New State Budget
A quick read of this article has some real positives as far as I can see...........unless, perhaps, you earn over $5 mil. Homeowner rebates up - some deductions up - well you all can read - https://www.nj.com/politics/index.ssf/2018/07/nj_budget_so_how_much_will_you_actually_pay_in_new.html?ath=63b4371e200ffc50099a99f922de8548#cmpid=nsltr_strybutton
4catmom Don’t forget the 5 cent “tax” for any paper or plastic bag used, 50 cent surcharge on any Uber/Lyft ride, sales tax on any shore (AirBnB) rental. And best of all, almost $2 billion in additional spending from a state that is already broke. Yep, a lot to be proud of.
Jnnjr (ARE THEY KIDDING?!): "If you spend $1,000 shopping online in a year, that's an extra $66.25."
And the stores will be charging 5 cents for every bag you have to use for groceries??
Hackresident I don't earn over $5 million and don't know anyone who does. But those who do, have the means and opportunity to leave the state and take their tax contributions with them. When they leave (and they will!) those of us without that option will be left to make up a whole lot more for that lost revenue.
No regrets
Metsman "A quick read of this article has some real positives as far as I can see"
Of course it does, if you see through Liberal eyes. That millionaire tax hike alone is a nightmare. As No regrets said above, the mega rich will leave. That's bad news for the rest of us who stay.
The answer is budget cuts, not tax increases. But Democrats don't get that. Never will.
Calico696 "When they leave (and they will!) those of us without that option will be left to make up a whole lot more for that lost revenue."
To whom are they going to sell their $10-15 million houses before they leave? I would have to assume that it would need to be someone else who makes over $5M a year, no?
ianimal 
Old Gent They have other homes in other states. Just change there address.I have a family member that did that.
CraftBeerBob Don't forget about corporate taxes going up. Hopefully they'll pack up and leave the state as well. It's funny how these progressive a*s wipes never talk about CUTTING taxes. Dems really are clueless. Trenton needs a good cleanout but people in this state are almost as braindead as the politicians. But yeah 4 cat, looks great!
LJRubi I'm waiting to see what our property taxes will be given the reorganization of public school funding. Initial projections appear to indicate Warren County schools will be hit with a reduction in state aid. If so, that shortfall will need to be made up, most likely thru an increase in property taxes. But hey, at least Murphy assured illegal aliens will get legal support to resist deportation compliments if NJ taxpayers.
BC "To whom are they going to sell their $10-15 million houses before they leave? I would have to assume that it would need to be someone else who makes over $5M a year, no?"
The "catch" is that NJ is a state that typically grows income. Yes, you would need another "rich" person to purchase that $10m house, but statistically speaking, if the person leaving made $8m/year, the person buying that house would be making around $4m/year. In other words, more income is leaving than would be replacing it giving us a net tax reduction.
Enjoy He will not be impeached.. in fact Menendez is at bat now to be re-elected. As we enter 4th of July weekend with oil flirting with $80 do not forget to thank any of our esteemed legislatures this weekend for the gas tax.
Mark 
Lena The bags at Stop and Shop in Pohatcong aren't worth a penny, let alone a nickel. You can poke a hole in one with a grapefruit...
Do you really believe a family making $6 mil a year is going to move because their tax is going up $18,000? I know the state keeps chipping away at our wallets but we have to keep things in perspective. There's not to many places that your going to be making $ 6mil/ yr. If I make $60,000 that would be $33 more for me, would you move because of that?
Indie https://drive.google.com/viewerng/viewer?url= https://assets.documentcloud.org/documents/4448225/Funding-Scenarios.pdf
How to read the table: "FY 2018 State Aid" is what each district is receiving in the current fiscal year, while "FY 2019 State Aid under GBM," or the governor's budget message, is what Murphy originally proposed for the coming fiscal year, which begins July 1.
looks like the schools are getting another $300K
https://www.state.nj.us/treasury/omb/publications/19budget/index.shtml#budget
here is a link to the full budget
https://www.usgovernmentspending.com/new_jersey_state_spending_pie_chart
to save you time here's a pie chart of NJ government spending.
85% of State spending is in 5 categories
Healthcare - 27%
Education - 20%
Pensions - 19%
Transportation - 11% (About 50/50 between highways and transit)
Welfare - 8% (half of this is Unemployment funding)
Add in Interest (4%) and Police & Prisons (3%) and you're up to 92%
So what do you do? Cut welfare? You'll pay more to fund charity care.
