"Knowledge will forever govern ignorance

 and a people who mean to be their own governors

 must arm themselves with the power which knowledge gives."

Thursday, June 23, 2005

The Case Of The Missing Income Tax Revenue

The Democrats in Trenton are squabbling amongst themselves over New Jersey’s budget for 2006 and property tax rebates are causing the Democrats in the Assembly a real headache. It is hard to believe the lawmakers can’t come up with the money for the popular program.

The income tax in New Jersey was enacted to provide property tax relief in two ways; direct aid to local school districts and through property tax rebates to homeowners. By law, the revenue the state receives from income taxes may not be spent for any other purpose.

The Acting Governor put the local school districts on notice that they would not be receiving any increases in state aid for 2006 and to homeowners he announced the property tax rebates would be eliminated or considerably reduced. Based upon the governor’s statements one would assume income tax revenue had fallen or at best, remained flat. If that’s what you thought, you would have assumed wrong.

Let’s take a look at the income tax revenue the state received in 2004 and the state’s projections for 2005 and 2006.
New Jersey Income tax Revenue
2004……….$7,400,733,000
2005……….$9,055,000,000
2006……….$9,650,000,000
Notice New Jersey’s income tax revenue is up $1.7 billion for 2005 and up $600 million for 2006, for a total of $2.3 billion. So where did the additional money go? Did your local school district receive more in state aid? More than likely not, and that’s why your property taxes continue to increase. It’s certainly not coming to you in the form of a property tax rebate; after all they can’t find the money to fully fund the program. Your tax dollars obviously went to the usual special interests.

So the Democrats have been casting about looking for ways to save the rebate. In usual fashion, the Democrats hatched a plan to increase sales taxes to fund the property tax rebates. Rebates may come and go, but the new taxes are forever.

Other Democrats, hoping to keep their seats in this year’s election for state assembly, have taken the unusual step of looking for ways to cut spending. The Star-Ledger reports today the hunt for cuts isn’t going too well:

The Codey administration has rejected about 80 percent of the budget cuts proposed by Assembly Democrats, forcing a scramble to find nearly $400 million in other savings to fully restore taxpayer rebates.

Treasurer John McCormac said yesterday he can endorse only about $85 million of the $467 million in spending cuts and funding ideas proposed by the Assembly leadership because the rest were not realistic.
It looks like the “funding ideas”, commonly known as tax increases, have been given the green light. Spending cuts are just not realistic. True enough, when the Democrats are in charge. When you buy votes, it’s pretty hard not to pay up and still expect support on election day. What a dilemma.

How bad is the problem? Consider this statement from the Assembly Budget Committee Chairman:

"I find it laughable that out of a $27.4 billion budget we can't find half a billion dollars in greater efficiencies and cuts," said Assembly Budget Committee Chairman Louis Greenwald (D-Camden).
It’s not laughable Assemblyman Greenwald, it’s pathetic.



5 Comments:

At 1:14 PM, Anonymous Anonymous said...

The U.S. Supreme Court has just ruled that citizens' homes may be taken away from them for private projects...can you imagine with the corruption in this state what will happen to us?

 
At 1:26 PM, Anonymous NJCON said...

It is pathetic! Where exactly is the great Democratic hope Jon Corzine going to find the waste and fraud to pay for his health care?

P.S. I just posted on the Supremes decision. Thats the most pathetic rulling ever!

 
At 1:35 PM, Anonymous Anonymous said...

Now the Democrats can become the official carpetbaggers of the state on top of everything else.

 
At 7:43 AM, Anonymous Mr. Bingley said...

Well, thanks to the SCOTUS in Kelo yesterday they've got lots of new ways to get taxes: take our property.

 
At 1:26 AM, Blogger Seo Link Master said...

You need us if you have any of these tax problems: Back
Taxes
, Unfiled Returns, Missing Records, Threat of Levy, or, if you need an Installment Agreement or an Offer in Compromise A tax levy or garnishment or attachment are all the same thing. The terms may be used interchangeably. A wage garnishment or levy may be against any asset. In the enforcement of tax collections. We prepare all Federal and State Unfiled tax Returns The Fair Tax Act (HR
25/S 1025) is a bill in the United States Congress for changing Tax Solutions laws to replace the Internal Revenue Service (IRS) and all federal income taxes (including Alternative Minimum Tax), Past due tax returns, Past due tax returns, Past due returns, Past due taxes, Unpaid tax, Tax negotiation, Wage levy, Robert M. Adams, Bob Adams

 

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