By Rajeev Dhir | NJ Advance Media for NJ.com
on January 13, 2017 at 7:04 AM, updated January 13, 2017 at 5:20 PM
New Jersey led the country in foreclosures for the second year in a row at more than double the national rate.
Atlantic City topped the national list of metro areas with the highest foreclosure rate in 2016 at 3.39 percent, followed by Trenton at 2.16 percent. RealtyTrac tracks metropolitan statistical areas with a population of at least 200,000 or more.
The state posted an average foreclosure rate of 1.86 percent of housing units in 2016, according to data released by RealtyTrac. The national rate of 0.70 percent dropped to a 10-year low.
The state’s foreclosure rate for December was 0.2 percent, compared to the national rate of 0.06. The state saw an increase of 13 percent in overall foreclosure activity from last December, while the national average dropped almost 17 percent from a year ago.
Ridgewood NJ, like many of you we have been concerned over the State of New Jersey’s sustainability . The tax base in New Jersey has been under precipitous decline since Jon Corzine. Soon there will be no one here left to pay all the taxes .
In 2017, New Jersey voters will elect a new governor to succeed Chris Christie. So far many of the potentials are same old same old from ,Murphy (Corzine2.0) to our Lt .Gov.
One of the people vying for the Republican Joe Rullo you can find him on Facebook ; Rullo for Governor 2017. He is running a very Trump inspired unorthodox campaign relying heavily on social media .
Basically we went to his website and let him speak for himself ; “As Governor I will reduce property taxes, repeal the $.23 gas tax, dissolve the transportation SLUSH fund, Veto all tax increases, cut billions in political earmarked jobs and contracts, eliminate state income taxes on pensions for retirees and add 1 billion in new revenue sources to further lower taxes. I Will dissolve the Transportation Trust Fund and consolidate all highway authorities eliminating redundant high level management positions, eliminate high cost earmark & specialty contracts tied to contributors.. It will produce millions in savings with shared services and purchases.
I will eliminate tolls and repeal the gas tax with the savings from the new efficient transparent highway entity. I will also eliminate 1.3 billion in pension fees to NYC politically connected brokerage houses and replace with licensed brokers in the state investors division to pay towards pension payment.
Superintendents and business administrators need to be reduced drastically. Instead of having one superintendent and business administrator per school district, we need to cut the number to one per county. By consolidating superintendents & business administrators, we can save $50 million per year by eliminating superintendents alone. And will work to also eliminate municipal tax assessors to one per county. I will fire hundreds of high-salary patronage jobs like indicted Port Authority’s David Wildstein, as an example, saving hundreds of millions of dollars to cut taxes.
Second Amendment Stance
First – I will appoint 2A justices. Governor Christie just appointed a liberal Democrat. Silence from everyone?
Second. I will elect Republicans to control both houses instead of running for President.
Third. I will appoint Pro 2A/ Carry Conceal NJ AG for the obvious reasons.
Fourth. I will exhaust executive process and test courts. And like I have more than proven will work with expert 2A resources to reach the goal of Carry Conceal without justifiable need in NJ. Most importantly, I will present the argument of the change in times with domestic terrorist, shooters, and gangs all carrying illegally regardless of the law – leaving the law abiding sitting ducks.
Veterans
I want to make NJ the capital of where veterans can count on love, respect, and the care a hero deserves. I want NJ to be the model of how veterans should be treated.
As Governor I pledge:
To fight to eliminate state income taxes on all veterans pension regardless of age.
Transition NJ hospitals to accept VA health benefits.
Hire unemployed veterans to protect NJ against terrorist & domestic shooters.
Create a cabinet position, “No Veteran Left Behind”.
Our US Senator Booker visits prisons to advocate for cheaper phone calls for prisoners, but has not visited a NJ VA hospital. I will fight for the heroes who gave us our happiness and freedom.
Education:
Since the start of No Child Left Behind and continued under Race to the Top, NJ parents and students have been saddled with the Common Core Standards. Parents feel like they can’t help their children with their homework because it is something they have never learned before and the children are left floundering in schools with too many children and not enough teachers to explain things to them. The State then decided to force the PARCC (Partnership for Readiness for College and Careers) test on our children. This has resulted in schools and teachers focusing their teaching efforts, not on learning, but on test results. This is wrong and only hurts our children who deserve a comprehensive learning program not a regimen of tests.
As Governor I will end PARCC testing completely and direct the Department of Education to draw up new, independent education standards that will return NJ to the top of the best educated Students in the Country.
Students come out of High School and don’t know how to balance a checkbook, write a resume or know anything about personal credit. Common Core needs to become Common Sense. Teachers need to be allowed to teach and not recite facts mandated from Washington, or some Corporation making money from our tax dollars. We need to provide better opportunities for students who decide to enter the workforce directly from high school with expanded vocational schools. The future of New Jersey depends on it!
