Stuff in the ‘Taxes Economy and Outmigration’ Category
CNBC Rankings Confirm NJ Is a Lousy Place To Do Business under Gov. Murphy — And It’s Getting Worse
Posted On07/18/2024 byAccording to CNBC, New Jersey continues to be a lousy place to do business under Gov. Murphy. And it is getting worse. CNBC came out with its annual Top States for Doing Business and New Jersey ranked 25th, which is down from 19th in 2023. The categories where New Jersey needs improvement: Business Friendliness: 49th….Read More
A Record Amount of Taxable Income Fled NJ in 2022: Who Will Pay for Gov. Murphy’s Unsustainable Spending?
Posted On07/12/2024 byThe Wall Street Journal reported on the continuing exodus of people and money from big-government, high-tax states — including New Jersey — to smaller-government, lower-tax states. Here is the IRS data for gains and losses in net Adjusted Gross Income (AGI) for 2022: Top Losers: California -$23.8 billlion New York -$14.2 billion Illinois -$9.8 billion…Read More
FY2025 Budget: Our Status Quo Governor Takes Care of His Government Union Pals While Leaving His State with an Unsustainable Budget
Posted On07/08/2024 byGov. Murphy is a status quo governor. He was elected with the support of New Jersey’s powerful, taxpayer-funded government unions, especially its largest, the NJEA, which spent over $20 million supporting Murphy. Murphy has repaid the favor by largely governing for their benefit. The FY2025 budget is no exception. Another record-high budget at $56.6 billion…Read More
High Taxes and Cost of Living Erase NJ Teachers’ Wage Premium Over Other States
Posted On05/10/2024 byThe National Education Association (NEA) — the national parent organization of the NJEA — claims that teachers in states with collective bargaining like New Jersey have substantially higher salaries than states that do not permit collective bargaining. But the NEA’s ranking doesn’t reflect the real world of taxes and cost of living, which is the…Read More
Despite Gov. Murphy’s Happy Talk, Another Study Ranks NJ Dead Last for Fiscal Health
Posted On04/23/2024 byAnother report comparing the fiscal health of the 50 states, another last place finish for New Jersey. Gov. Murphy likes to talk about his fiscal responsibility but the numbers say otherwise. A recent Cato Institute study looked at the audited 2022 financial reports ranked the 50 states by their Unrestricted Net Position (UNP). UNP is…Read More
FY2025 Budget: Gov. Murphy Resorts to One-Time Fixes To Pay for His Unsustainable Spending
Posted On03/21/2024 byGov. Murphy spends a lot of time talking about how fiscally responsible he is, but as always with Murphy, you have to look through the words to the actual numbers. An excellent example of that is Murphy’s FY2025 budget: it is not a fiscally responsible budget. Now NJ Spotlight News reports that he is resorting…Read More
Another Gov. Murphy Budget: Record Spending, Higher Taxes and a Deficit. Great for the Special Interests, Terrible for NJ.
Posted On03/01/2024 byWe wanted to add our quick take on Gov. Murphy’s proposed FY2025 budget. In a sentence: it’s more spending backed by higher taxes, Murphy’s go-to governance formula, which always and everywhere takes care of his government union allies. Here are the low-lights: Over his 7 budgets, Murphy has increased state government spending from $34.7 billion…Read More
With Budget Shortfalls Looming, Lawmakers Reportedly Look to Raise Taxes (Again), But NJ Already Has Among the Highest Taxes in the Nation
Posted On02/21/2024 byNJ appears to be heading into budget season with lagging revenues. With state government spending up 56% under Gov. Murphy and a record $54.4 billion budget last year, lawmakers will be scrambling to make revenues match spending. Either spending will have to be cut or taxes raised, or both, and the word in the press…Read More
Gubernatorial Malpractice: Sweeney Center Projects Gov. Murphy Will Leave the Next Governor with Big Budget Deficits and No Rainy Day Fund
Posted On02/15/2024 byAs we head into the final two years of Gov. Murphy’s tenure as governor, we must ask: what condition will NJ be in when he leaves office? A new report by the Sweeney Center paints a bleak picture. All told, it forecasts that Murphy’s last state budget — for FY 2026 — will have a…Read More
2022-23 Census Data Shows NJ Citizens Are Voting with Their Feet: a Net 44,666 People Left Other States
Posted On01/12/2024 byMore data shows that NJ continues to have a serious outmigration problem, with 44,666 people leaving NJ for other states from 2022-23, or -0.5% of NJ’s population. NJ remains one of the bottom five states when it comes to domestic migration. Earlier this week, we reported on the United Van Lines (UVL) and U-Haul…Read More