Tuesday, June 26, 2012
Governor Sharpening Veto Pen for Budget and Millionaire’s Tax Bills.
- GOVERNMENT
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Tuesday, June 26, 2012
Article written by Mark J. Magyar for NJSpotlight.com. The Democratic-controlled Legislature called Gov. Chris Christie’s bluff yesterday, voting unanimously to raise income taxes on millionaires but refusing to vote for the tax cut Christie wants until the governor’s revenue estimates start coming in on target. Now it’s up to Christie to decide how to get what he wants out of the five-month battle over income tax cuts, property tax cuts, millionaire taxes, and revenue projections that has dominated the Statehouse since he first called in January for a 10 percent income tax cut that would cost the state $183 million in its first year. The Republican governor vowed Friday to give Democrats “one long, hot summer ‘til they cut your taxes,” …
Saturday, June 23, 2012
Senate panel OKs budget and millionaire's tax, but rift delays expected Assembly vote.
- GOVERNMENT
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Saturday, June 23, 2012
Defying Governor Christie's veto threats, Senate Democrats took the first steps to approve a $31.7 billion budget that does not include an immediate tax cut and to impose a new millionaire's tax in order to increase property tax credits for senior citizens and low-to-middle-income homeowners. The Senate Budget Committee voted 8-5 along party lines to approve the budget bill, which sets aside $183 million in a special property tax relief fund that would be used to enable an additional property tax cut next April, but only if the Christie administration is on track to meeting its projected revenue growth of 7.2 percent, said Senate Budget Committee Chairman Paul Sarlo (D-Bergen). Senator Jennifer Beck (R-Monmouth) said it was "a shell game …
Friday, June 22, 2012
Senate, Assembly committees to vote today on budget, millionaire’s tax, Earned Income Tax Credit.
- GOVERNMENT
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Friday, June 22, 2012
For Gov. Chris Christie, it must be like a bad horror movie. Earlier this week, he likened Democrats to vampires -- recalcitrant ones who won't stay dead despite the stakes through their hearts. Now he may be facing an even more fiendish foe: zombie Democrats called back to life after years of acquiescing to the governor's agenda. After a week of caucuses, phone calls and behind-the-scenes cajoling, the Senate and Assembly budget committees today are expected to call the governor’s bluff on his threat to veto any budget that did not include an immediate tax cut -- a threat that implicitly carries with it the possibility of a government shutdown July 1. To Christie’s chagrin, the Democratic-controlled committees today are expected to …
Tuesday, May 8, 2012
Property taxes dwarf state's major taxes; combined state-federal spending hits record $49 billion.
- GOVERNMENT
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Tuesday, May 8, 2012
For the past three months, Republican Governor Chris Christie and Democratic legislative leaders have been trading charges over their rival plans to cut income and property taxes, over the governor’s claim that he has cut billions in state spending, and over the Christie administration’s projections that revenues will come in 7.5 percent higher next year despite $345 million in planned corporate and income tax cuts. Publicly, the biggest debate has been over whether to cut property taxes or income taxes, with polls consistently showing that New Jerseyans would prefer a property tax cut. It’s not surprising: The $26 billion that New Jerseyans will pay in property taxes next year is more than the total of state income taxes, sales taxes, …
Thursday, March 1, 2012
Reducing state income taxes will help small businesses, but ending double-taxation of income would lift a much larger burden.
- OPINION
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Thursday, March 1, 2012
By Joel L. Naroff [Joel L. Naroff is the president and founder of Naroff Economic Advisors, a strategic economic consulting firm. He advises companies across the country on the risks and opportunities that economic developments may have on the organization’s operating environment. In 2011, he received the National Association for Business Economics Outlook Award as the top economic forecaster.] Gov. Chris Christie has proposed cutting the state's income tax by ten percent over three years and the reactions have been as expected. Since we are still dealing with the fiscal straightjacket that former Gov. Whitman put the state in with her tax cuts, it is not surprising that some are quite concerned how the loss of revenues will be handled. As…
Donald Bender
11:57 pm on Saturday, May 12, 2012
Cut "Property Taxes", that's what needed MOST!! more ›