Posted on

Schepisi: Murphy’s policies are ‘crushing’ the middle-class

for sale Ridgewood_Real_Estate_theRodgewopodblog

file photo by Boyd Loving

the staff of the Ridgewood blog

River Vale NJ, Assemblywoman Holly Schepisi speaks with reporters at a press conference on Feb. 14, 2019, about why public opinion polls increasingly show that Gov. Phil Murphy is taking New Jersey in the wrong direction.

Schepisi says, “We must work together, put aside partisan posturing and implement policies to ensure affordability for the middle class. NJ’s tax increases and Governor Murphy’s policies are crushing our middle class.”

Posted on

NJBIA: Improving NJ Business Climate Would Help Attract Amazon, and Others

Amazon Introduces New Tablet At News Conference In New York

the staff of the Ridgewood blog

Trenton NJ, NJBIA President and CEO Michele N. Siekerka Esq. issued the following statement today relating to Governor Murphy’s efforts to attract Amazon to Newark.

“NJBIA shares and appreciates Governor Murphy’s enthusiasm for Newark as an ideal location for Amazon’s future expansion. Newark’s rebirth, where we have seen billions of dollars in high-tech investment, has been nothing short of inspiring. We hope Amazon will recognize the quality of Newark’s location, infrastructure and workforce and how it is serving as a model on how to own the innovation mantle and replicate it in urban areas across the state.

Continue reading NJBIA: Improving NJ Business Climate Would Help Attract Amazon, and Others
Posted on

A Guide to Doing Your Taxes for The First Time In New Jersey

Taxes-1

the staff of the Ridgewood blog

Ridgewood NJ, A huge part of growing up is doing your own taxes. In fact, some people consider it to be the toughest part of becoming an independent individual. Not only are most of us bad at math, but also, where do we start? How do taxes work? What do you get taxed for? How much should you pay? All of these are questions that often face every single person as they are starting out their own lives. These are also questions that people tend to ask whenever they move into a different state; it can be exceptionally confusing because of the difference between what you were used to in your previous state and your current situation. However, there is no need to stress about it because of two reasons; stress isn’t healthy for you at all, and also because this guide is going to show you how to take care of your taxes if you happen to be living in the wonderful New Jersey.

Continue reading A Guide to Doing Your Taxes for The First Time In New Jersey
Posted on

Reader says “Legalized weed is just another way for the government to 1) get tax $$ and 2) keep the populace stupid”

POT-SMOKING-KID

Legalized weed is just another way for the government to 1) get tax $$ and 2) keep the populace stupid. If it were truly for medicinal purposes, you’d be able to get your medical provider to write a prescription and it would be paid for by insurance. Anyone see that happening anytime soon? I didn’t think so. Let’s wait and see how many DUIs, where the “I” is cannabis, start racking up before the dumbed-down citizens start complaining.

Posted on

New Jersey Looks at a “Rain Tax “

the staff of the Ridgewood blog

Ridgewood NJ,the Mount Laurel doctrine is a controversial judicial interpretation of the New Jersey State Constitution. The doctrine requires that municipalities use their zoning powers in an affirmative manner to provide a realistic opportunity for the production of housing affordable to low and moderate income households.

One of the many negative byproducts of forced over development is storm water run off .Trenton lawmakers have moved closer to approving a much-debated measure that aims to give communities the resources to fix aging stormwater systems that foul the state’s waters and increase flooding and the answer as always is to raise taxes .

But not everyone is happy with the idea , Assemblyman Kevin J. Rooney said , “Here we are looking to tax rain. What’s next? Air?’’ asked Assemblyman Kevin Rooney (R-Bergen), who argued other pressing water problems ought to be addressed first, including lead in drinking water and hundred-year-old water mains that leak potable water before it ever reaches customers.

Posted on

New Jersey Ranks Third in Taxes Paid Per Person

Phill Murphy -Sara Medina del Castillo

the staff of the Ridgewood blog


Ridgewood NJ, the Tax Foundation has issued a state tax report that shows state and local tax collections per capita in each of the 50 states and the District of Columbia. D.C.’s tax collections per capita ($10,841) are higher than in any state. The five states with the highest tax collections per capita are New York ($8,957), Connecticut ($7,220), New Jersey ($6,709), North Dakota ($6,630), and Massachusetts ($6,469). The five states with the lowest tax collections per capita are Alabama ($3,206), Tennessee ($3,322), South Carolina ($3,435), Oklahoma ($3,458), and Florida ($3,478).

