Taxing the Garden State
Governor Phil Murphy of New Jersey is making good on one of his campaign promises — raising taxes. Averting a government shutdown following a dispute about whose taxes to raise, the governor and legislature compromised by raising levies on businesses and the wealthy. Things aren’t looking green for the Garden State, with a tax rate now among the highest in the nation and a bone-dry business climate.
The Facts You Need to Know
Pensions: Governor Murphy has made no effort to rein in pension and benefit costs, though they will amount to 26% of the state budget by the end of his term. Read more.
Expansion: A survey of New Jersey business owners reveals that only 14% plan to expand in-state, while double that number plan to move elsewhere. Read more.
Regs: New equal-pay laws forcing firms to justify salary differences, along with other new requirements, will make New Jersey one of worst states in America to run a business. Read more.
“Murphy shows little interest in addressing the many mandates that Jersey businesses face…”
The Past is Present
“New Jersey’s richest resident flees to Florida.”
And in other news...
“Noting that marijuana has become increasingly accepted by society, a federal judge in Brooklyn made an unusual promise on Thursday: He pledged he would no longer reimprison people simply for smoking pot.”