April 21, 2011 |
A faint voice can be heard from the left side of statehouses across the land. "Tax the rich," it cries. New Jersey Republican Gov. Christie recoils at those words. More taxes in a state that has the highest local tax burden in the United States - 12.2 percent of income, according to the nonpartisan Tax Foundation? Never, Christie has vowed. Try to increase the so-called millionaire's tax, he warned, and all those business owners who hire people will flee to more tax-friendly environs.
January 6, 2011 |
TRENTON - New Jersey lawmakers will vote Thursday on adopting a corporate tax break that is intended to reward multistate businesses that hire and expand in the state but that would cost millions of dollars in lost revenue. The measure is known as the single-sales factor, under which the amount of profit subject to New Jersey taxes is based only on a company's sales. Moving to that system benefits corporations that sell to a national market but have numerous employees and property in New Jersey.
May 28, 2010 |
The late Nobel Prize-winning economist Milton Friedman liked to point out that when it comes to the size of government, it's not how much revenue it collects that matters most, but how much it spends. If you cut taxes by half but don't reduce spending, you haven't done anything to shrink the size of government. All you've done is shift the burden to future generations. Every April, the Tax Foundation announces the arrival of Tax Freedom Day. The idea is that this is the day of the year when Americans are "free" of the burden of taxation, assuming every penny earned before that date is used to pay federal, state, and local taxes.
May 28, 2010
By R.D. Norton The late Nobel Prize-winning economist Milton Friedman liked to point out that when it comes to the size of government, it's not how much revenue it collects that matters most, but how much it spends. If you cut taxes by half but don't reduce spending, you haven't done anything to shrink the size of government. All you've done is shift the burden to future generations. Every April, the Tax Foundation announces the arrival of Tax Freedom Day. The idea is that this is the day of the year when Americans are "free" of the burden of taxation, assuming every penny earned before that date is used to pay federal, state, and local taxes.
April 21, 2010 |
HERE'S THE news from the New York Times on the day before Tax Day: "Forty-seven percent. That's the portion of American households that owe no income tax for 2009. The number is up from 38 percent in 2007. " Given that nine-point jump in no-pays in just two years, it looks as if it won't be long before a solid majority of American households are taking out more than they're putting in when it comes to federal income tax monies. Here's the problem. Paying zero, what's their incentive to keep from pushing for bigger spending on every federal boondoggle that's funded by the income tax, no matter how wasteful or crooked the project?
December 1, 2009 |
To local fans they might be the "Damn Yankees," but to Harrisburg and City Hall, the Phillies couldn't have hosted better guests than the likes of Alex Rodriguez, Derek Jeter, and Mark Teixeira. And to Eagles loyalists, the Washington Redskins might be bumbling division rivals who at the very least deserved to lose, but state and city tax collectors saw a welcome shade of green in those burgundy uniforms. That's because the New York Yankees, just by spending an autumn weekend in Philadelphia, probably chipped in well over $300,000 to the state and city treasuries in the form of income taxes.
August 26, 2009
CHEW ON THIS: Our "leaders" in Harrisburg are considering taxing gum, candy, chewing tobacco, stogies and more. Like what? Well, how about basic-cable TV, ATM transactions, legal services or any of a host of things currently tax-exempt such as toothbrushes, flags, twine, airline food, dry cleaning, sports tickets or (gag) newspapers? I'm not saying that this is going to happen. I'm saying that those fiddling with the stalled budget - the seventh in a row, now 57 days late - say that they're looking at all options to help close a $3 billion-plus deficit.
January 24, 2008 |
Recently, three published reports documented New Jersey's problems attracting and retaining residents and jobs. This is a major issue for the business community and workers in the state, and policymakers cannot afford to ignore or downplay these reports, or consider them a self-fulfilling prophecy. One of the most publicized reports, released in October by Rutgers University's Edward J. Bloustein School of Planning and Public Policy, documented the migration of New Jersey residents to states that are more affordable and have lower taxes.
April 17, 2003 |
By proposing more Band-Aids for a festering wound, State Sen. John Adler's "modest tax proposal" of a constitutional convention would not solve the New Jersey property-tax quagmire. The average property tax on residences in New Jersey exceeds $4,000 a year, the highest rate of any state. The tax burden increasingly threatens residents' economic well-being. According to the nonpartisan Tax Foundation, the per-capita New Jersey state and local tax burden for 2002 was $4,146, or 10.3 percent of the state's $40,258 per-capita income.
April 26, 2001 |
May 3 is Tax Freedom Day for the nation as a whole, according to a new report from the Washington-based Tax Foundation. That's when we stop working to pay local, state, and federal government and start working for ourselves. The federal tax burden has grown by 14 days' pay between 1992 and 2001, even though President Clinton declared that "the era of big government is over. " In contrast, state and local tax burdens have remained virtually unchanged during that period. The burden of government has expanded by two days from last year and now stands at the highest level since World War II. Taxes take 35 percent of a worker's gross income - 24 percent for federal taxes and 11 percent for state and local.