New Jersey’s governor Jon Corzine is considering his options to close a huge budget shortfall. I know you’ll be shocked at the Democrat’s proposed solutions. From the Philadelphia Inquirer: “Corzine advisers calling for taxes”:
Expand the sales tax to include clothes and online purchases. Tax 401(k) retirement accounts. Raise the gas tax. Consider a temporary increase in the state income tax.For years, I’ve been warning that the only way the federal government can close the massive shortfall caused by entitlement spending would be to tap into the pool of money stored in millions of private 401(k) accounts. But I never imagined that a state governor would have the temerity to propose such a confiscatory cash grab.
With New Jersey's finances "perilously close to ruin," Gov. Corzine's budget advisers have recommended these unpopular solutions and more to fill what they estimate to be a $6 billion hole in the state's budget.
I hope he tries it. As Alexander McClure correctly predicts, such an unpopular move would pave the way to restore Republican leadership in Trenton.
Toren, back me up here!
2 comments:
I left New Jersey 5 years ago this month, and moved out west to Arizona and now New Mexico because of the ridiculous taxes in New Jersey. I like to say that I "evacuated." The more I read stories like this, the more I feel like evacuated is the best term for what I did.
I grew up in New Jersey and left for Massachusetts after graduating from Rutgers. At a high school football game, I met Gov. Tom Kean, who was very popular throughout his term.
Since I left (coincidence?!?) the state that used to be somewhat "purple" has turned a deep Massachusetts-type blue, with a succession of Democratic governors. IIRC, New Jersey has some of the highest property taxes in the country but has still produced a massive hole in the state budget.
The unpopularity of Corzine's options will help Tom Kean Jr. in his bid for the Senate.
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