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Assemblyman Christopher DePhillips , “When you pass a budget where we had 18 new tax increases built into that budget, you scare the daylights out of people,”

the staff of the Ridgewood blog

Wyckoff NJ, Assemblyman Christopher DePhillips joined Jill Horner on Comcast’s Newsmakers last week to discuss capping state spending each year at the same 2 percent placed on local government tax levies. Municipalities have a two percent cap, which is credited with helping to slow the rapid growth of New Jersey’s notoriously high property taxes; but the state is not subject to that cap.
“The towns have been largely living within the two percent cap without a problem,” DePhillips (R-Bergen) explained to Horner. “I think it would be hypocritical for us not to do this when we are imposing the same requirement on towns.”

Continue reading Assemblyman Christopher DePhillips , “When you pass a budget where we had 18 new tax increases built into that budget, you scare the daylights out of people,”

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New Jersey Rated 2nd Worse Place to Retire

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the staff of he Ridgewood blog

Ridgewood NJ, according to MoneyWise , New Jersey is the second worse place to retire . MoneyWise  says New Jersey is  No. 2 on our list because the Garden State can take a serious financial toll on retirees. That’s despite its charming suburbs and small cities, its pretty beach towns and its golf links galore for your amusement.

Continue reading New Jersey Rated 2nd Worse Place to Retire

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Internal Revenue Service Says New Jersey’s SALT “Charitable Tax Dodge ” a No Go

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the staff of the Ridgewood blog

River Vale NJ,Assemblywomen Holly Schepisi , “Several months ago I raised concerns that the IRS would disallow NJ’s proposed charitable contribution of property taxes workaround. I implored my fellow legislators to stop pushing gimmicks and instead focus on much needed reforms to how we fund schools, reforms to our pension and health benefit programs, reestablishing caps on property taxes and working to change how we fund things in this State while reducing our expenses. ”

Continue reading Internal Revenue Service Says New Jersey’s SALT “Charitable Tax Dodge ” a No Go

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Senate President Steve Sweeney , ““We can neither tax our way out of our current fiscal crisis nor can we politicize the crisis “

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the staff of the Ridgewood blog

Trenton NJ, Senate President Steve Sweeney issued the following response to Assembly Speaker Craig Coughlin’s comments pledging no additional tax hikes in next year’s budget:

“I applaud Speaker Coughlin for taking a bold stand on no tax hikes in next year’s budget.

Continue reading Senate President Steve Sweeney , ““We can neither tax our way out of our current fiscal crisis nor can we politicize the crisis “

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Organization For Economic Growth: Ciattarelli Offers Prescription For New Jersey’s Ills As He Moves Closer to Declaring Gubernatorial Run

July 28,2018

the staff of the Ridgewood blog

Mountain Lakes NJ,  Jack Ciattarelli sounded very much like a man running for governor Wednesday night as he addressed the first “Brotherhood of Business and Labor” reception hosted by the New Jersey Organization for Economic Growth in Morris County.

Ciattarelli, who ran for the Republican nomination for governor last year, presented his ideas to cure New Jersey’s economic and tax ills, which included the elimination of the state tax on capital gains, phasing out the corporate business tax, and ending the practice of raising property taxes on people who update their homes without increasing the size of the house.

Ciattarelli’s philosophical approach is to not punish people who take risks or who invest in projects that create value and jobs. That philosophy was enthusiastically received by NJOEG Chairman Joseph Caruso, who said he welcomed Ciattarelli’s bold candor.

When Caruso asked the keynote speaker of the event if he was running for governor, Ciattarelli smiled and reeled off the exact number of months and days until the next gubernatorial election before admitting that he would run.
Ciattarelli was warmly received at the Brotherhood event, which included a number of elected and appointed officials including New Jersey State Republican Party Chairman Doug Steinhardt; State Sen. Joseph Pennacchio; Business Manager for the International Brotherhood of Electrical Workers Local 102 Patrick Delle Cava; and NJOEG Labor Liaison Christian Barranco
“I think Jack will be a great candidate and will make a tremendous governor. He understands economics and investment and he is willing to tackle tough issues without pandering to the special interests that are largely responsible for New Jersey’s horrid economic condition,” said Caruso, a business executive from Wayne.

