Stuff in the ‘Taxes Economy and Outmigration’ Category
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
FY2024 Budget: State Spending Up 56% Under Gov. Murphy. What Happens When the Revenue Windfalls Go Away?
Posted On07/07/2023 byOnce again under Gov. Murphy, when it comes to the budget, politics supersedes fiscal responsibility. Murphy and his pals in the legislature sure know how to take care of their friends in an election year. Adding to a continuous string of record budgets, Murphy signed a $54.3 billion FY2024 budget. That’s up over 7% from…Read More
Gov. Murphy’s FY2024 Budget: Nice Talking Points for a White House Run, But Not Much More
Posted On03/03/2023 byWith Gov. Murphy’s proposed budget in the news, Sunlight thought we should provide our brief take on it. We thought columnist Charlie Stile had it about right: Murphy’s budget is “less about New Jersey and more about polishing his White House appeal.” Just so. Record state government spending. Again. Murphy’s FY2024 (July 2023 to June…Read More
Most States Are Reducing Tax Rates; Gov. Murphy Raised Tax Rates to Increase Government Spending
Posted On02/03/2023 byThanks to Gov. Murphy and his accommodation of tax-thirsty government unions — who also happen to be his biggest political supporters — New Jersey continues to be a negative outlier when it comes to taxes. Last week Sunlight reported on New Jersey’s exceptionally high corporate tax rate and how a faux-coalition of government unions and…Read More
Don’t Be Fooled: “For the Many” Is Government Unions Pushing to Keep NJ Taxes the Highest in the Nation
Posted On01/25/2023 byTwo news items appeared in Sunlight’s inbox yesterday, and their juxtaposition tells you all you need to know about New Jersey’s special-interest-dominated status quo and the very high taxes that go with it. This malign status quo is why New Jersey was ranked dead last in the nation for its tax climate for businesses —…Read More
State of the State: What About Learning Loss, Public Pensions and Healthcare Costs, Governor Murphy?
Posted On01/12/2023 byGov. Murphy gave his State of the State speech and there was a lot of talk about New Jersey “leading the nation” in this or that, which tells you a lot about where Murphy’s head is. But it’s what Murphy left out of his speech that is really telling. There were three large gaps in…Read More