Continue reading New Jersey Ranks Third in Taxes Paid Per Person
Posted on

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

for sale Ridgewood_Real_Estate_theRodgewopodblog

file photo by Boyd Loving


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.

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

Assemblywomen Schepisi says ,”NJ may be only State that needs to build a wall to keep residents in”

photo Building the Berlin Wall in 1961

the staff of the Ridgewood blog

Westwood NJ, Assemblywomen Holly Schepisi‏  said on twitter , “Governor Murphy’s top NJ priorities for 2019 are increasing minimum wage and legalizing pot. What about crushing property taxes? What about huge outflux of our residents to cheaper states? What about NJ’s $195.5 BILLION financial hole? What about fairness for the middle class?”

Garden State Initiative chimed in , “an @AsburyParkPress analysis by @scervenka finds the avg NJ property tax bill has doubled in 20 yrs far exceeding income growth. Will @GovMurphy address this in his State of the State? https://www.app.com/story/news/investigations/data/analysis/2019/01/15/nj-property-taxes-double/2474323002/ … “

Holly Schepisi concluded the discussion ,”Not one mention of any initiative to combat high property taxes, unaffordability or exodus from the State. We may be only State that needs to build a wall to keep residents in. @GovMurphy @NJAssemblyGOPhttps://twitter.com/gsi_newjersey/status/1085150245934325760 …  “

Posted on

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

1040taxirs_010415getty

the staff of the Ridgewood blog

Washington DC,  The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

Continue reading IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
Posted on

NJ Fiscal Crisis Deepens: Department of the Treasury Reports Tax Collection Shortfall of 10.1 %

titanic

the staff of the Ridgewood blog

Trenton NJ, The Department of the Treasury reported that December revenue collections for the major taxes totaled $2.973 billion, down $335 million, or 10.1 percent below last December.  However, year-to-date, total collections of $12.901 billion are up $269 million for FY 2019, 2.1 percent above the same period last year.

The dip in overall December collections is due primarily to a drop in Gross Income Tax (GIT) receipts, which are constitutionally dedicated to the Property Tax Relief Fund.  GIT receipts were down 35.2 percent from last December with $1.182 billion collected while year-to-date collections were down 6.5 percent with $5.667 billion collected.  This dip is attributed to federal tax law changes that created a shift in tax planning behavior, a pattern that is being reported in a number of states.

Last December’s GIT collections, which rose by 30.5 percent, were enhanced by certain one-time hedge fund payments made because of a federal tax deadline, as well as accelerated tax payments made in December 2017 in order to avoid the new federal cap on the State and Local Tax (SALT) deduction, which took effect in January 2018.  Additionally, the capped federal SALT deduction may have prompted a change in tax planning behavior this year because it eliminated the incentive to prepay the estimated fourth quarter payment in December, which is due January 15.  While this last factor may have reduced December GIT receipts, it also may increase January receipts.

The Sales and Use Tax, the largest General Fund revenue source, reported $788.1 million in December, up 5.4 percent.  Year-to-date, sales tax collections of $3.982 billion are up 1.2 percent from the same period last year.  The second step of the sales tax rate reduction that began on January 1, 2018 will continue to impact collections for one more month, through the January revenue report.  If not for the rate reduction, underlying growth in the sales tax through December would be 5.0 percent.

The Corporation Business Tax (CBT), the second largest General Fund revenue, brought in $596.1 million, 40.9 percent above last December.  Year-to-date, the CBT has collected $1.536 billion, or 60.8 percent above last year.  The CBT for banks and financial institutions is up 247.8 percent so far in FY 2019 spurred in part by strong bank profits.  In FY 2019, corporate tax revenues are expected to grow significantly due to substantial state and federal tax policy changes that influence the tax base and the timing of certain payments.

Casino Revenues of $119.0 million are running 20.3 percent ahead of last year through the end of December.  Sports betting has contributed $4.6 million to the Casino Revenue Fund and another $3.1 million to the General Fund through November.