Author: James

Tax relief to make NJ competitive could sink the state into a $1 billion hole as revenue loss grows year after year dare we say time to cut spending ?

New Jersey will be on a course to lose at least $1 billion annually in the coming years if lawmakers give Governor Christie a new state budget that includes either his call for tax relief or theirs.

The competing tax-relief plans that the Republican Christie and Democrats who control the Legislature are pushing now come with a seemingly modest, $183 million price tag on a $32 billion spending plan.

But both the direct income tax cut Christie wants and the new income tax credit for middle-class homeowners that Democrats have countered with call for multiple-year phase-ins, meaning after a few years actual costs will range from more than $1 billion annually to more than $2 billion based on the current proposals.  (Reitmeyer, The Record)

https://www.northjersey.com/news/158816185_Analysis_Tax_relief_could_sink_NJ_into_a_1_billion_hole_as_revenue_loss_grows_year_after_year.html

Bank of America Branch in Ridgewood

Bank of America,will contribute $50 billion over the next 10 years to address “climate change” …oh my
June 13,2012
James Foytlin aka PJ Blogger

Ridgewood NJ, Three years after taxpayers rescued Bank of America, to a tune of a $45 billion bailout during the financial crisis, Bank of America Corp. (BAC) announced  it will contribute $50 billion over the next 10 years to address “climate change”. Bank of America latest company to be snookered by the climate change hoax.

The bank’s new initiative includes lending, equipment finance, capital markets and advisory activity and carbon finance, as well as advice and investment help.The Bank will focus on promoting energy efficiency; renewable energy, including wind, solar and hydropower; lower-carbon transportation like electric and hybrid vehicles; and water and waste treatment and disposal initiatives. Don Quixote would be proud.

The company stated the noble goal is to reduce its energy consumption by 25% from 2004, as well as reducing its paper and water consumption, and disposing of electronic waste through certified vendors all by 2015. We all know how these noble experiments seem to always end up ,just look at the idea of “universal home ownership” and its net result ,the collapse of Lehman Brothers and Bear Stearns and the following financial tsunami we are still attempting to deal with.

Since the financial crisis Bank of America has become the poster boy for everything wrong with “crony capitalism” , financial ineptitude. and  the blind incompetence of regulators combined with the weak leadership roles of business executives. Critics smell a “quid pro quo” with the Bank looking to return the favor to special interest groups who bailed the bank out with tax payer money.

Given the banks recent history confidence in this latest folly does not give much hope for maligned shareholders and over extended tax payers The bank mismanagement of home mortgages is legendary giving hope to climate change skeptics  that the banks involvement is sure to create the spark needed to generate and overwhelmingly strong backlash to the bogus climate “science” being used by politicians world over to raise taxes and undermine individual liberties in the US and around the globe.

 

Tax Foundation: “Millionaire’s tax” ie…  ‘entrepreneur tax” will discourage economic growth

As New Jersey legislators continue to push conflicting versions of a tax cut proposal under the looming June 30 budget deadline, a new study by the nonpartisan Tax Foundation shows a plan by Assembly Democrats to use a so-called “millionaire’s tax” to fund a tax credit would hinder economic growth in the state.

“High progressive tax rates disincentivize developing job skills and career advancement, and reduce the number of hours people are willing to work,” the report said. “Taxes on high-income filers include business income, and raising taxes on this group would have negative effects on long-term economic growth.”  (Eder, NJBIZ)

https://www.njbiz.com/article/20120612/NJBIZ01/120619952/Tax-Foundation:-Millionaire%27s-tax-will-curb-economic-growth-

Google unleashes backpack camera as latest device in its bid to map entire world

Street View Trekker camera can go ‘offroad’

Campaigners warn privacy is being sacrificed in race between Google and Apple

By VANESSA ALLEN and DAVID GARDNER

For all its planes and vans mapping out the world, there have been places even Google cannot reach.

Now thanks to its latest weapon, the internet giant will be able to chart everywhere from the depths of the jungle to the narrowest city alley.