Cut pension payments? State Supreme Court says pensioners are required to get their money, so the less you pay now (that earns interest over time), the more it costs later to fund. this has to be dealt with.
Cut school aid? Your property taxes will go up.
Cut NJTransit or highway money? infrastructure is horrible already.
There are one or two big-ticket items NJ should consider doing -- namely transitioning everyone off of PERS and into the ABP which is a defined contribution system (like a 401k).
https://www.metlife.com/njabp/program-features/
But if the state legislature won't let Murphy restore the sales tax, they sure as hell won't let Murphy call PERS a failure - the public unions put him in office so I dont expect that to change.
skippy He's doing everything he said he would and yet people in NJ voted him in anyway. Sadly.
Ollie if you want cuts I think you have to start with reducing or eliminating State aid to municipalities under 8K-10K in population. If people in small towns want their own expensive local government let them pay for it or merge with another town.
NJ needs to give a path for Counties and Municipalities to leave civil service, either by referendum or vote of the local governing body. NJ has significant worker protections and the public unions are very able to negotiate a contract that represents their interests. Civil Service is just another layer that adds an expense to public employment.
The State also need to end the State and Local Pension Programs and transition to a defined contribution programs. The State is already sinking under the pension burden we need to stop the flow ASAP.
The State needs to increase the pension contributions for any employees that remain in the defined benefit plan after the transition.
The State should also take a hard look at what the County governments do and see about taking over some or most of those responsibilities, and finding economies of scale, leaving smaller county offices which can route issues from residents to state offices.
Requiring municipalities to move to the State's NJ Direct health programs would save local governments a bundle. The State tried to encourage this by making public workers pay for some of the health benefits but the effort has not succeeded. It's time to stop encouraging and start requiring.
Comparing cost of construction projects to other comparable States and finding out why it costs you $2M a mile for road construction and South Carolina can do it for $39,403 per mile
The State is not meeting it's existing budget obligation.
You must demand it does not create new programs until it does
Demand that it reduces spending and increases worker pension contributions.
Demand regionalization - move services that are duplicated in every municipality to the county level, like the vast majority of states in the country do, every town does not need a police department, municipal administration overhead, and a school district with a superintendent making $150K
JP Morgan's Chairman of Market and Investment Strategy
https://www.jpmorgan.com/jpmpdf/1320702681156.pdf
Indie, it's not just the $18,000 increase, its the total amount. Death by a thousand cuts; not just the last one.
And as others pointed out, they don't have to physically move; they could simply transfer their residency to their summer house in Rehoboth. So yes, that is absolutely a likelihood.
Unless they also relocate their employer's payroll office to Rehoboth, I don't see what good that would do. You would still need to file a non-resident return and pay taxes to NJ on the income earned here.
Listen, I didn't vote for him and never would but my taxes went up every year that Christy was in office. Republican or Democrat, they live to take your money and trade your money for their votes.
ianimal, if they are earning $5 million, chances are good they own their own business, which is also going to be taxed more and they can easily register the corporation in DE.
https://www.nytimes.com/2012/07/01/business/how-delaware-thrives-as-a-corporate-tax-haven.html
"The answer is budget cuts, not tax increases. But Democrats don't get that. Never will."
+1 Calico. Plain & simple & true.
"Listen, I didn't vote for him and never would but my taxes went up every year that Christy was in office. Republican or Democrat, they live to take your money and trade your money for their votes."
+1 dig ding ding we have a winner!!! Altho one party does RUN ON tax hikes, while the other runs on tax cuts... one party does generally raise taxes less than the other.
JeffersonRepub 
GreyHawk We should cut police and prisons and give everybody guns to protect themselves. Police are unneeded when you have a good gun. And of course, those guns make prisons unnecessary...
DonaldTrump You folks had better take a closer look at the reshuffled school aid formula, there are some big time winners and losers (Htown +985k,GMR-192k Almost all of Sussex county is getting clobbered.)
hammer Tax corporations more? They are the lifeblood of this state. This is starting g to look like the Titanic with this Democratic control. The budget should have been capped at last year's amount and adjustments made to public expenditures.
iJay let Murphy put the sales tax back to7% BUT only AFTER lowering the GAS tax $.25 Socialist democrats will bring an end to this country soon. Be ready to fight..Also always pay with CASH and deal with anyone who will give you a better deal. Happy 4th of July for as long as it's last................
frank 1945 Transition pensions and cut retiree medical. Savings in the BILLIONS of dollars per year. Instead we live in a state under water. Thank you Democrats...