Illegal immigration
Illegal immigration destroyed the Landscaping industry for legal businesses following the laws, and is just as devastating to NJ jobs. It’s difficult to compete with a business not paying payroll taxes, employee comp, and not following the same rules. All the jobs lost are directly proportional to NJ unemployment. Just ask business owners following the rules. Ask the employees unemployed or underemployed. Imagine the losses to employee comp insurance revenue and state income taxes. The impact on rates for businesses following the law!
Many illegal immigrants are now running businesses themselves with illegal employees charging less than half of what a job is worth. This summer I couldn’t do a job for cost what an illegal competitor was charging. One of these illegal business owners drives around with a fraudulent license from Mexico with a New Jersey address. He built his business stealing accounts from his former employer for 10 plus years who also used illegal immigrants. The company was fined 13k for failing to have a home improvement license last year. The courts are buried in old warrants from illegal immigrants who never show up to court. They don’t exist.
Our police are overburdened with hands virtually tied because NJ is a sanctuary state. Out of state license plates and DMV fraud are the law of the land. As Governor I will implement E- Verify for all employees working in New Jersey and work with President Donald Trump to eliminate sanctuary cities across NJ. Everyone must follow the same rules in business and follow the law. Our veterans will of NJ will be first priority in NJ hospitals not illegal immigrants.
Heroin Epidemic
There are numerous examples of heroin dealers getting probation for first time offenses in NJ. All it takes is one time to kill someone with this poison they call heroin. Tell the families who have lost loved ones to this poison that first time dealers should get a break. No heroin dealer should get off with probation fo non violent first offense. I will do everything in my power as Governor to make it a living hell for heroin dealers in NJ. With that being said they should be charged for attempt of murder for distribution and automatic manslaughter if someone dies from their distribution. Backed up court systems enabling these criminals to poison our society for court dates as long as one year or more will be another main focus.
Paramus NJ, The Bergen County Department of Parks and the Rutgers Center for Urban Environment Sustainability (CUES) invite all Bergen County residents to a series of community information sessions. Click Here for details
Ridgewood NJ, the new year ushers in some changes in New Jersey laws that might affect you. From a slight bump in the minimum wage, and an opportunity for adopted people to obtain their original birth certificates. Bergen residents and retirees will be most affected by a phasing out the estate tax and expanding tax deductions on retirement income which help to soften the state’s anti-business and anti-work reputation and may even begin to stem the flight of people out of the state.
The big news for most is the 23-cent per-gallon rise in the gasoline tax that took effect on Nov. 1 to replenish a depleted Transportation Trust Fund, known by some critics as the Transportation Slush Fund.
Here are eight major changes for 2017:
1. Phasing out the estate tax
About 3,500 estates, worth at least $675,000, are subject to the estate tax each year. But starting this month, the state will impose the tax on estates worth $2 million or more. The entire tax would end after Jan. 1, 2018.
2. Expanding the Earned Income Tax Credit
The Earned Income Tax Credit for low-income workers get a boost from 30 percent of the federal level to 35 percent. The expansion will benefit about 600,000 New Jerseyans, who will pocket about $200 more from the tax return, Whiten said.
Eligibility depends on income and number of qualifying children. The income limit is about $14,800 for a single, childless adult, and $53,000 for a married couple with three or more children.
3. Reducing the sales tax
The sales tax will decrease from 7 percent to 6.875 percent on Jan. 1, and then from 6.875 percent to 6.625 percent on Jan. 1, 2018. Legislative leaders said Christie was adamant about enacting a sales tax cut when he agreed to raise the gas tax but it may not be noticed by most consumers unless you are making a major purchase.
4. Expanding tax deduction for retirees
A married couple filing their taxes jointly can currently exclude their first $20,000 in retirement income from state income taxes. But beginning in 2017 and phased in over four years, that amount will ultimately increase to $100,000 for joint filers, $75,000 for individuals and $50,000 for married couples.
5. Tax deduction for veterans
The tax deal introduced a $3,000 tax deduction for veterans. The law defines veterans as those who are “honorable discharged or released under honorable circumstances from active duty in the Armed Forces of the United states, a reserve component thereof, or the National Guard of New Jersey in a federal active duty status.”
6. Opening birth certificates sealed at adoption
The state Health Department will begin fulfilling requests from adopted people to obtain their original birth certificates containing information about their parents.
Birth parents could have requested to have their named blacked-out if they filed a redaction form before Dec. 31. At any time, they may submit a contact preference form stating whether they wish to have no contact with their child, contact through an intermediary, or unfettered contact. Birth parents who request no contact must also must complete a family history form seeking medical, cultural and social history information about the birth parent.
