the staff of the Ridgewood blog
Ridgewood NJ, New Jersey has amassed a whopping $189.6 billion in state debt, a total that equals $57,900 for each taxpayer in the state. It’s the highest taxpayer debt burden in the country, according to the Financial State of the States report released Tuesday by the watchdog group Truth in Accounting.
This tally was done before the global pandemic hit the state and the Murphy Administration locked down and limited most of the state’s businesses, particularly small businesses . New Jersey is now facing a projected $10 billion drop in revenues amid the worst economic crisis in decades. That means it’s likely the taxpayer burden in the state will increase over the next year, according to the report’s author Bill Bergman.
Bergman pointed out the obvious: it was no coincidence that New Jersey also ranks as one of the states with the highest net out-migration in a study by United Van Lines.
“Outmigration and related challenges facing New Jersey’s tax revenue generation are both effects and causes of the state’s financial difficulties,” he said, “and pose significant challenges for the ability of the state to catch up to past failures to fund government responsibility.”
Thousands of state residents will soon feel the increasing weight of the state’s financial situation. Last week, New Jersey lawmakers reached a deal on a new “millionaires tax” that is expected to raise an estimated $390 million in additional revenue this fiscal year alone, according to state officials. New Jersey is the nation’s second wealthiest state and the tax is expected to affect nearly 17,000 residents including many in Bergen County who as past attempts by Trenton to “Tax the Rich” have proved that they all have the means to move somewhere else and many will taking that income and spending with them .
people keep voting for these idiots , then move away
and then begin to screw up the state they move to.
We’re Number 1!
Yes, people keep voting these frauds in. Why? Because they have been indoctrinated to believe that to vote any other way makes them racist, homophobic, greedy, environmentally evil, stupid, etc.
I agree with anonymous.
I disagree.
People keep voting them in because people are stupid.
Move down south.
The Trenton Swamp Rats only know how to ROB from the people.
The Less Educated the people are the Better it is for the Trenton Swamp Rats!!
And the only ones remaining are those that either benefit from the Taxes-are state union employees, government contractors who Overcharge and get paid, Especially when they give kickbacks to their Crony Politicians that are in bed with them.
And last, the Uneducated that’ll believe anything their told by the LeftTsrds Lies and Deceptively False Promises
NewJersey
Has one of the highest taxes in the United States. Now with this pandemic and people are out of work the Governor of New Jersey is going to approve an increase in our taxes. I guess this democratic governor does not care about the residents of New Jersey and is now taking advantage of a very bad situation and obviously is following the evil democracts running our country and putting us all in harm’s way and are helping all the enemies of the United States Of America take over our country which has become a third world country God help us against this democratic takeover