Its backpack camera, which is carried by a trekker on foot, will be able to get to places that Google wings and wheels cannot.

The device, a more portable version of its controversial Street View cameras, is able to go ‘offroad’, potentially photographing and mapping everywhere from the base of the Grand Canyon to the top of Everest.

Campaigners have warned that privacy risks being sacrificed in a commercial race between Google and its rival Apple, which unveiled its latest mapping technology yesterday.

https://www.dailymail.co.uk/sciencetech/article-2157956/After-Googles-spy-cars-planes-company-unleashes-backpack-camera-latest-device-bid-map-entire-world.html#ixzz1xfCSah9F

F1 organizers insist race will come to Hudson County ,N.J. next year

The first of 10 Formula One races slated to take place in  is expected to be on the circuit’s 2013 racing calendar by early next month, organizers said Monday.

Speaking at a promotional event in Weehawken, one of the host towns for the course, chief promoterLeo Hindery Jr. reaffirmed that the Grand Prix of America at Port Imperial remains on track to begin next June, despite recent rumors to the contrary.  (Burd, NJBIZ)

https://www.njbiz.com/article/20120611/NJBIZ01/120619973/At-event-F1-organizers-insist-race-will-come-to-NJ-next-year

US Deficit Doubles in One Year
June 12 ,2012
the staff of the Ridgewood blog

Ridgewood NJ , Economists continue to speculate that another budget impasse could lead to further down grades to the United States credit rating potentially derailing the weak economic recovery and further curtail long run economic projections into the foreseeable future.

Making the US Budget deficit more than a key point of political contention in Washington during this election year.

US Deficit more than doubled to $125 Billion and so far this fiscal year, the budget deficit stands at $844.5 billion, slightly narrower than at the same time a year ago.

During fiscal 2011 which ended September 30, the budget deficit totaled $1.296 trillion.

Postal chief: If we do nothing, we’re Greece
By Jennifer Liberto @CNNMoney June 12, 2012: 1:44 PM ET

WASHINGTON (CNNMoney) — The head of the U.S. Postal Service said Tuesday that if the service doesn’t cut costs and Congress fails to act, it’s going to be in the same dire straits as Greece.

Postmaster General Patrick Donahoe drew chuckles from a group of postal policy conference attendees by comparing the beleaguered, indebted Postal Service to the beleaguered, indebted nation.

He said that Greece’s ratio of debt compared to gross domestic product is 1.61 and the U.S. Postal Service’s ratio of debt compared to revenue is 1.51.

https://money.cnn.com/2012/06/12/news/economy/postal-service/

Lennie and Friends at THE FAMOUS KASSCHAU MEMORIAL BAND SHELL
RIDGEWOOD Thursday, June 21 @ 8:30 pm

Please come and join us for a wonderful evening under the stars, outdoors, on a blanket, or ON
YOUR FEET , dancing . . . whatever you feel ! Outdoor concert at the Ridgewood Kasschau
Band Shell. Your favorite music from the Beatles, Rascals and more under the stars. Bring a
blanket and a friend for an evening of family entertainment. Please help us and yourselves to a
Beautiful Night OF FUN Under the summer Sky. . . . there’s a contest for largest crowd for the
season . . . at least help us make an effort ! The band shell is located on Veteran’s Field directly
behind Ridgewood Village Hall, 131 N. Maple Ave.

Join the music fans toting blankets, chairs, children, and bug spray, as we flock to Veteran’s
Field, positioning ourselves in front of Kasschau Shell, to enjoy this great entertainment beneath
the stars.

“I think it’s about the music. This music is classic and holds up so well.” says Lennie DelDuca
Jr. co-founder of the band. These are savvy musicians who have studied every jot of the classic
rock song book.

The members of Lennie and Friends would like to thank the sponsors of this performance, Keller
Williams and Applebee’s Neighborhood Grill.

