Ridgewood NJ, Tax revenues are up 2.9% over prior year , but a 7.2% increase is needed to fund existing and new spending programs. Sales tax and Corporate Business Tax grew above projections (corporate tax revenues 47% higher than prior year). So the target for tax increases will again be the Income Tax. Last year, the state passed a multi-millionaires tax, so that card has already been played.
At the current growth rate as detailed in that legislative services report, and not accounting for higher revenues in the second half of the fiscal year, the state would fall about $5 billion short of the $33.5 billion in major revenues certified by the governor. The Treasury Department declined to say what its current projection for the end of the year is, but the ratings agency S&P Global Ratings said it calculates a $740 million shortfall if the trend continues.
Common sense and fiscally responsible management of spending with strict restraints are things the Governor and Trenton Democrats are just incapable of doing! Murphy continues to buy the favor of those in America illegally with things like sanctuary cities & 2yrs of free Community College for them while burdening those cost on the backs of citizens & those legally here. In many case those paying for Murphy’s betrayal to us.. can’t even afford to pay for their own children’s college!! Then there’s the tax on rentals at the Jersey Shore… cutting the legs out from under all those board walk shops & house rentals!!
Murphy is destroying the future of New Jersey … Even more sick.. is the fact the Trenton Democrats are all helping him do it!!
West Long Branch NJ, New Jersey residents’ views of the quality of life in their home state have tumbled to an all-time low. Currently, just half the public gives positive marks to the Garden State as a place to live. At the same time, the Monmouth University Poll also finds that residents’ opinions of their own local communities remain positive and have not changed much at all over the past year.
Just half of New Jersey residents say the state is either an excellent (11%) or good (39%) place to call home, while 32% say it is only fair and 17% rate it as poor. The current positive rating of 50% has dropped from the 54% result in last year’s Monmouth poll, marking an all-time low for this metric in New Jersey opinion polls going back to 1980. Over the past decade, this rating has generally been in the mid-60s. Prior to that, positive rating of the state was frequently in the 70s, even reaching as high as 84% in 1987.
River Vale NJ, Assemblywoman Holly Schepisi speaks with reporters at a press conference on Feb. 14, 2019, about why public opinion polls increasingly show that Gov. Phil Murphy is taking New Jersey in the wrong direction.
Schepisi says, “We must work together, put aside partisan posturing and implement policies to ensure affordability for the middle class. NJ’s tax increases and Governor Murphy’s policies are crushing our middle class.”
Trenton NJ, NJBIA President and CEO Michele N. Siekerka Esq. issued the following statement today relating to Governor Murphy’s efforts to attract Amazon to Newark.
“NJBIA shares and appreciates Governor Murphy’s enthusiasm for Newark as an ideal location for Amazon’s future expansion. Newark’s rebirth, where we have seen billions of dollars in high-tech investment, has been nothing short of inspiring. We hope Amazon will recognize the quality of Newark’s location, infrastructure and workforce and how it is serving as a model on how to own the innovation mantle and replicate it in urban areas across the state.
Ridgewood NJ, A huge part of growing up is doing your own taxes. In fact, some people consider it to be the toughest part of becoming an independent individual. Not only are most of us bad at math, but also, where do we start? How do taxes work? What do you get taxed for? How much should you pay? All of these are questions that often face every single person as they are starting out their own lives. These are also questions that people tend to ask whenever they move into a different state; it can be exceptionally confusing because of the difference between what you were used to in your previous state and your current situation. However, there is no need to stress about it because of two reasons; stress isn’t healthy for you at all, and also because this guide is going to show you how to take care of your taxes if you happen to be living in the wonderful New Jersey.
Legalized weed is just another way for the government to 1) get tax $$ and 2) keep the populace stupid. If it were truly for medicinal purposes, you’d be able to get your medical provider to write a prescription and it would be paid for by insurance. Anyone see that happening anytime soon? I didn’t think so. Let’s wait and see how many DUIs, where the “I” is cannabis, start racking up before the dumbed-down citizens start complaining.
