Stuff in the ‘Taxes Economy and Outmigration’ Category
The facts about “Chapter 78 relief”: New Jersey taxpayers will pay more
Posted On09/05/2019 byNJ.com reports that Speaker Coughlin has crafted a bill that gives teachers so-called “Chapter 78 relief.” This issue has been one of the NJEA’s top political priorities. Here are the salient facts: The current plan is a “platinum-plus” level plan, which means that 97% of the cost of the plan’s benefits are paid by taxpayers…Read More
GSI is spot-on when it comes to New Jersey’s underperforming economy.
Posted On09/05/2019 byIn a Star-Ledger op-ed, Regina Egea of the Garden State Initiative (GSI) is absolutely correct that New Jersey’s economic reality does not match Governor Murphy’s happy talk. SPCNJ is coming out with a new research report that details the long-term underperformance of New Jersey’s economy (in terms of personal income, state GDP and job growth)…Read More
Tax Foundation: N.J. is suing over the SALT cap to enable tax avoidance, help high earners
Posted On08/15/2019 byJared Walczak of the Tax Foundation wrote an op-ed in today’s Star-Ledger about New Jersey’s suing the federal government over the $10,000 cap on the federal tax deduction for state and local taxes. Walczak captures the situation perfectly: “Ultimately, this lawsuit may be more about posturing than law. It’s about supposedly progressive states trying to…Read More
NJBIZ: Ratings Agency: Pensions still a drag on NJ economy
Posted On07/26/2019 byNew Jersey was infamously downgraded 11 times during the Christie administration, largely on account of its massive unfunded retiree liabilities, and due to continued insufficient funding of its public pensions, no upgrade is coming anytime soon. It’s a sad testament to the current situation that Gov. Murphy’s record $3.8 billion contribution is only 70% of…Read More
A strong warning on New Jersey’s vulnerability to the next recession
Posted On05/22/2019 byThe Star-Ledger reports that the rating agency Moody’s singled out New Jersey as one of the two states unprepared for a recession. With its progressive tax code and its pension funds invested heavily in the stock market, both state revenues and pension assets would be hit hard. In a particularly alarming warning, Moody’s predicts that…Read More