The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Trenton NJ, New Jersey Business and Industry Association today urged state officials to take a more measured approach than the overreaching proposals contained in New Jersey’s 2021 Draft Climate Change Resilience Strategy because the sea-level rise scenarios it uses to guide coastal management decisions are not based on the latest science.
Continue reading New Jersey is the Most Fled State in the Nation
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Totowa NJ, Senator Kristin Corrado released the following statement in response to the revised Fiscal Year 2021 budget proposed today by Governor Murphy:
Senator Corrado said New Jersey’s governor needs to tighten his belt like residents and business have done, but Murphy’s budget proposal is increasing spending, taxing, and borrowing.
Continue reading State Senator Kristin Corrado: Murphy’s Budget Ignores Reality
the staff of the Ridgewood blog
Trenton NJ, Governor Phil Murphy today released his revised budget proposal for Fiscal Year 2021 (FY 2021), including targeted cuts across State government, fair and equitable revenue raisers, an emergency borrowing proposal, and additional plans to invest federal funding received to date to help close what would have been a nearly $6 billion budget hole as a result of the COVID-19 pandemic.
The plan calls for a millionaire’s tax, an extension of the corporate business tax, a proposed boat tax, and other small taxes, including a cigarette tax. The proposal also included a massive scheme to add $4B in borrowing,
“I pray that not one penny gets sent to New Jersey. Murphy did not take any steps whatsoever to stop the State’s hemorrhaging of money; in fact, he has done just the opposite: giving illegal immigrants free healthcare, free education, free everything, while giving the actual citizens of New Jersey nothing but the bills for such generosity. To pay for his $10 billion loan, he is already going to have to raise sales taxes and even create a NEW state property tax. It is finally time for spending cuts and they must be DEEP! our budgets must be pared down to the bare minimums, we have no right to be giving away free things when we have no money to pay for them.”
the staff of the Ridgewood blog
Ridgewood NJ, according to Bloomberg , “Dozens of millionaires” from the U.S. and six other countries have a message for their governments: “Tax us. Tax us. Tax us.” Calling themselves the Millionaires for Humanity, more than 80 wealthy individuals, including Walt Disney heiress Abigail Disney, former BlackRock managing director Morris Pearl and Danish-Iranian entrepreneur Djaffar Shalchi, are petitioning for higher taxes on the rich to help pay for new government programs made necessary by the coronavirus pandemic.
Continue reading Stop Asking to “Raise Taxes” and Just Write a Check
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Trenton NJ, no surprise to New Jersey voters, New Jersey Governor Phil Murphy hinted again at tax increases for next fiscal year, saying the state will need “revenue raisers” to balance the budget and recover from the pandemic.
In May Gov. Phil Murphy’s administration laid out a series of spending cuts, deferrals and other budget adjustments to offset short-term revenue losses caused by the coronavirus pandemic But he and lawmakers still face even more difficult decisions on state spending in the future.
Continue reading Governor Murphy Says New Jersey Will Need ‘Revenue Raisers’ to Balance Budget
January 31,2018
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Ridgewood NJ, FDU’s Public Mind released a poll showing Governor Phil Murphy garnering a 35% approval rating in his first two weeks in office, with 21% disapproving and 40% who don’t know yet. His predecessors fared better in their first weeks in office: Governor Christie had a 48-31%, while Governor Corzine had 47-16%.
One bright spot for Murphy, is according to the poll, there is optimism among the respondents in the direction of the state: 39% believe the state is on solid footing with Murphy at the helm, compared to 18% in October when Christie was still in office. President Trump has a 31-60% favorable/unfavorable rating, according to the same poll.
November 11,2017
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Ridgewood NJ, Per Democrats’ / Murphy’s proposal, marginal tax rate on incomes above $1MM will be 10.75%.
Below are the top two tax brackets in NY state and NJ state:
NY
$321,050+ 6.85%
$2,140,900+ 8.82%
NJ
$500,000+ 8.97%
$1,000,000+ 10.75%
For a family with income between $500k and $1MM, the NJ tax is 2.12% higher than the NY tax.
For a family with income between $1MM and $2MM, the NJ tax will not be 3.90% higher than the NY tax.
No doubt, people already settled in NJ with friends etc will not suddenly bolt for NY. But for a family currently living in NYC/Brooklyn/Hoboken (typical Ridgewood pipeline), Westchester suddenly became a MUCH better option than Bergen country. And this is before we even compared the miserable commute from NJ to direct MTA train service from Westchester.
With negative incentive to move to NJ, property values (especially in Bergen County) will track what is happening in Fairfield country in Connecticut right now.
Absurdly enough, a majority of Ridgewood residents have voted in favor of the destruction of their own town (in more ways than one).
Phil Murphy Hits NJ Campaign Stops Alongside Bernie’s Son, Levi Sanders
By PolitickerNJ Staff • 02/12/17 11:30am
“It is critical we elect progressives like Phil at all levels of government,” asserted Levi Sanders, the son of 2016 presidential candidate Bernie Sanders. The appearance of Sanders yesterday at a pair of campaign events, helped Phil Murphy accomplish two things as a candidate for the Democratic nomination for Governor of New Jersey.
First, it put a little space between him and Goldman Sachs. With Bernie Sanders, the independent-socialist senator from Vermont, still a hero to the populist wing of the Democratic Party despite his eventual fall to Hillary Clinton in the presidential primary, the embrace from his son makes it clear that Murphy isn’t a reincarnation of previous Goldman-Sachs-to-Governor tripper Jon Corzine. Levi Sanders said of the decision New Jersey faces: “It’s Wall St vs Main Street. It’s exciting.” By awarding Phil Murphy, who made his fortune at Goldman Sachs, a place on Main Street, Sanders is clearly signaling that Murphy can be trusted by the forces that created such energy around his father’s campaign.
https://observer.com/2017/02/phil-murphy-hits-nj-campaign-stops-alongside-bernies-son-levi-sanders/
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The annual reorganization meeting, Freeholders Mary J. Amoroso, Germaine M. Ortiz, and Thomas J. Sullivan were sworn in for their first full three-year terms. Freeholder Tracy Silna Zur–now entering her fifth year as freeholder–was elected as board chairwoman and Sullivan was selected as vice-chair.
The Democrats remained true to form and immediately began by raising what promises to be the first of many tax increases, the open-space tax.
The move increases the open-space tax back to 1 cent per $100 of assessed valuation, which is expected to bring in $12 million more annually for a popular program that had seen its funding cut by 75 percent in recent years.
2017 candidate for governor Phil Murphy favors a gas tax hike to pay for the depleted state Transportation Trust Fund (TTF), but opposes the estate tax phase-out championed as part of a Democratic-Republican deal in the legislature. Max Pizarro, PolitickerNJ Read more
TRENTON—State Democrats plan to advance budget bills Tuesday that raise taxes on high earners and corporate profits to shore up the state’s underfunded pension system, a proposal likely doomed because Republican Gov. Chris Christie has pledged to veto any tax increases.
The annual budget dance in Trenton typically leads to interparty fighting in June, but observers said that this year’s proceedings were particularly defined by gridlock, resulting in more political theater than fiscal negotiations. (Haddon/Wall Street Journal)
https://www.wsj.com/articles/