Ridgewood NJ,the Mount Laurel doctrine is a controversial judicial interpretation of the New Jersey State Constitution. The doctrine requires that municipalities use their zoning powers in an affirmative manner to provide a realistic opportunity for the production of housing affordable to low and moderate income households.
One of the many negative byproducts of forced over development is storm water run off .Trenton lawmakers have moved closer to approving a much-debated measure that aims to give communities the resources to fix aging stormwater systems that foul the state’s waters and increase flooding and the answer as always is to raise taxes .
But not everyone is happy with the idea , Assemblyman Kevin J. Rooney said , “Here we are looking to tax rain. What’s next? Air?’’ asked Assemblyman Kevin Rooney (R-Bergen), who argued other pressing water problems ought to be addressed first, including lead in drinking water and hundred-year-old water mains that leak potable water before it ever reaches customers.
Ridgewood NJ, the Tax Foundation has issued a state tax report that shows state and local tax collections per capita in each of the 50 states and the District of Columbia. D.C.’s tax collections per capita ($10,841) are higher than in any state. The five states with the highest tax collections per capita are New York ($8,957), Connecticut ($7,220), New Jersey ($6,709), North Dakota ($6,630), and Massachusetts ($6,469). The five states with the lowest tax collections per capita are Alabama ($3,206), Tennessee ($3,322), South Carolina ($3,435), Oklahoma ($3,458), and Florida ($3,478).
Assemblymen Kevin J. Rooney and Christopher P. DePhillips represent parts of Bergen, Essex, Morris and Passaic counties in the 40th Legislative District.
Wyckoff NJ, New Jersey has ranked as the highest outbound state since 2012. In other words, our state had the highest percentage of people moving out versus moving in compared to the other 49 states.
Even as the economy is doing better nationally, our state is lagging behind – and people are taking notice.
An annual survey by a national moving company, which recently released its 42nd report, found that twice as many people left our state than came last year. The embarrassing streak should be a cause for concern, because the people who are leaving can afford to, and the people who are staying are paying the price.
Westwood NJ, Assemblywomen Holly Schepisi said on twitter , “Governor Murphy’s top NJ priorities for 2019 are increasing minimum wage and legalizing pot. What about crushing property taxes? What about huge outflux of our residents to cheaper states? What about NJ’s $195.5 BILLION financial hole? What about fairness for the middle class?”
Garden State Initiative chimed in , “an @AsburyParkPress analysis by @scervenka finds the avg NJ property tax bill has doubled in 20 yrs far exceeding income growth. Will @GovMurphy address this in his State of the State? https://www.app.com/story/news/investigations/data/analysis/2019/01/15/nj-property-taxes-double/2474323002/ … “
Holly Schepisi concluded the discussion ,”Not one mention of any initiative to combat high property taxes, unaffordability or exodus from the State. We may be only State that needs to build a wall to keep residents in. @GovMurphy @NJAssemblyGOPhttps://twitter.com/gsi_newjersey/status/1085150245934325760 … “
Washington DC, The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
Trenton NJ, The Department of the Treasury reported that December revenue collections for the major taxes totaled $2.973 billion, down $335 million, or 10.1 percent below last December. However, year-to-date, total collections of $12.901 billion are up $269 million for FY 2019, 2.1 percent above the same period last year.
The dip in overall December collections is due primarily to a drop in Gross Income Tax (GIT) receipts, which are constitutionally dedicated to the Property Tax Relief Fund. GIT receipts were down 35.2 percent from last December with $1.182 billion collected while year-to-date collections were down 6.5 percent with $5.667 billion collected. This dip is attributed to federal tax law changes that created a shift in tax planning behavior, a pattern that is being reported in a number of states.
