NJ has the highest taxes!

8/18/2008:

Hoboken411 reader plaintruthiness said this “epidemic” doesn’t just belong to Hoboken!

From the NY Times:

Report calls New Jersey no. 1 in high taxes

If paying taxes were an Olympic sport, New Jersey residents would be taking home the gold, according to a new report.

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The Tax Foundation, a nonprofit research group in Washington that has kept tabs on taxes since the Great Depression, put New Jersey at the top of per capita taxes for a third year running.

The report confirmed what many residents have long felt in their pocketbooks.

“Really, we don’t see any reason why anybody would be surprised,” said William Ahern, a spokesman for the Tax Foundation, which favors lower taxes.

New Jersey residents pay an average of 11.8 percent of their income to taxes, just edging out New York at 11.7 percent, according to the report. Connecticut is third with 11.1 percent.

That New Jersey topped New York, which the Tax Foundation found had the highest taxes from the late 1970s through 2005, is “a travesty,” said Jerry Cantrell, president of the New Jersey Taxpayers’ Association.

The national average, according to the report, is 9.8 percent.

New Jersey eclipsed its eastern neighbor for the third year in a row in part because this year’s report factored in the amount of New York city and state taxes paid by Jersey residents who cross the Hudson for work, said Gerald Prante, the report’s author and a senior economist at the Tax Foundation.

“The tax decisions are not being made by New Jersey residents, but they still have to pay them,” he said.

READ THE REST OF THE REPORT HERE.

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167 Comments on "NJ has the highest taxes!"


MidnightRacer
Member
8 years 1 month ago

Damn, looks like Russia’s invasion of Georgia, and especially the recent departure of Russia from cooperative NATO agreements has finally had an effect on oil futures – now currently $119.43/barrel*.

* commodity futures US dollar

If you were to chart out the fluctuations in oil futures over the last 5 years, you’ll see that every time oil futures have dropped, either Venezuela, Iran, or Russia has either done something or said something as a threat to oil. Coincidence – perhaps. Manipulation to fund their future ambitions – hmm.

matt_72
Member
8 years 1 month ago

Oil prices have been slipping more b/c of demand destruction. The average gas station in the US has been experiencing negative same store sales volumes for most of the last several months (Europe too I believe – but not as severely as in the US). The slowdown in the US has also put a damper on freight volumes, so trucks are burning less fuel. China has closed most of the factories near Beijing b/c of the Olympics and banned over half the cars from the road on any given day. Several countries that subsidize gas prices have raised prices, also dampening demand. When costs rise quickly (be it b/c of oil, taxes, the cost of grain, etc…) activity slows down (though Beijing is more b/c og gvmnt mandate). Oil prices rose too high, too fast & the market is adjusting.

Easy-E
Member
8 years 1 month ago
[quote comment=”100455″][quote comment=”100451″][quote]By obstructing the drilling of oil by the U.S., and simultaneously allowing the rest of the countries of the world to drill for oil 60 miles off our territory pst Florida,[/quote] This is absolutely false, no one is drilling off the coast of Florida. Besides, it’ll take 10 years for them to start producing anyway. No one seems to be able to explain how this oil will benefit us if it’s sold for a market price. Are we going to have a national oil company do it?[/quote] Rephrase, Cuba has given China a lease to explore and drill 60 miles off the coast of Florida. If they had not obstructed past attempts 10 years ago for drilling offshore, then today (10 years later from 1998), we would be more energy independent, instead of going from relying on foreign source of oil at 20% to a whopping 80% foreign reliance today. As far as market prices go, did you not watch the news that the very morning that the Pres. Bush removed the executive moratorium to allow offshore drilling and then urged the Congress to remove the legislative portion, oil futures dropped like a rock in those market prices. We went from $147 down to sub $110/barrel since. And Congress is still obstructing it. There’s you evidence of how it affects the market prices. The prices are set for future delivery, not today’s. So all news such as this and drilling directly impact the oil futures/prices.[/quote] OK the price… Read more »
MidnightRacer
Member
8 years 1 month ago

That’s why I picked Texas. You can buy plently of land w/mineral rights there.

matt_72
Member
8 years 1 month ago

[quote comment=”100462″]RE #161

…especially when oil is going for $116.15/barrel (5:08 pm EST).

Makes me want to buy some land in Texas.[/quote]

Land often doesn’t trade w/ the mineral rights. Make sure you get both!

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