New NJ Budget Tax Increases

As predicted here, Corzine's budget that passed this week including a partial restoration of the property tax rebate program due to increase tax amnesty collections of 500 million dollars. Rebates have continued for Seniors and are restored for those making up to 75,000 dollars per year(at a 2/3 rate). It does eliminate the rebate for renters which I never understood anyway.

From the Burlington County Times:

The recession-year budget raises $1.3 billion in new taxes on liquor, cigarettes and the wealthy. It extends a 4 percent surcharge on the corporate business tax that was to expire, and realizes $500 million by suspending rebates to renters and higher income homeowners. Republicans say all that amounts to $2.8 billion in tax increases.

The article goes on to note the increased tax on residents earning over 500,000 dollars per year. In addition, to those making over 250,000 per year, next year you cannot deduct your property taxes. For those under 250,000 per year, your property tax deduction is now capped at 5,000. Check out your tax bill, I bet many of you out there are about to get a tax increase and you don't even know it.

What is missing from this budget is cuts. Real cuts. And that is why Corzine is still doesn't get it. The only people who will get it from this budget is the citizens of New Jersey. And they are going to get it in ways they never imagined.

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