Posted on

Retail Disaster : New Jersey Ranked Even Worse than New York in Sales Tax

Phil Murphy

the staff of the Ridgewood blog

Ridgewood NJ, according to the Tax Foundation New Jersey scored near the bottom , ranked 45th as on of the lowest-scoring states having a high sales tax rate, high excise tax rates, or apply the sales tax to a variety of business inputs. The states with the lowest scores on this component are Louisiana, Washington, Alabama, Arizona, Tennessee, and New Jersey.

Continue reading Retail Disaster : New Jersey Ranked Even Worse than New York in Sales Tax

Posted on

New Jersey to Tax Internet Sales November 1st

Internet1

the staff of the Ridgewood blog

Trenton NJ, New Jersey has yet another new tax law on the books that will soon require most e-commerce websites to collect sales taxes and send the revenue to Trenton whenever they sell products to Garden State residents and the new tax policy goes into effect next month, just in time for the start of this year’s holiday shopping season.

Continue reading New Jersey to Tax Internet Sales November 1st

Posted on

New Jersey Policy Perspective Champions time to Raise and Expand State’s Sales Tax

for sale Ridgewood_Real_Estate_theRodgewopodblog

file photo by Boyd Loving

February 22,2018
the staff of the Ridgewood blog

Trenton NJ, in another reason to leave the state , New Jersey Policy Perspective is championing returning the state sales tax rate to seven percent ,NJPP claims it could raise $600 million more for the state while having little impact on most residents.

The far left think tank New Jersey Policy Perspective is a group that also recommends , “A $15 Minimum Wage Would Help Over 1 Million Workers and Boost New Jersey’s Economy ” , “New Jersey Should Replicate ACA Penalty to Keep Coverage Affordable” , and our personal favorite “Why Unauthorized Immigrants Should Be Permitted to Drive Legally” .

Their website reads like a Christmas list of every New Jersey politician.

According to their website New Jersey Policy Perspective has never met a tax it didn’t like .

In the report on the proposal by NJ101.5, a senior policy analyst for New Jersey Policy Perspective said the tax rate cut adopted as part of the push to hike the state gas tax “was a gimmicky tax policy that no one asked for, and reversing it back to its original rate will largely go unnoticed.” But the move would have a big impact on the state’s finances, analyst Sheila Reynerston said in the radio station report.

NJPP also suggested the tax should be broadened to include accounting and bookkeeping, architects, attorney and engineer fees, among other things.

In the report, Reynerston said cutting spending alone won’t help New Jersey’s budget problems and that the state needs to consider ways to raise revenues. Interesting we have not herd anyone in New Jersey talk about cutting spending for over 40 years , thus the fiscal calamity the state now faces.

On the NJ101.5 Reynerston said , “Keep throwing things at the wall until something sticks. If it’s not the millionaires’ tax, then let’s revisit the estate tax. If it’s not the estate tax, let’s revisit the sales tax code,” she said in the radio station report.

Posted on

Again New Jersey Ranks Worst in Tax Climate for Business

for sale Ridgewood_Real_Estate_theRodgewopodblog

file photo by Boyd Loving

October 30,2017

the staff of the Ridgewood blog

Ridgewood NJ, in the Tax Foundation’s annual comparison of state business climates New Jersey has once again ranked at the bottom of U.S. states  as it has since at least 2015.

While neighboring states  Delaware 15, Pennsylvania 26, Connecticut 44 , and New York 49.

The think tank ranked New Jersey 36th in unemployment insurance tax, 42nd in corporate business taxes, 46th in sales taxes, 48th in individual income taxes and dead last in number 50 in property taxes.

Joining New Jersey at the bottom of the ranking were New York, California, Vermont, Minnesota, Ohio, Connecticut, Maryland, Louisiana and Rhode Island.

Over two million people left New Jersey between 2005 and 2014, taking billions of dollars in income and economic activity with them, according to a state business group that blames high taxes for the exodus. Is anybody listening ?

 

Posted on

N.J. Lawmakers Pass Massive 23-Cent Gas Tax Hike

Route_17_Glen062_theridgewoodblog
June 28,2016

the stasff of the Ridgewood blog

Ridgewood NJ, State lawmakers passed a 23-cent gas tax hike overnight that Gov. Chris Christie is set to sign by Friday saving the Transportation Trust  Fund of TTF from running out of money.

There was no mention of  auditing the TTF ?

The Christie backed plan is a 23-cent gas tax hike that Gov. Chris Christie is set to sign in to law by Friday.

The vote came early Tuesday came after a day of backroom talks between Christie and legislative leaders such as Assembly Speaker Vincent Prieto. In the brokered deal the Democrat-led Assembly passed legislation to hike the state’s gasoline tax by 23 cents per gallon, while cutting the sales tax from 7 to 6 percent.

Motorists could see the hikes take effect by Friday. The state’s gas tax would increase from 14.5 cents per gallon to 37.5 cents per gallon under the plan.

Today the average price of a gallon of gas in New Jersey is $2.10 according to AAA Mid-Atlantic, down a penny overnight and down a penny in the last week.

Christie, in a statement, highlighted the sales-tax-cut portion of the proposal, saying he was “pleased that the Assembly has heeded my suggestion for tax fairness, which I have been calling for for a long time.”

Posted on

Auth urges cutting sales taxes statewide to spur economy

unnamed-14

June 6,2015
the staff of the Ridgewood blog

Ridgewood NJ , Assemblymen Robert Auth in February pushed for legislation to end county government in New Jersey now on Thursday, Connecticut and Rhode Island long ago abolished county government, while Massachusetts has eliminated most of its county governments.On March 26, 2015, Assemblyman Robert Auth made a motion to amend legislation, which grants Atlantic City as an Urban Enterprise Zone for 10 years (A-3920), to also extend the sales tax cut statewide.

Auth said we all live in districts that have lost jobs , which echoed what he said in February , “I’m watching businesses leave our state. A lot of it is in the district I represent,” said Auth. “I totaled up all the county budgets throughout the state. It’s like $6.5 billion a year in New Jersey. That’s a lot of money.”  http://www.nj.com/politics/index.ssf/2015/02/he_end_of_county_government_in_nj_bergen_county_la.html  .

One of the most immediate and clear effects of sales tax on supply and demand involves an increase in the price of consumer goods. This occurs because businesses must pay more for the products they buy, including machinery, office furnishings and computer equipment. The higher cost of doing business translates into higher prices for new products. money.http://smallbusiness.chron.com/sales-tax-effect-supply-demand-20815.html

While sales tax affects supply directly, it only has an indirect effect on consumer demand. Besides altering the equilibrium price, which takes demand into account, sales tax also impacts consumers’ buying power. When sales tax rates are high, consumers spend more money on taxes and have less to spend on additional goods. This drives down general demand, or forces businesses to reduce prices to keep demand steady. This effect holds true even for items that are not subject to sales tax, such as grocery items and prescription drugs.http://smallbusiness.chron.com/sales-tax-effect-supply-demand-20815.html