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One billion dollars in tax increases for New Jersey
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With the celebration of July 4th just around the corner, New Jersey residents don’t have much to celebrate. At the beginning of this fiscal year (July 1, 2009) the only thing New Jersey residences can celebrate is a raise in taxes across the board, from cigarettes to insurance plan premiums. However no one should be surprised that heavier taxation is the solution for a deficit budget, because this is the typical approach to any problem from the liberal perspective.
On cigarettes alone there is almost a $.13 tax raise going from $2.575 to $2.70 a pack. This tax use to be just $.80 in 1997, which means this tax has more than tripled in just over ten years. Do not be fooled by this outrageous tax hike, its not for the well being of the citizens of New Jersey, its for the $26 million dollars of revenue its going to produce for our budget.
Another tax that has been disguised as a “healthy” tax, is the increase on hard alcohol. If you thought the tax on tobacco products was bad, listen to this. As of August 1st, there is a 25% increase on hard alcohol; it will go from $4.40 to $5.50 on every gallon of alcohol sold. The equivalent being on every 750ml bottle of alcohol, this tax will raise each bottle by approximately $1.10. Of course the list of tax increases goes on to wine, which is getting raised $.17 a bottle, generating $26 million for the state.
This round of taxation also attacks the rich as well. A single filer or a married couple filing earnings between $400,000 and $500,000 will have a 1.63% tax hike, going from the 6.37% that they were paying to 8%.
Looking at the small increase of percentages doesn’t seem to bad, however let me do the math. On someone making 500k this will mean almost another ten thousand dollars in taxes! People who make over a million dollars will be raised to almost 11%. I don’t see why we must punish successful people in our tax system, has anyone ever heard of trickle down economics?
Understandably many people could read this and not have much sympathy for these people who make incomes 10x the amount of the average American household. However, the state of New Jersey is also taking away a tax rebate on homeowners who make over $250k.
Hopefully, everyone is starting to see the trend how it’s hitting closer and closer to home. These tax hikes will put us second in states with the highest state income tax. New Jersey is on the wrong path and our elected government is driving us deeper and deeper into debt.
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