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New Jersey Tax Collections Weaken Further , Down 14.7% in June

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the staff of the Ridgewood blog

Trenton NJ, The Department of the Treasury reported that June revenue collections for the major taxes totaled $2.92 billion, down $503 million, or 14.7 percent below last June. The June decline eclipsed last month’s decline of 13.5 percent over the previous May, indicating that the economic impact of the global pandemic shows little signs of abating.  Fiscal year-to-date, total collections of $29.784 billion are now down $3.0 billion, or 9.2 percent below the same period last year.

Continue reading New Jersey Tax Collections Weaken Further , Down 14.7% in June

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Governor Phil Murphy :‘I don’t wake up every morning reflexively trying to figure out ways to tax people’

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the staff of the Ridgewood blog

Trenton NJ,after his 2020 State of the State address, Governor Murphy struck back at criticism that looks for ways to tax the residents of New Jersey, during a Q and A with reporters following the launch of his Jobs NJ initiative.

Continue reading Governor Phil Murphy :‘I don’t wake up every morning reflexively trying to figure out ways to tax people’

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Again New Jersey Ranks Worst in Tax Climate for Business

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October 30,2017

the staff of the Ridgewood blog

Ridgewood NJ, in the Tax Foundation’s annual comparison of state business climates New Jersey has once again ranked at the bottom of U.S. states  as it has since at least 2015.

While neighboring states  Delaware 15, Pennsylvania 26, Connecticut 44 , and New York 49.

The think tank ranked New Jersey 36th in unemployment insurance tax, 42nd in corporate business taxes, 46th in sales taxes, 48th in individual income taxes and dead last in number 50 in property taxes.

Joining New Jersey at the bottom of the ranking were New York, California, Vermont, Minnesota, Ohio, Connecticut, Maryland, Louisiana and Rhode Island.

Over two million people left New Jersey between 2005 and 2014, taking billions of dollars in income and economic activity with them, according to a state business group that blames high taxes for the exodus. Is anybody listening ?

 

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45% of Americans pay no federal income tax

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Published: Apr 18, 2016 1:58 p.m. ET

Many Americans don’t have to worry about giving Uncle Sam part of their hard-earned cash for their income taxes this year.

An estimated 45.3% of American households — roughly 77.5 million — will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group. (Note that this does not necessarily mean they won’t owe their states income tax.)

Roughly half pay no federal income tax because they have no taxable income, and the other roughly half get enough tax breaks to erase their tax liability, explains Roberton Williams, a senior fellow at the Tax Policy Center.

https://www.marketwatch.com/story/45-of-americans-pay-no-federal-income-tax-2016-02-24