Last December’s GIT collections, which rose by 30.5 percent, were enhanced by certain one-time hedge fund payments made because of a federal tax deadline, as well as accelerated tax payments made in December 2017 in order to avoid the new federal cap on the State and Local Tax (SALT) deduction, which took effect in January 2018. Additionally, the capped federal SALT deduction may have prompted a change in tax planning behavior this year because it eliminated the incentive to prepay the estimated fourth quarter payment in December, which is due January 15. While this last factor may have reduced December GIT receipts, it also may increase January receipts.
The Sales and Use Tax, the largest General Fund revenue source, reported $788.1 million in December, up 5.4 percent. Year-to-date, sales tax collections of $3.982 billion are up 1.2 percent from the same period last year. The second step of the sales tax rate reduction that began on January 1, 2018 will continue to impact collections for one more month, through the January revenue report. If not for the rate reduction, underlying growth in the sales tax through December would be 5.0 percent.
The Corporation Business Tax (CBT), the second largest General Fund revenue, brought in $596.1 million, 40.9 percent above last December. Year-to-date, the CBT has collected $1.536 billion, or 60.8 percent above last year. The CBT for banks and financial institutions is up 247.8 percent so far in FY 2019 spurred in part by strong bank profits. In FY 2019, corporate tax revenues are expected to grow significantly due to substantial state and federal tax policy changes that influence the tax base and the timing of certain payments.
Casino Revenues of $119.0 million are running 20.3 percent ahead of last year through the end of December. Sports betting has contributed $4.6 million to the Casino Revenue Fund and another $3.1 million to the General Fund through November.
Trenton NJ, Senator Steve Oroho (R-24) is again calling for action on fiscal reforms, in light of three recent reports that prove that New Jersey’s high cost of living and bad tax policies are forcing people of all ages, and business owners, to leave the Garden State in droves.
New Jersey’s property taxes and the cost of living are the highest in the nation.
“These reports tell us what most of our neighbors already know – we live in one of, if not the most unaffordable state in the nation,” Oroho said. “New Jersey’s current tax policies are causing our family and friends, in particular retirees, to flee the state in record numbers. We must implement prudent fiscal policies to stop this mass exodus and keep what little revenue we have from disappearing entirely.”
Senator Oroho is a co-chair of the bipartisan New Jersey Economic and Fiscal Policy Workgroup, which is committed to pinpointing fiscal ineffectiveness and proposing commonsense reforms.
Oroho successfully advocated to increase the tax free retirement income exclusion as well as eliminate of New Jersey’s estate tax.
“Despite our best efforts to get the state’s spending back on track there is much more work to be done,” Oroho added. “We want to enact policies that will allow grandparents to be able to stay in New Jersey and watch their grand kids grow up. We want to create an economic climate where young parents can find good opportunities, so they they can actually afford to raise a family in New Jersey. We can and must do more to create friendlier tax policies that will slow outmigration and make New Jersey more competitive.”
Ridgewood NJ, Many New Jersey residents are familiar the SALT deduction limitation and its negative effect on over taxes New Jersey Residents .There are many other changes in 2018 tax reform that will affect almost everyone. Always consult a CPA to address your particular tax situation .
According to Wealth management expert George Mentz ,the biggest changes for this years filings include:
Larger standard deductions for married couples of $24,000.
Personal exemptions are eliminated and there is no need to file for these.
A new 37% top tax bracket for high earners. The Obama taxes will remain including the 3.8% Net Investment Income Tax and the 0.9% medical surtax on high earners.
Estate tax exemption is boosted to $11.2 million for an individual and $22.4 million for a married couple.
Child tax credit is increased to $2,000 per qualifying child.
State and local tax deduction or SALT tax deduction limited to $10,000.
Mortgage interest deductions can only be taken on mortgage debt up to $750,000, down from $1 million. This applies to mortgages taken out after Dec. 15, 2017. Interest on home equity debt can no longer be deducted.
For charitable deductions, taxpayers can deduct donations of as much as 60% of their income, up from a 50% cap.
For rules on retirement contributions, deductions, and deduction phase-outs, please consultant a professional or use updated software.
