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New Jersey - wanting to be best at being the worst

March 19, 2010

TaxGrrrl reports on efforts in New Jersey to make the place as miserable as possible:

When Gov. Christie revealed his budget plans, which included painful spending cuts all around, both Republicans and Democrats alike appeared surprised to see tax cuts… for the rich. Gov. Christie’s budget failed to extend the recent increase in the state’s top income tax rate, initially put into place by then Gov. Jon Corzine (D). The result is that the top 2% of NJ taxpayers will face a reduced rate in the upcoming tax year while other taxpayer rates stay the same. The cost in lost revenue? About $1 billion.

Chart by the Tax Foundation; click for larger image

New Jersey had enacted a "temporary millionaires surtax" to help pay for the state's spending binge. Now that the Governor says that temporary really means temporary, the spenders are appalled. But for the state with the nation's worst business climate, it's good news for everyone not on the state payroll.

More from Peter Pappas.

Tags: Business Tax Climate Index.New Jersey.Peter Pappas.TaxGrrrl.

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