The Kasschau Memorial Band Shell is the perfect place to enjoy this fabulous band. You’ll be
outdoors under the stars, in your chair or on your blanket – but more likely up and dancing. The
performance will begin at 8:30, but you’ll want to get there early to get a good spot. In case of
bad weather, please call 201-444-1776 for indoor location.

The Kasschau Memorial Shell is an outdoor amphitheater located on Veteran’s Field in the
center of Ridgewood, and dedicated in 1958 as a tribute to Frank Kasschau, an accomplished
and beloved musician in Ridgewood. Its purpose is to provide a variety of free quality family
entertainment twice weekly from early June through mid-August.

The Kasschau Memorial Shell operates under the auspices of the Village of Ridgewood in
cooperation with the Department of Parks and Recreation. In addition, many local organizations
and business provide much needed funds to support these programs.

The Village of Ridgewood is Seeking Residents to Volunteer to Serve on Boards

The Village Council is looking for residents who are interested in volunteering to serve on the Community Center Advisory Board, Planning Board, and the Zoning Board of Adjustment.

The Community Center Advisory Board develops policies and procedures for the operation of the Community Center facility and assists in the fulfillment of the County Municipal Alliance Grant requirements. Membership includes: Senior Citizen residents; adult residents with children in the school system; adult residents with no children in the school system.

The Planning Board reviews site plans and subdivision applications; prepares, adopts, and amends the Master Plan; makes recommendations to the Village Council regarding amendments to developmental regulations and the official map.

The Zoning Board of Adjustment hears variance applications and appeals from rulings and determinations arising from the enforcement of Village zoning ordinances.

All interested residents should fill out a Citizen Volunteer Leadership form (found on the Village website), and send it along with a cover letter indicating on which board(s) the resident wishes to serve, and a biography or resume to:

Heather Mailander, Village Clerk
Village of Ridgewood
131 North Maple Avenue
Ridgewood, NJ 07451

Deadline for submissions is June 18, 2012.

East Coast Burger Company – Great idea but Hugely disappointing!

Tried East Coast Burger last night and fair to say they have some serious bugs to work out.  Saying the food was ok is being charitable and it was SLOOOOOOOOWWWW.  Maybe it would have tasted better if I hadn’t stood there waiting for 30-40 minutes for a single cheeseburger even though I ordered and paid for a double (got it TO GO so didn’t notice that until I got home).  Fries were cold (not from the 3 minute trip home – the cheese wasn’t even melted on the patty) and the shake tasted like Hershey’s syrup – assumed a chocolate shake would be made with chocolate ice cream but shows what I know.

It’s trying to be something like Five Guys but the food isn’t nearly as good and the wait crossed the line from being “ok for a first day” to absurd around minute 20 or so – I almost just walked out without my food even though I had already paid.  I assume they’ll work some things out but for over $20 for a burger, fries and shake I’m not sure I’ll risk it again – would be quicker and tastier to drive out to The Fireplace and I’m not going to do that either.

Can New Jersey Shed Its Reputation for Nation’s Worst Tax Policy?
Joseph Henchman og the Tax Foundation.

Garden States Lawmakers Consider Gov. Christie’s Reform Plan

Washington, D.C., June 12, 2012—After more than a quarter-century of being labeled as one of the worst tax systems in the country, New Jersey legislators are busy considering three conflicting tax reform proposals to ease the burden on their residents. Plans from Gov. Chris Christie, the State Senate, and the General Assembly are being debated ahead of a budget deadline of June 30th, and the plan they choose could have long-ranging impacts for New Jersey taxpayers, according to a new study by the Tax Foundation.

Gov. Christie is pushing for an across-the-board income tax cut of 10 percent on each income bracket while increasing the Earned Income Tax Credit from 20 percent to 25 percent over the next four years.

The plan sponsored by Senate President Stephen Sweeney (D-Gloucester) proposes a homeowner income tax credit of 10 percent on property tax bills up to $10,000, which would be limited to annual incomes of $250,000. Similarly, the General Assembly’s proposal aims to increase the income tax credit to 20 percent while increasing millionaires’ marginal tax rates from 8.97 percent to 10.75 percent.