More information about the law is available on the health department’s website, or by calling 866-649-8726.
7. Eliminating bail for some non-violent offenders
One in 12 defendants remains in jail because a bail of $2,500 is too high.
Starting in January, fewer people who commit minor offenses will be held on bail and detained. And if a person is held in jail, prosecutors will have 90 days to seek an indictment from a grand jury, and must bring a person to trial with 120 days.
8. Raising the minimum wage, nominally
New Jersey’s minimum wage will go up six cents on Jan. 1 to $8.44 an hour, according to the state Department of Labor and Workforce Development.
It will be New Jerseyans’ first increase since January 2015, when it rose from $8.25 an hour to the current $8.38. The minimum wage did not increase this year because there was no rise in the state’s cost of living.
By Myles Ma | NJ Advance Media for NJ.com
on December 13, 2016 at 10:48 AM, updated December 13, 2016 at 12:59 PM
Bergen County has grown more diverse in the period since the recession, fostering growing Hispanic and Asian populations, but has also shed white and especially black residents.
The black population fell by more than 7 percent in Bergen County when comparing Census data from 2005-2009 and 2010-2015. The white population fell by more than 5 percent.
Anthony Cureton, president of the Bergen County chapter of the NAACP, said many black people he knows have moved to the South, where it’s cheaper.
By Stephen Stirling | NJ Advance Media for NJ.com
on December 13, 2016 at 8:36 AM, updated December 13, 2016 at 3:06 PM
The struggles of Atlantic City are well documented.
Casino closures. The threat of bankruptcy. The recent state takeover.
But while much has been made about the pain being felt by the city and its most famous commercial tenants, new data show its residents likely feel the sting more than most.
Here come those moving trucks for the late Spring selling season..so many
Families moving south for lower taxes ,retirees seek social security favorable or non tax status for retirees.Younger families will end up holding the bag of worst choices in order to stay in north jersey. Technology is also creating a huge increase in home office remote work lifestyles.which means that as long as the children are in a decent school district the past ties to the need to be in a commuter friendly costly tax town is not as high on the list as in years past.Familiies also have to save hundreds of thousands of after tax dollars as their kids college and high costs years are just ahead.Not everyone is a Wall Street mogal or a ridgewood millionaire.We need to keep costs in check,examine cross township shared muni services,Garbage , Maintenance ,sewers departments ..even Fire Department etc.TAXES ARE TOO HIGH RIDGEWOOD AND NO ONE IS ADDRESSING THIS RISK To our home investments here ..lots of for sale signs I mid winter is a possible early warning .people getting out early
Ridgewood NJ, The Financial Planning Association of New Jersey (FPANJ) is launching a new, five-part video series to stress the importance of learning about your money, and how a Certified Financial Planner(TM) can play a role in reaching your financial goals.
The series features “man on the street” interviews with people, asking them questions based on the following topics:
Estate Planning
Taxes
College Planning
Social Security
Health Care
“These are topics that everyone – regardless of their income – is impacted by every day, whether or not they want to think about it,” said FPANJ President Rob Rafano. “The purpose is to demonstrate all of the various issues that CFP®s help clients handle, and why not knowing what you don’t know can keep you from building wealth, planning for retirement and so much more.”
“We are hoping that this will start the conversation among consumers about how to get started learning more about their finances, saving and investing more, and leaning on the expertise of financial professionals to get them there,” Rafano said, adding, “we are also relying on our local media to help educate the public, as there is always something happening in the news that these videos relate to.”
By Brent Johnson | NJ Advance Media for NJ.com
on November 23, 2016 at 6:30 AM, updated November 24, 2016 at 12:19 AM
TRENTON — After seeing the state’s unemployment rate shrink significantly last year, New Jersey’s economy is expected to slow down over the next decade, according to predictions in the latest economic forecast from Rutgers University.
Meanwhile, the United States as a whole faces economic uncertainty as President-elect Donald Trump prepares to take office, the report from the Rutgers Economic Advisory Service says.
The report predicts the Garden State will experience a “weaker-looking” economy through 2026, one that includes a leveling off of its unemployment rate. Meanwhile, the state’s real domestic product is likely to suffer and its population growth to sputter.
file photo by Boyd Loving
By Erin Petenko | NJ Advance Media for NJ.com
on November 17, 2016 at 1:16 PM, updated November 17, 2016 at 3:25 PM
More than 200,000 residents left New Jersey last year, new Census data shows.
The state lost 17,000 more people than it gained back, as residents left for other states and overseas, according to the 2015 American Community Survey. The loss could signal potential future issues with its population and economy.
New Jersey residents — 227,000 of them — abandoned the state ranked dead last in income growth last year, and with the highest property taxes.
