If New Jersey were a corporation it would have declared bankruptcy years ago. Murphy want to “tax the rich” to raise only a fraction of what the state needs to meet its obligations. The Republican tax plan beats him to the punch by removing the deduction for state and local taxes which are already unsustainably high. Things will only get worse as the wealthiest individuals start to leave the state in greater numbers and the mess will be left to the middle class to clean up.
So, about those union pension payments, can we cut a deal on them now or would you rather we default on them later?
