"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, July 06, 2006

Explaining New Jersey Tax Increases

There seems to be much confusion about New Jersey taxes based upon articles, blog posts and various comments we’ve read. So here’s a little chart we’ve put together from Governor Jon Corzine’s proposed budget for 2007 that may help. Dollars are in billions.

Proposed New Jersey Budget 2007 – Dollars in Billions

New Jersey income tax revenue will increase by 10.72 percent or $1.235 billion without any change to tax rates or laws.

The 24.73 percent increase in sales tax revenue, equal to $1.661 billion, is attributable to a 3.4 percent increase in taxes from additional retail purchases, plus a 21.33% increase in the state’s sales tax structure. Governor Corzine’s sales tax increase is achieved in two ways – extending the sales tax to previously untaxed goods and services and by increasing the sales tax rate from 6 to 7%.

Corporate taxes will actually decline by $282 million to $2.53 billion , due to previously enacted changes in New Jersey corporate tax law. However, this tax cut will be mitigated by a Corzine proposed corporate surcharge of 2.5 percent.

Corzine has proposed changes to various other taxes and fees, but revenue from these other sources remains at about a breakeven at $8.137 billion, a proposed increase of $46 million over last year.



3 Comments:

At 2:25 PM, Anonymous Mr. Bingley said...

Wait, I thought it was the EvilBushyMcChimpyHalliburton Republicans who gave tax breaks to corporate types?!?!?!?!?!?

 
At 9:40 PM, Anonymous Anonymous said...

take a look at...

NJ - Tax The Crap out of You T-shirts

 
At 11:03 AM, Blogger Counter Trey said...

It is hard to believe that Corzine was once the Chairman of Goldman Sachs when he doesn't understand basic economics. If he raises sales taxes, people will buy LESS in NJ, NOT more!

 

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