"Knowledge will forever govern ignorance

 and a people who mean to be their own governors

 must arm themselves with the power which knowledge gives."

Monday, May 15, 2006

Raising the Cost of Living In New Jersey

Governor Jon Corzine proposed a $30.9 budget for fiscal year 2007, a 9.2 percent increase in spending over last year. This budget would increase state spending by $2.6 billion and impose $2 billion in new or increased taxes.

Taxpayers in the state cried foul, with poll after poll indicating a preference for spending cuts to balance the state’s budget as opposed to enacting new or increased taxes. As a last resort, New Jerseyans have stated a preference for raising the state’s sales tax from 6 to 7 percent rather than increasing the state’s income tax.

So what are the Democrats in Trenton considering as the July 1 deadline approaches for enacting a new budget? From today’s Courier Post Online:

Tax Increases
- Imposing a 2.5% surtax on federal income taxes.
- Increasing income tax rates on those earning more than $300,000 to $500,000.
- Raising taxes on for- profit health insurance companies
- Taxing profits earned in foreign countries by New Jersey-based companies

Other ‘Revenue Raisers’
- Confiscating the reserves of non-profit insurers, such as Horizon Blue Cross Blue Shield of New Jersey.
- Taking money from the state's Unemployment Insurance Fund.

Budget Cuts
- Eliminating Corzine’s proposed increase in property tax rebates
- Cutting back on Corzine's proposed $1.3 billion contribution to the state’s pension fund by $300 million.

In other words, business as usual – increasing the cost of living and doing business in New Jersey. What a plan!



3 Comments:

At 1:49 PM, Blogger njgalaxie73 said...

I believe the late great Sam Kinison said it best. "OHHHHH, OHHHHHHHHHHH!!!!!"

 
At 11:39 AM, Anonymous Anonymous said...

Enlighten, can you answer a question? Does the legislature have the authority to lower the budget or only figure out how to afford it?

 
At 11:58 AM, Blogger Enlighten said...

The legislature is free to scrap the Governor’s entire budget. The lawmakers can craft and pass a budget as they see fit. The Governor is then free to veto the budget or sign it into law. Should a budget be vetoed by the Governor, the lawmakers can revise it in a manner that will meet the Governor’s approval or they can override his veto.

 

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