJ, NJBIA President & CEO Michele N. Siekerka, Esq. issued the following statement Thursday regarding Gov. Phil Murphy’s action on A-4495, which revises the Corporation Business Tax.

“We are extremely disappointed the governor has signed A-4495 into law, which extends well beyond the intended cleanup of the Corporation Business Tax (CBT) legislation passed in July and will place a significant additional financial burden on our state’s largest job creators and discourage startup companies from operating here.

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New Report Ranks New Jersey Bottom Five in Economic Outlook

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Apr 17, 2018

by AFP

Trenton NJ, Americans for Prosperity-New Jersey (AFP-NJ) on Tuesday responded to a report released by the American Legislative Exchange Council (ALEC) that ranks New Jersey as having the fifth-worst economic outlook in the country. The 11th Edition of Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index ranks every states’ economic outlook based on fifteen policy variables like tax rates and labor policies; New Jersey is ranked 46.

“This report reaffirms what we’re reminded of every Tax Day – New Jersey residents are taxed too much and have nothing to show for it except an economy in dire straits with one of the highest out-migrations in the country,” said AFP-NJ State Director Erica Jedynak, who also serves as ALEC’s Private Sector Chair for the Garden State. “The economic situation will only worsen as more beleaguered New Jersey families scramble for the exit. If state and local leaders hope to reverse these trends we must begin to implement policies that provide tax relief and expand worker freedoms.”

“As states compete with each other for much-needed human and financial capital, there is generally a clear trend in favor of taxpayer-friendly, market-oriented reforms across the United States,” said Jonathan Williams, Chief Economist and Vice President for the Center for State Fiscal Reform at ALEC. “Unfortunately for the hardworking taxpayers of New Jersey, the Garden State is once again heading in the wrong direction with the discussion of tax increases. The new rankings show New Jersey is stuck in the bottom five in economic outlook because of high taxes, overwhelming government regulation and cronyism.”

“New Jersey’s poor ranking was well earned and is much deserved. It continues to tax and spend itself into obscurity,” said Senator Joe Pennacchio, who also serves as ALEC’s Public Sector Chair for New Jersey. “Governor Murphy’s first budget raises taxes 2 billion dollars and increased spending by 8 percent. People are fleeing our State leaving behind their families and communities. Whoever is left must shoulder an even higher tax burden. Not fair.”

 

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New Jersey is currently ranked 49th in the United States for its economic performance

Phill Murphy -Sara Medina del Castillo

April 18,2018

the staff of the Ridgewood blog

Arlington VA , The American Legislative Exchange Council (ALEC) today released the much anticipated 2018 edition of Rich States, Poor States. Utah again earns the top spot for states with the best economic outlook, followed by Idaho, Indiana, North Dakota and Arizona. Several states’ success in increased rankings can be tied directly to the success of federal tax reform and the resources it gave to lawmakers to cut taxes at the state level.

The 11th edition of Rich States, Poor States is characterized by great movement in state economic performance and outlook as a result of federal tax reform and the resulting actions of certain states.

Biggest movement in rankings: 

Biggest Gainers
Spots Gained
Biggest Losers
Spots Fell
Idaho
8
Tennessee
7
Georgia
6
South Carolina
6
Connecticut
6
Pennsylvania
5
Nebraska
4
Texas
5
Arizona
3
Illinois
6

The 15 economic policy variables used by the authors—top economist Jonathan Williams, White House Advisors Art Laffer and Stephen Moore—to  rank the economic outlook of states have shown over time to be among the most influential variables for state growth. The top ten and bottom ten states for 2018 are:

Overall Economic Outlook for 2018

Top Ten
Bottom Ten
1. Utah
2. Idaho
3. Indiana
4. North Dakota
5. Arizona
6. Florida
7. North Carolina
8. Wyoming
9. South Dakota
10. Virginia
41. Oregon
42. Maine
43. Montana
44. Minnesota
45. Hawaii
46. New Jersey
47. California
48. Illinois
49. Vermont
50. New York

“The untold story of federal tax reform is its impact at the state level, where the vast majority of states are now enjoying unexpected revenue gains,” said Jonathan Williams, Chief Economist and Vice President of the ALEC Center for State Fiscal Reform. “This trend is empowering additional pro-growth tax reform efforts that will provide an added level of benefits for hard-working taxpayers. As states compete with each other for much-needed human and financial capital, there is a clear trend in favor of taxpayer-friendly, market-oriented reforms.”

