"Knowledge will forever govern ignorance

 and a people who mean to be their own governors

 must arm themselves with the power which knowledge gives."

Friday, February 15, 2008

New Jersey Taxpayer Education Tour – Part 2

In our previous post we provided a high-level overview of the spending side of New Jersey’s state budget. Today, we’ll take a look at the revenue side and again compare the changes from 1998 to 2008

This year, the state’s income tax will generate $12.4 billion - more than all other state taxes, fees and revenue sources combined, with the exception of the state’s sales tax. The sales tax will bring in $8.8 billion and everything else, a total of $10.8 billion. In total, state revenue has increased by 86 percent or $14.8 billion since 1998.

New Jersey’s actual revenue for 1998, $17.2 billion, was greater than budgeted spending, $16.4 billion. The reverse was true for 2008, where budgeted spending, $33.3 billion, was greater than reoccurring budgeted revenue, $32 billion.

New Jersey State Budget
Revenue Sources
1998 vs 2008
(In Thousands)

Click to Enlarge

Revenue Source 1998 vs 2008. Chart

Revenue from the state’s income tax has increased 121 percent since 1998 and now comprises 39 percent of total state revenue. That’s up significantly from1998 when the income tax paid for about one-third of state spending.

Increasingly, New Jersey relies on families earning a $100,000 or more to support the state’s spending. As Governor Jon Corzine explained in his 2008 Budget in Brief, 85 percent of the state’s income tax revenue is paid by 20 percent of the state’s income tax paying households. Income tax revenue for 2008 is projected to be $6.8 billion more than in 1998.

Sales tax revenue has increased 84 percent, and supports about 28 percent of the state’s budget, as it did in1998. In the fall of 2006, the state’s sales tax was increased from 6% to 7% and expanded to cover additional goods and services. For 2008, sales tax revenue is projected to generate $1.9 billion more revenue than in 2006 and $4 billion more than 1998.

In total, all other taxes, fees and state revenue sources have increased by 58 percent or $4 billion, and now support just 34 percent of the state’s budget, as compared to 40 percent in 1998.

New Jersey State Budget
Revenue Sources By Category
1998 vs 2008
(In thousands)

Click to Enlarge

The corporation and bank tax is New Jersey’s third largest revenue source. Revenue from this tax has increased by 82 percent in the ten year period, although projected to take in less for 2008 than its peak of $3 billion in 2006. This tax category still supports about 7.5 percent of state spending as it did in 1998.

The inheritance tax ($602 million) is now the state’s fourth largest tax, fifth, if you count the Lottery ($848 million) as a tax. The motor fuels tax ($580 million) has fallen to sixth place. The insurance premium tax ($503 million) rounds out the list of state taxes generating more than a half-billion dollars annually.

Of New Jersey’s other major revenue sources, the realty transfer tax ($380 million) was the largest percent gainer, increasing 500 percent since 1998. On the losing side, motor vehicle fees ($278 million) are down 25 percent and cigarette tax revenue ($252 million) is down 23 percent. While revenue is down, the cigarette tax has increased from 40 cents a pack to $2.58 during this ten year period.

The state’s take from all other taxes, fees and revenue sources has increased 82 percent since 1998 and will generate a total of $4.3 billion in 2008.

Revenue source as a percent of the state’s total is shown in the chart below. Only two taxes carry a heavier load in 2008 than in 1998 – the income tax, shouldering 6 percent more of the budget and the reality transfer tax, 0.6 percent more.

New Jersey State Budget
Revenue Source As A Percent Of Total
1998 vs 2008
(In thousands)


Click to Enlarge

Data Sources: New Jersey Department of the Treasury – Office of Management and Budget and State of New Jersey Division of Taxation

Labels: , , ,



8 Comments:

At 6:41 PM, Anonymous Anonymous said...

The stats are awesome - and appalling. Do I hear correctly that we are still looking at a 2+ billion shortfall in the next budget, despite the record revenue? And 80 percent of state income tax filers pay 15% of the revenue, while the other 20 percent pay 85% of income tax revenue? That doesn't sound like a burden shared equitably by all the beneficiaries of the tax, those being all state residents.

 
At 2:40 AM, Anonymous Anonymous said...

HI!
Very NIce BLOG.thise is important site for INSURANCE people. See how to Covers INSURANCE which you might be looking for. The url is:http://medicalinsurance1.googlepages.com

 
At 9:33 PM, Blogger huangtiao said...

