Stuff in the ‘Taxes Economy and Outmigration’ Category
Three Studies Confirm the Consequences of NJ’s Uncompetitive Business Climate: People, Businesses and Wealth Are Leaving
Posted On01/10/2022 byLast week, we noted that the Tax Foundation ranked New Jersey’s tax climate for businesses as dead last – for the seventh straight year! We mentioned a natural consequence of this was the outmigration of people, businesses and wealth to states with more attractive business climates. As it happens, we now have three data points…Read More
NJ Has the Worst Business Tax Climate for the 7th Straight Year; Does Gov. Murphy Even Care?
Posted On01/04/2022 byIt’s a new year, but sadly for New Jersey some things never change. The Tax Foundation came out with its “2022 State Business Tax Climate Index,” which ranks the 50 states by how friendly their tax systems are to businesses. FOR THE 7TH YEAR IN A ROW, NEW JERSEY CAME IN DEAD LAST. Notably, New…Read More
New Study: People and Wealth Continue to Flee High-Tax States Like NJ. Does Gov. Murphy Even Care?
Posted On12/09/2021 byThat’s what the IRS data shows: people and wealth continue to flee NJ. According to a study by the National Taxpayers Union Foundation, in 2019, 16,947 taxpayers left NJ, taking $3.1 billion in Adjusted Gross Income (AGI) with them, both of which are 4th-worst in the nation. Only high-tax, Blue NY, CA and IL had…Read More
More Bad News: NJ Still Has -4.8% Fewer Payroll Jobs than Pre-Pandemic. Does Gov. Murphy Even Care?
Posted On12/03/2021 byAn editorial in today’s Wall Street Journal confirms the Pew Charitable Trust data that Sunlight highlighted on Monday. The Pew data showed New Jersey’s dismal performance in rebuilding New Jersey’s prime-age employment (ages 28-54), with the number of employed declining -6% from pre-pandemic levels, 4th-worst in the nation. While the entire Journal editorial is worth reading,…Read More
Pew Data: NJ’s Fiscal and Economic Woes Portend a Bleak Future. Does Gov. Murphy Even Care?
Posted On11/29/2021 bySadly for New Jersey, some things never change. Pew Charitable Trusts came out with its most recent study on the long-term fiscal condition of the 50 states, and New Jersey comes in DEAD LAST. Again. According to Pew, over the last 15 years (2005-19), New Jersey had the WORST structural budget deficit of any state,with…Read More
Truth in Accounting: NJ’s Debt Burden Now $58,300 Per Taxpayer
Posted On11/19/2021 byTruth in Accounting published its annual “Financial State of the States 2021,” and the good news is that New Jersey broke its streak of six consecutive years as the most indebted state. The very bad news is that despite the gusher of federal COVID-relief money New Jersey ranked 49th, with an average debt burden of…Read More
New Jersey’s Jobs Recovery One of the Worst in the Nation. Does Gov. Murphy Care?
Posted On09/14/2021 byNew Jersey’s jobs recovery from COVID has been one of the weakest in the nation. NJBIZ reports that according to Pew Charitable Trusts, there were 6.3% fewer people working than prior to the pandemic, which was the 5th worst after Rhode Island, California, Hawaii and Nevada. There are also 287,000 fewer jobs in New Jersey,…Read More
Gov. Murphy’s Choices Have Consequences: NJ’s 7.3% Unemployment Rate Among Highest in the Nation
Posted On08/24/2021 byA recent Wall Street Journal editorial painted an unflattering picture of New Jersey’s economic recovery. The WSJ notes that: “unemployment continues to run far higher in states run by Democrats. Unemployment nationwide fell to 5.4% in July, but it was above 7% in Nevada (7.7%), California (7.6%), New Mexico (7.6%), New York (7.6%), Connecticut (7.3%), New…Read More
Federal Money Shores Up NJ’s Budget, But Gov. Murphy Opts for Election-Year Spending Rather than a Sustainable Path
Posted On07/21/2021 byThe gusher of federal money has certainly been a boon to New Jersey as well as other states. This has had a number of positive ramifications, most importantly filling state coffers so that even perpetually in-deficit state governments like NJ’s are now running budgetary surpluses. This has allowed NJ to increase spending (in an election…Read More
Yes, It’s True: NJ Has the Highest Property Taxes in the Nation
Posted On07/13/2021 byMore good work from the Tax Foundation confirms what every New Jersey homeowner already knows: NJ has the very highest property taxes in the nation. Using 2019 Census Bureau data, the Tax Foundation looked at property taxes paid as a percentage of the value of the home. The makes sense because in wealthy states like NJ…Read More