Most of what the state gained back came from foreign immigration, which netted the state 62,000 new residents last year. Earlier data suggests that many of those immigrants come from Asia, as the region accounted for 45 percent of new foreign migrants in 2014.
Some data has indicated that source of the population is falling as well, since better job growth in other states has led immigrants to choose more welcoming areas.
Births in New Jersey, though declining, are still high enough to replace the loss of migrants. But the coming decades could see an era of shrinking population and the economic problems that come with it.
Poor population growth is closely tied with economic issues. New Jersey relies on an influx of residents to grow its industries and contribute to government services.
Three-quarters of certified public accountants in New Jersey have advised clients to leave the state because of the estate and inheritance taxes, according to the head of the New Jersey Society of CPAs.
That tax is ending – and so is the advice, even before the law is off the books, said Ralph Albert Thomas, the CPA group’s chief executive officer and executive director.
“Not only our members, but I know estate attorneys have been sending out correspondence about, look, they need to reconvene with their clients to relook at what they proposed,” Thomas said.
The survey found 83 percent of respondents felt estate and inheritance taxes had prompted clients to leave New Jersey. A follow-up survey is planned for the spring, to see how much the advice has changed.
The estate tax is paid on approximately 3,500 estates annually, around 5 percent of the approximately 70,000 deaths in the state each year.
Currently, New Jersey’s estate tax threshold is $675,000. The full value of any estates worth more than that is taxed. That will be changed to a $2 million exclusion at the start of 2017 – meaning, for instance, that an estate worth $2.5 million would be taxed on the $500,000 over the excluded amount.
The tax is then eliminated entirely at the start of 2018.
Ridgewood NJ, Josh Gottheimer and the rest of the Hillary Clinton Democrats on Column Two continue to support this disastrous Obamacare plan that has sent both premiums and deductibles skyrocketing.
Meanwhile, businesses in New Jersey face continued uncertainty about the future and have responded by reducing full-time workers to 29 hours to avoid the ACA mandate.
The only way to end ObamaCare is with your solid support for Donald Trump and Mike Pence for President and Vice President, and by keeping Scott Garrett in Congress. Who are all strongly in favor of repealing Obamacare .
Ridgewood NJ, In 4 days, millions of Americans will go to the polls to decided everything from local ballot questions to the next President of the United States.
This year has been a busy one for tax policy. Throughout this year’s election, every major presidential candidate put forth a comprehensive tax plan (in some cases more than one), and at the state and local level, a number of tax policy proposals have made it on to ballots, some of which would be momentous if passed.
All of this can be difficult to keep track of and even harder to understand. The Tax Foundation has worked hard over the past year to provide Ridgewood blog readers and the media with the most accurate, timely, and accessible information possible on the tax policies being proposed.
To that end, here are 3 resources that we hope you and other taxpayers will find useful before entering the voting booth next week:
Our guide to the top state and local tax ballot initiatives to watch in 2016
Ridgewood NJ, As of Tuesday, New Jersey can no longer claim to have the second-lowest gasoline tax in the country.As the 23-cent-per-gallon increase hit pumps across the state, boosting the 14.5 cents the state charges per gallon to 37.5 cents giving New Jersey the seventh-highest in the U.S.
On top of that the real estate website Zillow looked at median property taxes across the U.S. last year and found that seven of the 10 counties with the highest property taxes ; Bergen, Essex, Passaic, Union, Morris, Hudson and Hunterdon are all in New Jersey. The remaining three were in New York State.
New Jersey has one of the most progressive income tax structures in the entire country. Income taxes start at 1.4 percent on earnings less than $20,000 and the top marginal tax rate hits 8.97 percent on income over $500,000.
Sales tax rate in New Jersey is 7 percent, which ties with Indiana, Mississippi, Rhode Island and Tennessee as the second highest in the USA.
Then there is corporate taxes according to the Tax Foundation, “New Jersey … is hampered by some of the highest property tax burdens in the country, is one of just two states to levy both an inheritance tax and an estate tax, and maintains some of the worst structured individual income taxes in the country,”
In state by state comparisons of state corporation income taxes collected per capita, New Jersey came in seventh highest at $265 per person.
Both Hillary Clinton and Donald Trump have released tax plans during the campaign. The Tax Foundation has analyzed both the plans using our Taxes and Growth (TAG) model to estimate how their plans would impact taxpayers, federal revenues, and economic growth. Below, is a chart that contains all you need to know about the candidates’ plans.
For a broader perspective on our analyses, how they compare, and how they fit into the big picture, check out this post.
Click here to see our full analysis of Donald Trump’s tax plan.
Click here to see our full analysis of Hillary Clinton’s tax plan.
