Stuff in the ‘Taxes Economy and Outmigration’ Category
Wirepoints Study: NJ Has a Serious Problem with People and Wealth Leaving the State
Posted On06/11/2021 byWirepoints came out with a new study on IRS data for 2019 that clearly shows New Jersey’s loss of people and wealth. For 2019, NJ lost -26,528 people, and as shown in the graph below, a net $3.1 billion of adjusted gross income, 4th worst in the nation. The top of the list of…Read More
Fortune 500 Companies Are Fleeing NJ, and So Are Jobs and Wealth
Posted On06/09/2021 byNew Jersey is losing major corporations to other states. That’s the take-away from Tom Bergeron of ROI-NJ’s report that New Jersey has seen the number for Fortune 500 companies headquartered in NJ fall from 22 in 2006 to 15 today. That’s a 32% drop. Think of all the jobs and wealth that have left our…Read More
As NJ Continues to Lose Wealth, It’s Premature to Judge the Full Impact of the SALT Cap
Posted On06/03/2021 byBloomberg News came out with a report titled “SALT Cap Confounds Doomsayers as Fears of Exodus Prove Overblown.” The main take-away is that in NJ, as well as in other high-tax states like CA, CT and NY, the capping of state and local tax deductions (SALT) at $10,000 has not led to the feared…Read More
NJ Citizens Will Pay More Lifetime Taxes than Any Other State – By Far
Posted On05/24/2021 byWell, you don’t have to take Sunlight’s word for it. While agenda-driven “think-tanks” like NJ Policy Perspective insist that NJ’s tax burden is not so high, the federal government’s data says otherwise: over a lifetime, NJ has the highest tax burden of any state — by far. According to a study by financial technology company…Read More
America’s CEOs See NJ as One of the Worst States To Do Business. Again.
Posted On05/10/2021 byChief Executive Magazine came out with its 2021 “Best and Worst States for Business,” and New Jersey did not fare well. Again. Obviously, it’s important what CEOs think about a state because when corporations are making decisions about expanding or shrinking their corporate footprint, CEOs have a lot of say in the matter. In this…Read More
US Census: NJ Keeps Its House Seats but Still Could Be Losing Wealth and College Grads to Other States
Posted On04/29/2021 byThe Census Bureau came out with its decennial census count, and it looks like NJ did much better than expected. Contrary to fears that NJ might lose another congressional seat, NJ kept its 12 House seats (down from 15 in 1970). All in all, NJ population grew 5.7% to 9.3 million. This is good news…Read More
NJ Economy Underperforms in the Pandemic: 8% Fewer Jobs, 6th Worst in Nation
Posted On04/01/2021 byPew Charitable Trusts updated the COVID job loss in all 50 states, and sadly NJ came in 6th-worst. Sunlight compared the job-loss numbers with the Tax Foundation’s rankings of states’ tax climates for businesses. Note that eight of the bottom ten states for job-loss are all in the bottom third for tax climate. Only Nevada,…Read More
Senate President Sweeney Regrets Borrowing $4.3 Billion in Very Expensive Bonds
Posted On03/26/2021 byIt’s the rare occasion when a New Jersey politician is honest with the public, so kudos to Senate President Steve Sweeney for telling it straight. NorthJersey.com reports that Sweeney now regrets the 2020 issuance of $4.3 billion in bonds in expectation of COVID-related revenue shortfalls. And rightfully so. Even though the $4.3 billion in bonds…Read More
USNews Rankings Revisited: NJ #1 in Education but #49 in Fiscal Stability
Posted On03/22/2021 byLast week, Sunlight posted a blog entitled “USNews Eduction Rankings: Good News for NJ but Still Not Accounting for NJ’s Excessively High Spending.” Sunlight’s point was that NJ does have a very good education system but that NJ also spends an excessively large amount on education, which USNews did not factor into its education rankings….Read More
GSI Business Panel: NJ’s High Government Spending and Taxes Are Killing Our Businesses. Special Interests Win; NJ Loses.
Posted On03/05/2021 byKudos to Garden State Initiative for hosting a panel on NJ’s business climate; kudos to Assembly Appropriations Committee chair John Burzichelli for participating and listening; and kudos to the NJ business leaders for telling it like it is. (And thanks to ROI-NJ’s Tom Bergeron for covering it). Some important quotes: Business owner John Boyd:”New Jersey…Read More