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Tax Freedom Day For New Jersey Residents Falls on April 30th!

the staff of the Ridgewood blog

Ridgewood Nj, just a reminder New Jerseyans, you have to work longer than residents of every other state, except one New York to cover your tax bill and enjoy Tax Freedom Day . Its April 30th this year . This is just another sign NJ is moving in the wrong economic direction and no in Trenton cares.

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H&R Block: average tax liability nationwide was down 25 percent while refunds were up 1 percent

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the staff of the Ridgewood blog

Ridgewood NJ, Josh Gottheimer and the socialist Democrats have continued to falsely vilify the GOP tax cuts that provided Americans with more money in their pockets.

And with Tax Day come and gone, there are some uncomfortable facts emerging that directly contradict Gottheimer’s bogus narrative.

Continue reading H&R Block: average tax liability nationwide was down 25 percent while refunds were up 1 percent
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Do you file jointly in NJ? This GOP lawmaker wants to remove your tax penalty.

the staff of the Ridgewood blog

Trenton NJ, When married couples approach tax season, the best option is usually to file a joint tax return. But that’s not always the case.

New Jersey is one of 24 states with a marriage penalty built into its income tax brackets. It taxes married couples 140 percent more on their income between $20,000 and $70,000.

Continue reading Do you file jointly in NJ? This GOP lawmaker wants to remove your tax penalty.
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New Jerseyans Feel Overtaxed, Unloved and Dissatisfied With State Government

the staff of the Ridgewood blog

Ridgewood NJ, As Tax Day approaches, about eight in ten New Jerseyans feel they pay too much in taxes and are not happy with what the state government is doing about the affordability of living in the Garden State, according to the latest Rutgers-Eagleton Poll, conducted in collaboration with the New Jersey Business & Industry Association (NJBIA).

Eighty-two percent of residents think they pay too much in taxes for what they get, and large majorities believe the taxes they pay – namely, property taxes (79 percent), the 41.4 cent gas tax (77 percent), and the state income tax (62 percent) – are unfair. Only the sales tax sits well with residents, with over half (58 percent) saying the tax is reasonable.

Continue reading New Jerseyans Feel Overtaxed, Unloved and Dissatisfied With State Government
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WalletHub Study Puts New Jersey’s Tax Burden as 7th Highest in USA

the staff of the Ridgewood blog

Ridgewood NJ, With Tax Day fast approaching and the new tax code taking effect this year, the personal-finance website WalletHub today released its 2019 Tax Burden by State report as well as accompanying videos, along with its 2019 Tax Facts infographic.

In order to determine which states tax their residents most aggressively, WalletHub compared the 50 states based on the three components of state tax burden — property taxes, individual income taxes, and sales and excise taxes — as a share of total personal income.

Tax Burden in New Jersey (1=Highest, 25=Avg.):

  • 7th – Overall Tax Burden (9.86%)
  • 3rd – Property Tax Burden (5.05%)
  • 22nd – Individual Income Tax Burden (2.40%)
  • 43rd – Total Sales & Excise Tax Burden (2.41%)

For the full report, please visit:
https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/

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Worries Spread Over New Jersey Tax Revenue Short Fall

for sale Ridgewood_Real_Estate_theRodgewopodblog

the staff of the Ridgewood blog

Trenton NJ, Worries about a shortfall in New Jersey’s tax revenue continue after testimony by the state treasurer before an Assembly budget panel Monday.

Revenues are $310 million below current spending levels for the fiscal year that began in July, state Treasurer Liz Muoio confirmed to lawmakers.  Adjusted appropriations for the fiscal year 2019 budget totals $38 billion while revised revenues presented today are expected to be only $37.7 billion.

Continue reading Worries Spread Over New Jersey Tax Revenue Short Fall
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Jersey First President Rosemary Becchi , “The financial problems with New Jersey’s government finances are rooted largely in the state’s largest liability, the state pension system”

“New Jersey has become increasingly unaffordable for most of us. This budget will make that problem much worse.”

the staff of the Ridgewood blog

Trenton NJ, Jersey First President Rosemary Becchi Urges Legislature to Act on Pension & Benefits Reform during Assembly Budget Hearings

Jersey First President Rosemary Becchi testified against the adoption of Gov. Murphy’s proposed 2020 Fiscal Year Budget today, urging the Assembly Budget Committee to first grapple with the root causes of New Jersey’s financial crisis and end policies that are forcing families and businesses to move out of the state.

Continue reading Jersey First President Rosemary Becchi , “The financial problems with New Jersey’s government finances are rooted largely in the state’s largest liability, the state pension system”
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Tax Madness and One Party Rule Has Destroyed the New Jersey Economy

the staff of the Ridgewood blog

Assemblywoman Holly Schepisi on the imploding New Jersey economy

“One Party Rule in New Jersey has brought us Tax Madness. We can’t keep doing things the same way. Time to mix things up in Trenton!

2018 job growth was slowest since 2011 and about half of national rate: .95 percent in N.J. v. 1.8 percent nationally. MADNESS

22 new taxes since Murphy took office. MADNESS

$2.25 billion in more taxes. MADNESS

Continue reading Tax Madness and One Party Rule Has Destroyed the New Jersey Economy
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70 Percent of New Jersey CPAs Polled Say Governor Murphy’s Proposed Budget Will Make NJ’s Economy Worse

the staff of the Ridgewood blog

ROSELAND, N.J. – Governor Murphy’s proposed budget will make the state’s economy worse over the long term, according to 70 percent of nearly 500 New Jersey CPAs polled by the New Jersey Society of Certified Public Accountants (NJCPA) earlier this month. More than 38 percent of respondents said the state’s economy would become “significantly worse” and 32 percent said it would become “marginally worse.” Only 12 percent said it would be better and 17 percent said it would “stay the same.”

Of those who responded negatively, most cited Governor Murphy not focusing enough on the amount of spending on public pension benefits in New Jersey in his budget proposal; high property taxes for both residents and businesses in the state; and implementation of the millionaire’s tax.

Continue reading 70 Percent of New Jersey CPAs Polled Say Governor Murphy’s Proposed Budget Will Make NJ’s Economy Worse
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Reader says , “our politicians, will find a way to spend more than they take in”

recreational-marijuana

” Sorry to write it but legalized hooch will bring in significant revenue. NJ is the most densely populated state in the union. That fact alone will create a booming business. However, the issue is no matter how much revenue generators are blessed by our politicians, they will find a way to spend more than they take in…and that is the moral hazard we face as voters. “