When will the bad news about taxes cease?
Tomorrow, we will get the official word on how much more Gov. Corzine wants to tax us during his budget address. Last week, the Tax Foundation reported that New Jersey contributes more federal tax dollars, and gets fewer back in the form of services, than any other state in the nation.
New Jersey has long gotten the short end of the stick when it comes to federal taxes. But things are getting worse. According to the latest report, which analyzes data from fiscal year 2004, for every $1 New Jersey contributed to federal coffers, it got 55 cents back. That's 12 cents less than the year before.
New Jersey fares poorly, according to the report, because of a progressive tax system in which tax dollars tend to flow from higher-income states to lower-income states. New Jersey, being the wealthiest state in the nation, takes a particularly big hit.
The report also noted that the red states tend to get a better deal than the blue states. Twenty-five of the 31 states President Bush won in 2004 received more federal tax dollars than they contributed to federal coffers.
''They pay their taxes too,'' said Tax Foundation President Scott Hodge, ''but those payments are not as high because of the progressive income tax.''
New Jersey has long gotten the short end of the stick when it comes to federal taxes. But things are getting worse. According to the latest report, which analyzes data from fiscal year 2004, for every $1 New Jersey contributed to federal coffers, it got 55 cents back. That's 12 cents less than the year before.
New Jersey fares poorly, according to the report, because of a progressive tax system in which tax dollars tend to flow from higher-income states to lower-income states. New Jersey, being the wealthiest state in the nation, takes a particularly big hit.
The report also noted that the red states tend to get a better deal than the blue states. Twenty-five of the 31 states President Bush won in 2004 received more federal tax dollars than they contributed to federal coffers.
''They pay their taxes too,'' said Tax Foundation President Scott Hodge, ''but those payments are not as high because of the progressive income tax.''
posted by Randy Bergmann at 12:58 PM
2 Comments:
My grandmother always said things will get a lot worse before they get better.Well N J is at the tax trough again ,I'm sorry to say the lawmakers will always turn to more taxes untill we ALL leave and they are the only left paying the taxes .
I have a question for gov.Corzine as a % of income why must I pay more property tax than you,as a % of income why must I spend more on sales tax than YOU...what makes you special....I want answers we all want answers ...mr spcical corzine
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