You do not need any skills and more necessary rohan crone for a regular attack, but it still looks like you are using a skill. The armors and weapons which we can use our own rohan gold to buy our favorite is looking very nice. In some places you can not understand what you are doing and sometimes you did not know why and where need to spend the expensive and more rohan online crone. You can bring your own rohan money to buy Still Scroll from shop and use it on someone who you think might use bots in game. If he is confirmed to use bots later, you will get 3 equipments and some rohan online gold from him.
You need to go through long distances sometimes, making you buy a lot of Teleport scrolls with your Rose zuly just to go to the cities. The quests are OK and have a good storyline so far, and you will gain a good amount of experience by grinding and rose zulie too. Something I liked in this game was the nice design of the clothes can have from rose online zuly. There also armor also can gain from rose online zulie sets that can be wore by any class. Another nice thing that I would like to talk about, is that you can have nice Arua ROSE zuly in ROSE Online.

 
At 9:08 PM, Anonymous cheap habbo credits said...

I like play online game, I also gw gold and GuildWars Gold, the Guild Wars Gold is very cheap, and use the GuildWars money can buy many things, I like cheap gw gold, thanks, it is very good.

I like play online game, I also buy habbo gold and habbo credits, the habbo gold is very cheap, and use the habbo coins can buy many things, I like cheap habbo credits, thanks, it is very good.

 
At 4:35 AM, Blogger hibeyond said...

black boots

Chocolate boots

sand boots

Chestnut boots

gray boots

pink boots

grey boots
pink boots


Black Ugg Boots

Chestnut Ugg

Boots


Chocolate Ugg

Boots


Grey Ugg Boots

Ugg Boots On Sale

 
At 1:10 AM, Anonymous Moris said...

this site | check this | here | this page | there | check this | this site | here

there | this page | check this | this site | here | this page | there

there | this page | check this | this site | here | this page | there

 
At 2:12 AM, Anonymous Aron said...

This will not work as a matter of fact, that is what I believe.
browser games | jogos gratis | web games | download games | free full version games

 
At 2:28 AM, Blogger Xiaozhengm 520 said...

oakley sunglasses
michael kors outlet online sale
true religion shorts
designer handbags
ralph lauren outlet
coach outlet
jordan 8
kobe 9
ray ban sunglasses outlet
kevin durant shoes 8
nike air max
coach outlet online
toms shoes outlet online
adidas shoes
michael kors outlet
celine handbags
retro jordans
abercrombie & fitch
christian louboutin outlet
jordan 4 toro
ray ban sunglasses
ghd flat iron
ray bans
nike roshe run
gucci handbags
true religion
louboutin pas cher
celine outlet
christian louboutin shoes
toms outlet
michael kors handbags
louis vuitton
jordans
louis vuitton outlet
ray ban sunglasses
hollister clothing
michael kors
jordan retro
burberry outlet
nike blazers
2016.6.28haungqin

 

Post a Comment

<< Home


 Contact Us

  • Email Us
  • Blog Roll Us!

    Search

    Syndication

  • Atom Feed
  • Bloglines
  • Feedburner
  • Feedster
  • Add to Google
  • Add to My MSN
  • Add to My Yahoo
  • News Is Free

    Recent Posts

  • New Jersey Taxpayer Education Tour – Part 1
  • Have You Heard About the $1 billion State Tax Cut?...
  • Mitt Romney For President
  • New Jersey Needs $38 Billion Plan For Employee Ben...
  • Does New Jersey Need A $38 Billion Asset Monetizat...
  • Why The Sudden Panic Attack Over New Jersey’s Bond...
  • The Traitorous Twelve
  • Republicans Should Support Corzine’s Plan
  • What’s Wrong With New Jersey? 2008 Edition - Exhib...
  • State Aid Profile – Quick Facts

    Archives

  • November 2004
  • December 2004
  • January 2005
  • February 2005
  • March 2005
  • April 2005
  • May 2005
  • June 2005
  • July 2005
  • August 2005
  • September 2005
  • October 2005
  • November 2005
  • December 2005
  • January 2006
  • February 2006
  • March 2006
  • April 2006
  • May 2006
  • June 2006
  • July 2006
  • August 2006
  • September 2006
  • October 2006
  • November 2006
  • December 2006
  • January 2007
  • February 2007
  • March 2007
  • April 2007
  • May 2007
  • June 2007
  • August 2007
  • September 2007
  • October 2007
  • November 2007
  • December 2007
  • January 2008
  • February 2008
  • April 2008
  • November 2008
  • January 2009
  • August 2009
  • September 2009
  • February 2012