It would have been worse if Steve Sweeney didn't step in to keep Murphy somewhat in check.
kb2755 They better start selling alotta pot to help pay for this clown's budget...but he signed the 'babs siperstein law'...so all is good right lol...shut up and PAY UP SUCKERS
And when more people get injured and die on the roads due to more "high" drivers then what?
Darn. Cleaner Ocean too. Think of all those oil tax revenues he gave up.
https://www.nj.com/politics/index.ssf/2018/04/nj_bans_offshore_drilling_and_tries_to_stop_trump.html
strangerdanger Corporations are making decisions the same way home owners are. There are not too many corporations deciding to make NJ their HQ, and the ones that are here will be leaving.
It is all about priorities, true priorities. NJ is about the public unions and liberal causes. Other states are more balanced and place attracting and retaining corporations a true priority.
"There are not too many corporations deciding to make NJ their HQ, and the ones that are here will be leaving."
Yes, NJ's economy sucks: https://www.usnews.com/news/best-states/rankings/economy based on growth, employment, and business environment.
And we can't get out of the recession: http://nj1015.com/economy-isnt-shaping-up-for-new-jersey-report-finds/
Why? Well, beyond too much regulation and taxes, during the reign of Christie, we shunned anything Obama (for example, went for Fed Insurance Exchange which sucks worse than any state exchange), had aging market companies, stifled any Federal infrastructure projects like the tunnel, etc., and basically went deeper into the recession to stay there longer than most any other state, thank to inaction by Christie. NY, PA and others fare better ---- but they did something to make it so. We did nothing.
Yet, we have fantastic talent in this state, fantastic companies and room for more. We have the gold coast as second fiddle to Wall Street, and second fiddle is damned good spot to be. The New York City skyline looks best from the Jersey shore (Steve Forbert, not my line) We still have factories, and even adding some as shown below. We just have to further lower barriers to success and increase industry tax enticements to enter NJ.
We have 22 of the Fortune 500 companies here in NJ which puts us in a three-way statistical tie for 5th place amongst the states with NY, CA, TX, and IL above. We are neck and neck with OH and VA. And we have a dozen of so companies that just missed the list. For the list, tThat's number of companies,, not revenue, but we have Prudential, Johnson And Johnson, Honeywell, Merck, ADP, Bed Bath & Beyond, Becton Dickinson & Co., Avis Budget Group, Campbell Soup Co., Quest Diagnostics, Wyndham Worldwide to mention a few.
Amazon, for Amazon HQ2 has Newark in for final consideration as a homebase, NJ ranked 17th out of 20.
Mars opened new HQ here.
LockheedMartin addsd 300 jobs in South Jersey. T
HomeDepot hiring 1,650 part-time workers in New Jersey.
Amazon announced plans for hiring 2,500 people in New Jersey
Bell Works (Bell Labs consortium) is expanding.
Camden Yards Steel, with a plant in SC, came to NJ, sure, only 40 people, but that's steel in NJ.
It's not all gloom and doom but we have much work to do, starting with a plan to bring business to NJ. After Christie, improvement should be easy.
.
https://www.wsj.com/articles/my-clients-are-fleeing-nj-like-its-on-fire-1525289556
"The Tax Foundation ranks New Jersey dead last among the 50 states for its business tax climate. So naturally new Governor Phil Murphy is proposing an even larger tax burden. A little more than 100 days into his term, Mr. Murphy seems determined to make New Jersey residents miss Chris Christie.
Steven Malanga calls Mr. Murphy’s plan “the U-Haul Budget” for the new incentives it gives New Jersey residents to flee. "
the fortune 500 is fleeing NY CA and now NJ..
https://www.wsj.com/articles/so-long-california-sayonara-new-york-1524611900?mod=article_inline
"In the years to come, millions of people, thousands of businesses, and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states."
but you have that whole legal weed and sanctuary thing going for you. awesome
Only reason why a few companies like Honeywell stayed was because of a tax credit. The state had to beg them not to leave. However, once the tax credit expires within 10 years they are gone.