“The shakeup in rankings is exciting and a testament to how states are always competing to offer the most pro-growth tax climate. When states compete on the merits of good public policy, ultimately the taxpayer ends up being the real winner,” said North Carolina State Rep. and National Chairman Jason Saine.

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In the past five years alone, 30 states have significantly reduced their tax burdens. Those that fail to adapt to this competitive environment can fall behind by simply standing still. The facts remain clear that pro-growth policies are working and there is a clear trend in favor of market-oriented reforms.

Rich States, Poor States examines the latest trends in state economic growth. The data ranks the 2018 economic outlook of states using 15 equally weighted policy variables, including various tax rates, regulatory burdens and labor policies. The 11th edition examines trends over the last few decades that have helped or hurt states’ economies.

Used by state lawmakers across America since 2008, Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index, is authored by White House Advisor and economist Dr. Arthur B. Laffer, White House Advisor and Economist Stephen Moore, and Jonathan Williams, Vice President of the American Legislative Exchange Council Center for State Fiscal Reform.

To download a copy of Rich States, Poor States and to see individual state data, visitrichstatespoorstates.org

      Overview (2018 Edition)
METRIC VALUE RANK
Cumulative GDP Growth, 2006 – 2016 23.7% 41st
Cumulative Domestic Migration, 2007 – 2016 -516,326 46th
Non-Farm Employment Growth, 2006 – 2016 0.54% 42nd
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They Are Running for the Doors, Geber Foods Plans Exit from New Jersey

April 17,2018

the staff of the Ridgewood blog

Florham Park NJ, in what looks like the first of many, baby food giant Gerber food said Monday that it will be closing its headquarters in Florham Park and moving to Arlington, Virginia, beginning the transition in January 2019.

Gerber will move operations to the same building as its sister company Nestle USA, which also recently relocated to the Washington D.C. area, the company said in a statement.

This leaves close to 180 New Jerseyans will be out of a job mostly in corporate positions such as marketing, finance and HR. The company will offer a chance to relocate, as well as severance and outpatient support for those that can’t make the move.

A congratulations to Governor Murphy , who’s policies seem destine to produce the final mass exodus of companies and labor from the state of New Jersey.

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Bergen County Becomes the first County in the State of New Jersey to adopt a $15 minimum wage

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November 24,2017
the staff of the Ridgewood blog

Hackensack NJ, Bergen County Executive Jim Tedesco , “This afternoon I was joined by my colleagues on the Bergen County Board of Chosen Freeholders, along with representatives from USUW 755, USUW 655, and the Executive Director of New Jersey Working Families Analilia Mejia, to announce and sign Executive Order No. 2017-01, officially making Bergen County the first county in the state of New Jersey to adopt a $15 minimum wage for its full time county workers.

Good people are essential to good government, and good managers understand that their employees need to be valued. County employees who put in 40 hours or more every week, in service to their friends and neighbors throughout Bergen County, deserve and have earned a $15 minimum wage. It is important to me that we do this for our workers in time for holidays.”

While the reality is most employers cannot simply raise prices to cover the higher minimum wage, particularly in the competitive services sector. … But a preponderance of evidence has shown that there are no positive effects on employment of low-skilled workers that offset the negative effects from an increase in the minimum wage.

Look for more automation , layoffs , business closings ,less full time work and even less opportunities for starter jobs in Bergen county.

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Get ready for New Jersey’s own version of ‘Murphy’s Law’

Phill Murphy -Sara Medina del Castillo

By Dennis Malloy July 24, 2017 7:55 AM

It’s almost a forgone conclusion that Phil Murphy will be elected New Jersey’s next governor come this November. So prepare yourself for our version of “Murphy’s Law”.

“Any tax than can go up, will….and at the worst possible moment”.

Our current governor has a dismal approval rating of just below 15 percent. It’s the lowest in the country and maybe of all time. It’s very easy now to deride Governor Christie for any number of missteps and insults to us citizens over the last few years.

No matter who becomes governor, accountants worried about NJ economy

But as I’ve said many times, once “Chubby” pulls his fat little thumb out of the dyke, the torrent of taxes and fees coming our way to pay for what the Democrats want, will drown us all.

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