Will Trenton Really Miss 0.5% of Its Take?

Governor Christie will present his FY 2013 budget to the State Legislature on Tuesday afternoon.

You may see additional spending cuts. I’d be surprised if he cut more money from education. You are, however, guaranteed to hear plenty about the Governor’s proposed across-the-board 10% income tax cut, a move that will return $150 million to this state’s citizens. It will also inevitably elicit wailing and gnashing of teeth from the other side of the aisle.

Just keep one thing in mind throughout, Save Jerseyans:

New Jersey’s personal income tax system consists of six brackets and a top rate of 8.97% kicking in at an income level of $500,000. Among states levying personal income taxes, New Jersey’s top rate ranks 6th highest nationally. New Jersey’s 2008 state-level individual income tax collections were $1,457 per person, which ranked 6th highest nationally.” (Source: The Tax Foundation)

Sixth in the nation, folks.

That means there are forty-four states in the Union where taxpayers get a better return on their dollar than New Jersey. Our state is hemorrhaging wealth creators as a direct result. They’re buying houses in other states and we’re no better of it.

And consider the finances of the wealthiest “house” in our state; the State House. Last year’s state budget totaled $29.7 billion. Hence, Christie’s proposed tax cut represents only 0.5% of Trenton’s total annual take. Will state government really miss it? Are you telling me that anyone, anywhere at either end of the Turnpike will suffer for want of 0.5% of the kitty?

More importantly, do Democrats really want to pitch a fit over returning such a paltry amount to the people who make this state grow and hum?

They will whether I tell them it’s ridiculous or keep my mouth shut, Save Jerseyans, but I maintain it will prove to be a winning contrast for our Governor. That’s if Republicans do their part, stand firm, articulate conservative principles and make them learn to regret it.

 

Matt Rooney
About Matt Rooney 8405 Articles
MATT ROONEY is SaveJersey.com's founder and editor-in-chief, a practicing New Jersey attorney, and the host of 'The Matt Rooney Show' on 1210 WPHT every Sunday evening from 7-10PM EST.

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