Stuff in the ‘Taxes Economy and Outmigration’ Category
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
United Van Lines and U-Haul: NJ Continues to Lose People and Wealth to More Affordable States
Posted On01/09/2024 byUnited Van Lines (UVL) and U-Haul came out with their 2023 annual surveys, and once again NJ ranks as one of the states with the most people leaving. A large number of the leavers are older, higher-income retirees, so wealth also continues to leave NJ for lower-tax, lower cost-of-living states — mainly in the south….Read More
Jobs Data Shows NJ’s Economy Underperforms the Rest of the Nation
Posted On12/13/2023 byAll is not well with the New Jersey economy. The Wall Street Journal delved into NJ’s October 2023 employment numbers and came up with a discouraging picture. NJ’s economy underperforms the rest of the nation, plain and simple. As shown in the chart below, NJ’s unemployment rate hit 4.6%, and increase of 1.3% from a…Read More
Truth In Accounting: NJ Last in the Nation for Long-Term Financial Condition. Again.
Posted On12/06/2023 byAnother last-in-the-nation ranking for New Jersey under Gov. Murphy. Last week, we reported that New Jersey’s tax climate for businesses was dead last, and this week it’s New Jersey’s long-term financial condition that’s ranked dead last, according to Truth In Accounting’s “Financial State of the States 2023.” New Jersey has been dead last in the…Read More
NJ Dead Last for Business Tax Climate for the 8th Year in a Row and Every Year of Murphy’s Governorship
Posted On11/21/2023 byWe wanted to make sure our readers saw that New Jersey once again came in 50th out of 50 states in the Tax Foundation’s “2024 State Business Tax Climate Index,” which ranks the 50 states by how friendly their tax systems are to businesses. THIS IS THE 8TH YEAR IN A ROW NEW JERSEY HAS…Read More
During the Pandemic, People Left NJ and Took a Record Amount of Wealth with Them, Mostly to Low-Tax, Non-Lockdown Florida
Posted On08/03/2023 byWhen it comes to domestic migration, how did New Jersey fare during the first year of the pandemic? Unfortunately, not well: New Jersey saw a net loss of over 12,000 taxpayers and $3.8 billion of gross income, the largest annual outflow of wealth in its history. This was despite the largest inflow of wealth from…Read More