Taxing corporation was a life-support move. Temporary and falls off. Go after the deep pockets to make things happen but even Murphy knows to implement more than temporary will result in corporations shifting even more to other states.
Well, beyond too much Regulations and Taxes under Christie"
Really, I am sure those regulations and taxes were there before him.
Skippy, I agree TrumpTax is a sharp stick in the eye for higher income, more mobile, higher education liberal states. And NJ taxes stink already, so insult to injury, thanks Don. However, your recent post is nothing but fact-less spin Skippy. Very few facts to support your conclusion: “In the years to come, millions of people, thousands of businesses, and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states." One of the few numbers you provided directly refutes that claim.
Unlike you, and others, who like to brand and repeat your mantra of calling out others, without specifics, for tendencies like spin, obfuscation and the like, I will attempt o show how I arrived at the conclusion of spin. First --- when you link stories, probably good not to link pay-to-play links.
The TrumpTax deduction reduction affects state/local taxes over 10,000; the first 10K is still deductible. It was a beautifully targeted tax to the rich in affluent states that only a Machiavellian Republican would discover.. A well placed sharp stick in the eye that certainly beats ripping babies from mothers. No hurry though, most are covered for 2018 through pre-payment, so there's a buffer until Trump resigns.
The other economic factors listed ring true, have been true, and do have the effect of exodus we have been seeing. Not good. But escalating --- just don’t know and you didn’t show it.
Now, the facts, or lack thereof provided in your links: both of which are not news, but OpEds which are spin, by definition:
The first editorial details a money manager who is leaving NJ telling us everyone he knows is leaving. A hedge fund owner as a font of factual truth and its the WSJ so we know the bias is leaning right
NJ's 3rd highest tax burden ranks last for business tax. NJ #1 highest property tax and now: TrumpTax limits the state and local tax deduction to $10,000
After Christie, NJ economic growth is anemic, taxpayers searching for the exits
Conclusion: Millions of people, thousands of businesses, and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states.
Two anectdotes citations are given for businesses leaving NJ – both from NYC, one a secret maybe leaving... And FYI, the other -- Alliance-Bernstein has much of it’s operations in San Antonio so only the top brass is in NYC --- the rest has been in TX for quite some time… Neither of these are from NJ....
The second piece, also OP ED, adds very little specifically about NJ, but again targets the TrumpTax limitation to the state/local tax deduction adding the facts: over past 10 years, about 3.5 million have relocated from the high-tax states concluding: New Jersey and Minnesota combined will hemorrhage another roughly 500,000 people in the next 10 years
So basically you are verbosely repeating my “NJ's economy sucks” while adding, TrumpTax is the straw that will break the camel’s back to destroy NY, NJ, CA, CT, ILL…….. And then you add an estimate: destruction is defined as 500,000 people, over 10 years will leave from NJ and MN combined. That's 50K a year from two states. That does not sound too bad to me, even as a net number. If NJ eats the whole nut, that's a whopping .6% a year.... that's to the right of the decimal.....
Again, I agree with the premise but thought I would speak to the spin.
iJay,
Cat is out of bag.
Horses have left the barn.
Figs after easter
Hindsight is 20/20.
A day late and a dollar short.
You can't unring a bell
Water over the dam.
That ship has sailed.
Etc...
Unless you get rid of "Grandfathering and Grandmothering"
You cut the retirees pay, not just the future ones, but the past or you are dead in the water.
You and every other NJ resident owes 70k+ to balance the budget.
Are you, your neighbors, everyone you see ready to cut a check today to balance the budget? NOPE.
NJ is 50+ billion in debt to its retirees. Don't want to pay, just move. All you have to do is point your car west and go approximately 20 miles. You won't owe them a thing.
In other news, Bayonne Police Chief retires at 52, receives a $177,000 a year pension, gets rehired as school security consultant at $150,000 per year, and begins padding his second pension. Children are now safe.
"Bayonne Police Chief retires at 52 and will receive a $177,000 a year pension."
Dodgebaal 
justintime Great link justintime. I urge all to review it. The entire government pension scheme cannot and will not be paid out as planned. When this whole ponzi scheme of debt comes crashing down, there will be no one left to pay for it. We are the number one state in property taxes and we are the number one state with people leaving to flee from those taxes. "Socialism is the philosophy of failure,the creed of ignorance and the gospel of envy,it's inherent virtue is the equal sharing of misery" Winston Churchill
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