Tag: taxes

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Rutgers University: NJ’s Slow Pace Economic Recovery

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the staff of the Ridgewood blog

New Brunswick,  NJ,  New Jersey has regained nearly half of the jobs it lost due to the pandemic-driven economic contraction of March and April, but future employment gains will become increasingly difficult, according to a new Rutgers report.

“The United States and New Jersey have made substantial progress in climbing out of the economic chasm that opened beneath our feet in April. But the summer’s extraordinary job growth began to slow in August, with signs that labor market advances are losing momentum,” said report co-author James W. Hughes, University Professor and dean emeritus of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University-New Brunswick.

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New York Stock Exchange (NYSE) Signals Willingness to Relocate Servers to Avoid Proposed New Jersey Financial Transaction Tax

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the staff of the Ridgewood blog

Mahwah NJ, On September 26th, next Saturday, all U.S.-based stock exchanges will simulate a day’s worth of trading using their backup sites in the Midwest. The test is a dry run for relocating the data processing permanently should New Jersey go through with its new financial transactions tax, which targets New York-based stock exchanges that currently rely on electronic infrastructure located across the river in New Jersey.

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New Jersey has the 9th Worst Unemployment Rate Recovery

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the staff of the Ridgewood blog

Trenton NJ, With the U.S. gaining 1.4 million jobs in August and the national unemployment rate at 8.4% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, WalletHub today released updated rankings for the States Whose August Unemployment Rates Are Bouncing Back Most, along with accompanying videos and audio files, to illustrate which areas of the country have had the best recovery so far.

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The Most Important Tax Forms Entrepreneurs Must Submit

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One of the most important things in the life of any entrepreneur is filing for taxes. This procedure is seen as complex and stressful by the majority of people since not doing the paperwork properly can produce serious consequences and fines.

The forms you need to submit will depend on the type of business your run. However, whatever kind of services or products you provide to the customers, you want all your taxes paid in full and in time.  

Here are some of the most important tax forms entrepreneurs should get to know and understand.

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Reader says Citizens get to PAY for all the stuff given away

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“NJ with 16% unemployment, has one of the worst unemployment rates in the nation and he is making it legal for illegals to work with a license. How very progressive of him.

In a nutshell Murphy just said that your US citizenship means jack. So other than voting, what is the big advantage of being a citizen in the People’s Republic of NJ? Do you hear the crickets chirping.

Oh yeah, you get to PAY for all the stuff given away.”

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Senior says I need a tax Freeze

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“I would like to confront gov Murphy with the fact he stole my freeze money for the very high taxes I pay in NJ. I have been paying these taxes since 1966. I am now a senior who is entitled to a freeze in my taxes which is sent to me in July This June gov Murphy just made one announcement that there would be no freeze money. I am 86 years old and I am retired. I need that freeze money desperately especially since the taxes in this state are higher than most states in the Union. Is there no one in our government to help us get back our freeze????”

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Economy Picks Up : Deferred NJ April Tax Payments Track Close to Expectations

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the staff of the Ridgewood blog

Trenton NJ,  The NJ Department of the Treasury today reported that July revenue collections for the major taxes totaled $5.136 billion, up $2.802 billion, or 120.1 percent over last July.  This inflated and unprecedented growth was anticipated due to the change in state law that allowed individual and corporate taxpayers to defer certain payments from April to July due to the COVID-19 pandemic, following similar tax changes that were instituted at the federal level.

The Gross Income Tax (GIT), which is dedicated to the Property Tax Relief Fund, totaled $3.360 billion, up $2.412 billion or 254.1 percent above last July.  While this growth is inflated because of the extended filing deadline, collections are still below Treasury’s $3.6 billion revised GIT target for July. However, lower-than-expected final and estimated payments by individuals were partially offset by improved employer withholding receipts.

