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Since the both the Candidates and the local media are fixated on “driving records” and how “candidates payed off their mistresses” ,we have decided to outline the issues for the New Jersey Governors Race and perhaps by November someone; local media or Candidate may make some kind of an effort to address them.
the Ridgewood Blog
ISSUE #1 Terrible State Business Climate
“The Washington, D.C.-based Tax Foundation ranked New Jersey last overall in a 2008 overview of state business climates. The state’s corporate tax rate ranked 39th, its individual income tax ranked 48th and its property taxes ranked 50th.”
“Taxes that drive businesses and residents out of state, regulations hampering companies that do locate here and salary and pension habits that block government cost cutting — those are some of the ingredients of an unaffordable cocktail New Jersey is serving its inhabitants, according to local business and government leaders.”
Assemblywoman Denise Coyle said she believes a turning point in the state’s affordability came in 2004 with the so-called Millionaire’s Tax. Implemented under then Gov. James McGreevey, that gross income tax of 8.97 percent applied to residents with a taxable income of $500,000 or more. Coyle added that the tax was supposed to help fund the Homestead Rebate Program, which has now been drastically cut.
“People are fleeing the state, businesses are fleeing the state,” Assemblywoman Denise Coyle, R-Bernards said.
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