    Online Journals

  • National Review

  • Opinion Journal

  • Real Clear Politics

  • Weekly Standard


  • Blog Roll

  • A Blog For All
  • Althouse
  • Ankle Biting Pundits
  • Barista of Bloomfield Avenue
  • Betsy's Page
  • Blue Crab Boulevard
  • Blogs For Condi
  • Bob the Corgi
  • Brainster's Blog
  • BuzzMachine
  • Captain's Quarter's
  • Cinnaman
  • Coalition of the Swilling
  • CWA-NJ
  • Dino's Forum
  • Daily Mail
  • Don Surber
  • DynamoBuzz
  • eCache
  • Exit 4
  • Fausta's Blog
  • GOP Bloggers
  • Instapundit
  • Joe's Journal
  • Kate Spot
  • Kausfiles.com
  • Little Green Footballs
  • Michelle Malkin
  • More Mnmouth Musings
  • Parkway Rest Stop
  • Patrick Ruffini
  • Polipundit
  • Power Line
  • Right Wing News
  • Roger L. Simon
  • The Blue State Conservatives
  • Riehl World View
  • Red Jersey
  • Right, Wing-Nut!
  • Sid in the City
  • Tiger Hawk
  • The Truth Laid Bear
  • Tim Blair
  • Wizbang


  • Sid in the City



    Majority Accountability Project

    MAP

    New Jersey Blogs

    Enlighten-Carnival-small

  • 11th and Washington


  • A Blog For All
  • A Planet Where Apes Evolved From Man?!?
  • Armies of Liberation
  • Atlantic Highland Muse
  • Attack of the 15.24 Mete


  • Barista of Bloomfield Avenue
  • BeLow Me
  • Big Windbag
  • Blanton's and Ashton's
  • Blue State Conservatives
  • Burning Feathers
  • BuzzMachine


  • Clifton Blogs
  • Coalition of the Swilling
  • Cobweb Studios
  • CoffeeGrounds
  • Constitutional Conservative
  • Confessions of a Jersey Goddess
  • Corzine Watch
  • Crazy Jackie
  • Cresting Acrocorinthus
  • Cripes, Suzette!


  • Daniella's Misadventures
  • Did I Say That Out Loud
  • Dojo Mojo
  • Dossy's Blog
  • Down the Shore
  • DynamoBuzz


  • eCache
  • Enlighten-NewJersey
  • Eye On Hoboken
  • Exit 4
  • Exit Zero
  • Extreme-Psychosis


  • Fausta's Blog
  • Fausti's Book Quest
  • Fractals of Change
  • Frenchtown NJ Blog


  • GiggleChick
  • Gregg Gethard's Amazing Personal Journey
  • goethe re scape


  • Hoboken Rock City


  • IamBillPower
  • If this is paradise, I wish I had a lawn-mower
  • Imaginary Therapy
  • Inadmissible Evidence
  • INCITE


  • Jersey Beat
  • Jersey Perspective
  • Jersey Side
  • Jersey Style
  • Jersey Writers
  • Joe's Journal


  • Karl's Corner
  • Kate Spot


  • Laughing At The Pieces
  • Likelihood of Confusion
  • Liss Is More


  • Mamacita
  • Mary's Lame Attempt at Fame
  • Media in Trouble
  • Michael Carroll
  • Mister Snitch!
  • MucknMire
  • My Life as a Rabid Blog
  • My New Jersey


  • New Jersey Eminent Domain Law
  • NJ Conservative
  • NJ Fiscal Folly
  • New Jersey For Change
  • New Jersey Weblogs
  • NJ Spoken Word
  • Northeast Corridor


  • Parkway Rest Stop
  • Philly2Hoboken.com
  • Poetic Leanings
  • Poor Impulse Control
  • Professor Kim's News Notes
  • Property Tax NJ


  • Rain Angel
  • Riehl World View


  • Shamrocketship
  • Shipwrecks
  • SloppyDawg
  • Sluggo Needs a Nap
  • SmadaNeK
  • Static Silence


  • Tami,The One True
  • Tammany on the Hudson
  • Tequila Shots For The Soul
  • The Art of Getting By
  • The Center of New Jersey Life
  • The Daily Fry
  • The Duc Pond
  • The Jersey Shore Real Estate Bubble
  • The Joy of Soup
  • The Mark(ings) of Zorro
  • The New Wisdom
  • The Nightfly
  • The Opinion Mill
  • The Pink Panther
  • The Political Dogs
  • The Rix Mix
  • This Full House
  • Tiger Hawk
  • Tomato Nation
  • Toxiclabrat
  • Twisty


  • Unbillable Hours
  • Usdin.Net


  • Where Is The Remote
  • Wine Goddess


  • Xpatriated Texan


  • Links

  • NJ Governor
  • NJ Legislature
  • GOP GOTV
  • Bob Menendez Information


  • Blog Rings

  • Blog Explosion
  • Blog Directory
  • Blogsnow
  • Blogwise
  • Blogstreet
  • Blogshares
  • Blogarama
  • Blog Digger
  • Daypop
  • Globe of Blogs
  • Blog Search Engine


  • Ecosystem Status


  • Who Links Here






  •