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New Jersey Business & Industry Association: Stemming the Flight of Graduates from New Jersey

the staff of the Ridgewood blog

Ridgewood NJ, the New Jersey Business & Industry Association ( NJBIA) created a Postsecondary Education Task Force after research showed that New Jersey makes a significant investment in public education – $20,000 per student per year in its K-12 schools – yet leads the nation in outmigration rates of recent high school graduates and young adults.

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Reader says ,”There will be no more “rich” to tax once all the rich have left”

Ridgewood NJ, news reports indicate that Phil Simms and Jon Bon Jovi are selling their high-priced, high-taxed New Jersey homes, possibly at deep-discounts.

a reader states the obvious ,”There will be no more “rich” to tax once all the rich have left. The “rich” can take the hit on their mansions in NJ and CT and make the difference up very quickly by moving to FL and paying a fraction of the taxes there. The dems and progs just don’t get this very simple concept.”

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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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Worries Spread Over New Jersey Tax Revenue Short Fall

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the staff of the Ridgewood blog

Trenton NJ, Worries about a shortfall in New Jersey’s tax revenue continue after testimony by the state treasurer before an Assembly budget panel Monday.

Revenues are $310 million below current spending levels for the fiscal year that began in July, state Treasurer Liz Muoio confirmed to lawmakers.  Adjusted appropriations for the fiscal year 2019 budget totals $38 billion while revised revenues presented today are expected to be only $37.7 billion.

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NJGOP Chairman Steinhardt: Murphy’s ‘Progressive Idealism Is Sucking The Economic Life’ Out Of NJ

the staff of the Ridgewood blog

Trenton NJ, New Jersey’s year-over-year job growth declined to its lowest point since 2011 according to figures released by the U.S. Bureau of Labor Statistics. New Jersey’s annual job growth is now at less than one percent.

Last week Governor Murphy proposed growing the size of state government by over a billion dollars in his annual budget address.

“Sobering statistics on New Jersey’s shrinking economy keep stacking up,” said NJGOP Chairman Doug Steinhardt. “The state of New Jersey is on the path to insolvency and Governor Murphy’s progressive idealism is sucking the economic life out of it. Job killing programs like mandated wages, Obamacare fines, corporate tax hikes and billion dollar tax increases are taking a devastating toll on New Jersey’s economy, leaving struggling families with no where to turn.”

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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.

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Minimum Wage: Urgent Concerns Of Small Business Community Not Heard

the staff of the Ridgewood blog

Ridgewood NJ, NJBIA President and CEO Michele N. Siekerka issued the following statement regarding the Assembly and Senate passage of the $15 minimum wage bill (A-15/ S.15) today.

“New Jersey’s small business community wrote thousands of letters to our lawmakers and testified how they will struggle, stagnate or fail when this legislation is signed by the governor. With today’s passage, the urgent concerns of this community have not been heard.

“For years, NJBIA has said any increase in the minimum wage should be done responsibly. This legislation falls woefully short of that standard, and our small businesses will bear the brunt of it. In the first year alone, they will see a 35 percent increase to their expenditures, when including increased payroll taxes as a result of the wage increase.

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$15 minimum wage = Layoffs, reduced hours, benefit cuts and automation

the staff of the Ridewood blog

Ridgewood NJ, “The democrats (and RINO Republicans) in the New Jersey state legislature have done everything they could to hurt the economy and businesses of New Jersey.

With uncompetitive business taxes and regulations, they now are adding to the dilemma with a $15 minimum wage,” NJ C-GOP president Paul Danielczyk stated.“Businesses are fleeing New Jersey to business-friendly states, and this legislation will add to that exodus, especially hurting small mom and pop businesses who cannot absorb this increase,” Danielczyk said.             

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Opinion: People are leaving New Jersey, and it’s not hard to know why

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Assemblymen Kevin J. Rooney and Christopher P. DePhillips represent parts of Bergen, Essex, Morris and Passaic counties in the 40th Legislative District.

Wyckoff NJ, New Jersey has ranked as the highest outbound state since 2012.  In other words, our state had the highest percentage of people moving out versus moving in compared to the other 49 states.

Even as the economy is doing better nationally, our state is lagging behind – and people are taking notice.

An annual survey by a national moving company, which recently released its 42nd report, found that twice as many people left our state than came last year.  The embarrassing streak should be a cause for concern, because the people who are leaving can afford to, and the people who are staying are paying the price.

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Readers Point Out the Obvious About Ridgewood and New Jersey Taxes

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“With the declining tax base, who is going to pay for all of these excessive salaries and benefits (platinum health care, very generous pension & unused sick leave payouts) negotiated in bad faith by the public sector unions ?”

“States with lower state & local taxes make much more sense for businesses to invest given the SALT deduction limits of $10,000 on their employees hurt them in high tax states like NJ.”

“The average residential property tax in Ridgewood is actually now $18,000 as of 2018/19 tax year… just as state & local tax deductions are limited to $10,000. What are the BOE and Village Council doing to help Ridgewood families keep food on their tables and gas in their cars given higher commuter pass costs, tolls, higher parking permit fees, higher Graydon and tennis pass fees, etc? And where are the vaunted schools & Village services those taxes are paying for ? In the tank.”