The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the staff of the Ridgewood blog
Newark NJ, Amtrak has announced a $40 million investment to upgrade aging infrastructure on the Northeast Corridor between New York Penn Station and Trenton, as part of a major push to prevent a repeat of the “Summer of Hell” delays that plagued commuters in 2024.
the staff of the Ridgewood blog
TRENTON NJ, for the second consecutive year, New Jersey Governor Phil Murphy is seeking approval from state lawmakers of a massive $1 billion in new taxes and fees as part of his latest budget proposal. The sweeping tax increases come as the state’s annual budget inches closer to a record-setting $60 billion.
By Jack Ciattarelli
On his inauguration day, Phil Murphy received two gifts any new governor of New Jersey could only wish for – the lowest unemployment rate in 17 years and hundreds of millions of dollars in new tax revenue based on U.S. Supreme Court decisions on internet sales and sports betting. It wasn’t enough. In his first budget, Murphy raised other new and existing taxes more than $1.5 billion, including New Jersey corporate and personal taxes, despite both already being among the highest in the nation. Murphy’s political justification was, “We need to make New Jersey stronger and fairer.” His policy justification was, “The Trump tax reforms lowered corporate taxes” and “People need to pay their fair share.” While businesses and people may never leave a country over taxes, they will leave a state. Moreover, if you try to offset federal tax decreases with state tax increases, you only make your state an outlier. That’s exactly what’s happening to New Jersey. The proof . . . For the fifth year in a row, New Jersey’s business climate has been ranked dead last in the country. And the annual United Van Lines study shows New Jersey is, once again, one of the leading out-migration states in the country, with nearly 50 percent listing “jobs” as their reason for leaving.
Continue reading Want lower taxes? Murphy should focus on pensions, aid to some schools