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Reader says , “We need a healthy business ecosystem to keep our state running”

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“Our businesses need to open. If they don’t we are cutting them off at the knees and what comes of this owners and employees? These “non-essential businesses “ are essential to them and their families. Consumers are still going to make their own decisions on their level of comfort. Let them innovate and honor reasonable practices to keep their patrons and employees safe. Otherwise, they become wards of the state when you give them no alternative. We overspend in this state to begin with, and then we put it on the backs of the tax payers already burdened with some of the highest taxes in the country? The result? Everyone loses. We need a healthy business ecosystem to keep our states running. In the face of a pandemic there are practices and precautions to exercise. But closing businesses is killing our state and continuing the mass exit from a state who levies the burden upon its residents in epic proportions.”

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Reader says ,”I pray that not one penny gets sent to New Jersey”

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“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.”

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Governor Murphy Says if you Don’t like it Leave and People are in Droves

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the staff of the Ridgewood blog

Trenton NJ, once again Governor Phil Murphy has told New Jersey residents , “if you don’t like his policies leave.”  During a press conference on Friday, Murphy snapped at reporters questioning his slow reopening of the state and poor handling of the pandemic, saying, “If you don’t like our leadership here, why don’t you go down to Georgia and see how that feels.”

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Tax deadline 2020: Federal and state tax return filing deadline is Today Wednesday, July 15th

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the staff of the Ridgewood blog

River Edge  NJ, Assemblywoman Holly Schepisi  in a post on Facebook she reminds everyone please do not forget to file your taxes today. And while we are on the subject of taxes, for anyone who doesn’t understand why people leave this State — I just received my own tax returns from my accountant. I owed the Federal government $0. In fact many years I overpay. The State of NJ? I owe them money almost every single time. How or why can I owe the Federal government nothing and owe thousands of additional dollars to NJ? Because New Jersey does not allow you to take many of the deductions that are allowed at the Federal level. For everyone complaining about the SALT Cap at the Federal level these are the items that NJ does not let you deduct:

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Reader says , “The developers know that if they don’t get what they want, the ‘mt laurel’ nonsense is used as a ‘builders remedy’ “

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“We are screwed in NJ due to a few things. The developers know that if they don’t get what they want, the ‘mt laurel’ nonsense is used as a ‘builders remedy’ and they simply toss in the minimum number of affordable housing units and get exponentially more ‘market rate’ units that would have been allowed under the permitted zoning. I have zero respect for our former council members, but depending on whether the developer gives a crap about town, it could be worse. I am not in favor of ANY of these new monstrosities and would have preferred something more within the existing character of the Village.”

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Governor Murphy Says New Jersey Will Need ‘Revenue Raisers’ to Balance Budget

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the staff of the Ridgewood blog

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.

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New Fiscal Realities Due to COVID-19 Pandemic Leaves NJ on the brink of making some very tough fiscal decisions

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the staff of the Ridgewood blog

TRENTON NJ,  To further address the ongoing fiscal disruption and uncertainties caused by COVID-19, Governor Phil Murphy today signed Executive Order No. 137, rescinding Executive Order No. 73 (2019), which directed the Department of the Treasury to achieve a $1.276 billion surplus by the end of this current fiscal year.

“No one has been more committed to restoring our state’s fiscal foundation than I have,” said Governor Murphy. “We have spent the past two years working nonstop to build surpluses and put money aside for a rainy day fund. However, in the absence of significant federal assistance, we are on the brink of having to make very tough fiscal decisions, and a $1.28 billion surplus for this fiscal year is no longer realistic.”

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Governors Establish Multi-State COVID 19 Council to Get People Back to Work and Restore the Economy

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the staff of the Ridgewood blog

Trenton NJ, Recognizing that their states have one integrated regional economy, New Jersey Governor Phil Murphy, New York Governor Andrew M. Cuomo, Connecticut Governor Ned Lamont, Pennsylvania Governor Tom Wolf, Delaware Governor John Carney and Rhode Island Governor Gina Raimondo today announced Massachusetts Governor Charlie Baker is joining the multi-state council to restore the economy and get people back to work. This announcement builds on the states’ ongoing regional approach to combatting the COVID-19 pandemic.

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