the staff of the Ridgewood blog
Ocean Township NJ, With Memorial Day Weekend and the unofficial start of the summer season just weeks away, Legislative District 11 General Assembly candidates Mike Amoroso and Matt Woolley are pressuring Democratic leadership in Trenton to repeal the 11.625 percent sales and occupancy taxes on homeowners – largely in coastal communities – who directly rent their properties during the summer season.
“Governor Murphy and the Democrat-controlled legislature have risked jeopardizing our multi-billion dollar tourism industry by pushing another reckless tax on property owners,” said Woolley. “Monmouth County residents cannot afford to continue to lose business because current ‘leadership’ needs money to fund their irresponsible spending practices. Homeowners need additional income to offset the state’s high cost of living.”
According to a 2017 study by the state Division of Travel and Tourism, tourism is a $42.9 billion industry in New Jersey that generated over $10.5 billion dollars in tax revenue before sales and occupancy taxes on short-term rentals were implemented. Governor Murphy signed the 11.625 percent tax into law in July 2018.
“Murphy Democrats are blatantly taking advantage of successful homeowners by pushing additional taxes on short-term rentals,” continued Amoroso. “Before the new tax, more than a quarter of our state’s budget was generated by tourism alone. Now we are seeing the negative impact on Monmouth County residents and our state’s economy.”
Property owners who rent their homes to vacationers jolt local economies every summer, helping many businesses withstand the less active winter season. The 11.625 percent tax has already reduced estimated economic activity as travelers look for more affordable accommodations. Reports have found the additional tax has forced people to consider changing their vacation destinations, causing ripple effects through local economies along the shore.
This tax is outrageous.
Hey Murphy, why not sign a bill mandating that pension/mutual fund/retirement account (401k) managers can only charge a flat fee for any account they are managing? That’ll solve all the problems of the piggy retirement account managers stealing from hard working men and women who are saving for their retirement. These PIGGY managers hide their excessive & outrageous fees and commissions from their clients in the plan documents so their clients have no idea what they are paying to these piggy’s.
https://www.rollingstone.com/politics/politics-news/looting-the-pension-funds-172774/
https://www.pbs.org/video/frontline-retirement-gamble/
Finally, New Jersey has passed legislation that makes Piggy investment advisors responsible as a fiduciary. I am glad to have been involved in lobbying for and successfully getting this legislation made into law. Piggy investment managers like Charlie will no longer be able to steal from hardworking men and women who are saving for their retirement.
https://www.nj.gov/oag/newsreleases19/pr20190415b.html