“Attempts to increase the tax burden on high-income individuals would be damaging to long run growth in New Jersey,” said Tax Foundation economist Scott Drenkard. “Economic research indicates that high progressive tax rates discourage developing job skills and career advancement and reduce the number of hours people are willing to work. Furthermore, taxes on high income filers include business income, and raising taxes on this group would have negative effects on long term economic growth.”

Where New Jersey goes from here will soon be determined, but after decades of suffering from a poor tax code, now is the perfect time for legislators to take action to move the state towards more stable and neutral tax policies.

Tax Foundation Fiscal Fact No. 315, “Lawmakers Weigh Tax Schemes in the Garden State” by Scott Drenkard and Elizabeth L. Malm is available online. More information on New Jersey’s tax climate is available here.

The Tax Foundation is a nonpartisan research organization that has monitored fiscal policy at the federal, state and local levels since 1937

NJ TRANSIT new and expanded Bike Policy takes effect July 1, 2012

Ridgewood NJ , Effective July 1, 2012, a new Bike Policy will take effect that will expand travel options for cyclists by allowing bicycles onboard trains at all stations, with a few exceptions.

NJ TRANSIT supports access to its facilities and transportation services by bicycle, as well as by walking, driving or drop-off. An extensive variety of accommodations is offered, providing the greatest flexibility possible within the constraints of capacity and safety. There is no extra charge for bicycles brought aboard NJ TRANSIT vehicles, and no permit is required.

Collapsible bicycles are accommodated on all NJ TRANSIT trains at all times. Standard-frame bicycles and Segways are permitted on the Atlantic City Rail Line at all times.

Standard-frame bicycles and Segways are permitted on other rail lines at all times, except:

On weekday inbound trains that end their trip in Hoboken, Newark or New York between 6-10 a.m.
On weekday outbound trains that originate in Hoboken, Newark or New York between 4-7 p.m.
On major holidays (New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day)
On the day prior to a holiday.
On Friday after Thanksgiving.
On the eves of Rosh Hashanah and Yom Kippur

Cyclists and Segway users can only board or alight trains at a station with a high-level or mini high-level platform. For safety reasons, cyclists are not permitted to board or alight trains at a low-level platform, including Hoboken Terminal. This restriction does not apply to collapsible bicycles.

Bicycles and Segways must be kept in the accessible area of your rail car. Only two bicycles or Segways can be accommodated at a time in each car. If space is not available, cyclists or Segway users must wait for the next available train. If a person with a disability requests the accessible space, cyclists or Segway users must walk on the platform to another car or detrain and wait for the next available train.

Tiedowns are recommended and bicycles and Segways should be secured in the manner depicted on the diagram at that location. The cyclist or Segway user must hold and steady a bicycle or Segway that is not secured by tiedowns. The kickstand of the bicycle must remain up at all times. Segway users must walk their Segway on and off the train and may not ride the Segway while on the train.

Cyclists or Segway users must allow other passengers to exit and enter the vehicle before boarding with a bicycle or Segway. Cyclists or Segway users must be able to lift their bicycle or Segway up and down stairs while boarding and detraining rail cars.

If the bicycle or Segway is considered by an NJ TRANSIT employee to pose a hazard to the safety of other passengers due to overcrowded trains or other operating conditions, the employee may prohibit the bicycle or Segway from entering the train car.

Most State revenues top forecasts as U.S. governors reduce spending

Most U.S. states are collecting more revenue than they forecast this year as the economy recovers, reducing budget deficits that have persisted in the nation’s capitals since the recession.

Thirty-one states collected more than they expected when drafting budgets for the current fiscal year, which ends this month in most states, according to a report released today by the National Governors Association. Still, state leaders moved to slow the growth of spending in the coming year, reflecting uncertainty about the economy, the report found.  (Selway, Bloomberg)

https://www.bloomberg.com/news/2012-06-12/state-revenue-tops-forecasts-as-u-s-governors-reduce-spending.html