Ciattarelli, a former assemblyman from the 16th Legislative District, stepped into the quagmire that is the state’s ongoing property tax crisis; saying bluntly, “You can’t fix the property tax problem in New Jersey without fixing the state’s school funding formula.”

Ciattarelli’s fix entails providing the same amount of per student funding for every child regardless of where they live.

He also waded into the pension crisis saying: “The state pension plan is busted. It was not designed to pay lifetime health benefits to people who live into their 90’s,” he said.

Ciattarelli took a few jabs at Gov. Phil Murphy and his progressive policies and tax increases, saying: “Murphy lights the fires of socialism.”

Della Cave, representing labor at the event, pointed out how his union is backing incentives for business investment because “businesses are not expanding in New Jersey without them.”

Delle Cave, who represents 2,500 electricians and has $1 million budget for political activity, said there are two main issues important to his members besides creating a robust economy. “Don’t do away with prevailing wage laws and don’t make this a right to work state,” he said.

Steinhardt said state officials need to address New Jersey’s problems by “resisting the temptation to do what is easy and what feels good.”

The State GOP chairman offered a few reforms he would like to see including a 2 percent cap on state spending (which now applies to municipal and county governments), public sector pension reform and a reduction in regulation that is killing business investment.

Barranco, who served as master of ceremonies for the event called it highly successful in furthering the dialogue among government, labor and business.

“New Jersey’s present economy is imbalanced with the few good things going to relatively few people, while everyone else – including private sector workers, homeowners, young people and business all getting squeezed to the breaking point. Through more events like this and more honest dialogue we can fix what’s wrong with New Jersey,” said Barranco.

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TEVA Ditches Woodcliff Lake and heads to Democrat Controlled Parsippany

July 8,2018
the staff of the Ridgewood blog

Parsippany-Troy Hills N.J. , just days after New Jersey Governor Phil Murphy  rams through an enormous tax increase on New Jersey taxpayers,  Teva Pharmaceuticals USA will move its headquarters and consolidate top managers from North Wales, Montgomery County, to its facility in Parsippany-Troy Hills, N.J.

Gov. Phil Murphy, who announced the move Thursday , New Jersey lured the firm with a $40 million package of tax breaks. Teva USA, an arm of an Israel-based firm that is the world’s largest manufacturer of generic drugs, has seen its stock price fall nearly in half as its main moneymaking drug lost its patent protection, and multibillion-dollar acquisitions left it mired in debt. Its latest chief executive, Kare Schultz, has announced a $3 billion plan to cut 14,000 jobs, a quarter of its global workforce.

In essence the State of New Jersey taxpayers are paying TEVA to relocate to Parsippany .

Our friend Carolee Adams‎ gave us the inside story for Bergen County in a Facebook book note she said , “HERE’S THE TRUTH ABOUT THIS DEAL from Mayor Rendo of Woodcliff Lake: “Teva Pharmaceuticals was a presence in Woodcliff Lake until last year when it closed its doors leaving us with an empty building, unemployed area residents, and our area businesses hurting from the patrons that they lost. Now Murphy come in claiming that his administration lured Teva to NewJersey when it already had a presence in Woodcliff Lake. So here’s the shell game. Teva closes, moves to Parsippany with Murphy giving them tax credits and making it look like they never had a presence in the State. Was it to reward the New Democratic Mayor of Parsippany? Hmmmm.”

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Trenton Continues to Drive Residents From the State

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July 7,2018

the staff of the Ridgewood blog

Trenton NJ, around two years ago, New Jersey’s richest resident , hedge fund billionaire David Tepper decided to move himself and his business to Miami Beach. Tepper, who personally earned more than $6 billion from 2012-2015, was tired of paying New Jersey’s top income-tax rate of 8.97% for the 20 years he lived there, in addition to the country’s highest property taxes, the estate tax and inheritance tax. By moving to Florida, a state with ZERO income tax, Tepper stood to save hundreds of millions of dollars each year. Tepper’s departure left an enormous hole in the New Jersey budget .

Anyone with an ounce of common sense would have at least acknowledged the possibility that a guy like Tepper would consider moving to save a few hundred million dollars , anyone that is except ,”stuck on stupid ” Trenton .

Tepper is not the only one to leave , according to the New Jersey Business and Industry Association, the State of New Jersey lost a whopping 2 million residents between 2005 and 2014, earning a combined $18 billion in net adjusted gross income, i.e. income that would have been taxed by the state.

With those out flow numbers Its not just the masters of the universe that are tired of paying sky-high taxes. It’s also the regular wage earner and small business owners. A whopping 60% of these folks went to Florida, with a state income tax of zero.

So the message from New Jersey’s residents (well, now former residents) is loud and clear: taxes are too high!

Now, what do you think New Jersey is doing to solve this problem?

New Jersey residents elected a governor that promised to raise their taxes, so instead of making the state friendlier to productive people and businesses , New Jersey has embarked on a program of driving out tax payers and replacing them with tax takers .

New Jersey now taxes residents making more than $5 million will now pay 10.75%, up from 8.97%.The corporate rate on businesses with more than $1 million in net income was also increased from 9% to 11.5% (Proportionally, that’s a potentially 27% increase in the amount of tax a business might pay).

This will simply exacerbate the problem even more ,chasing more businesses and people out of the state .

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New Jersey lost $18 billion in net income over nine years thanks to a net outmigration of 2 million residents.

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file photo by Boyd Loving

July 3,2018

the staff of the Ridgewood blog

Wyckoff NJ, Assemblyman Kevin J. Rooney R- 40  comments on the latest tax increase from Trenton .
Rooney said last Thursday during the state budget battle ,”People moving out of New Jersey are having a significant economic impact, according to a report released by NJBIA. Outmigration by the Numbers: How Do We Stop the Exodus? Concludes that New Jersey lost $18 billion in net income over nine years thanks to a net outmigration of 2 million residents.
The exodus leads to $8.4 billion in lost household spending; $11.4 billion in lost economic output; 75,000 lost jobs and $4 billion in total lost labor income.
This year Democrats are fighting with Democrat Governor Phil Murphy over two spending plans: their plan to spend $36.5 billion and Murphy’s plan of $37.4 billion. Except this time it is over which taxes to hike to fund their irresponsible spending increase. When will New Jersey Democrats stop the insanity?”

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Pennacchio: Warns No Way to Attract Amazon

Amazon Introduces New Tablet At News Conference In New York

July 2,2018

the staff of the Ridgewood blog

Trenton NJ, In response to Trenton Democrats various proposals to increase taxes on New Jersey’s residents and businesses by billions of dollars this year, Senator Joe Pennacchio (R-26) issued the following statement:

In response to Trenton Democrats various proposals to increase taxes on New Jersey’s residents and businesses by billions of dollars this year, Sen. Joe Pennacchio issued the following statement. (SenateNJ)
“Recently New Jersey offered Amazon 5 billion dollars to locate its headquarters in Newark. It is difficult to believe that as New Jersey offers Amazon a 5 billion dollar incentive with one hand, it is pinching their pockets and all business pockets in New Jersey with the other hand. Perhaps they were hoping Amazon would not notice.

“This type of business incentive/non-incentive insanity simply reinforces New Jersey as the least business-friendly state in the country. The billion dollars in new employer taxes proposed will wipe out any goodwill New Jersey may have earned through corporate giveaways.

“This is not a way to attract and retain businesses in New Jersey. This is not the type of government the citizens of New Jersey deserve.”

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Assemblywomen Holly Schepisi : “Any tax and spending increases without real reforms to our pension system is irresponsible and reckless”

July 1,2018

the staff of the Ridgewood blog

Trenton NJ,in a last minute deal the state government shut down has been avoided . Assemblywomen Holly Schepisi , “Update for New Jersey residents. It appears a State shutdown will be averted. On the upside you will be able to go to the beach, the racetrack or a casino, and renew your license. On the downside you will be paying even more for gas, internet purchases, hospital visits, plastic and paper bags, Airbnb, Uber and Lyft, health care, and utility bills. I keep hearing a mantra of New Jersey needs sustainable revenue. However New Jersey has significant revenue. New Jersey ranks in the top 5 highest taxed states in the country. New Jersey has among the highest pension debt. Any tax and spending increases without real reforms to our pension system is irresponsible and reckless. Good luck New Jersey residents. You voted for this”