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I saw this article and got to know that 8 states have so far reduced income tax and have boosted standard deductions. Do you think NJ will follow the same ?
No way,
all NJ governors want to collect as much as they can
then run up the debt to return some of it in the form of a check for "income tax rebates" or "property tax rebates" just before elections so they can get elected again.
People fall for it every election, so why change a winning combination for the politician.
I saw this article and got to know that 8 states have so far reduced income tax and have boosted standard deductions. Do you think NJ will follow the same ?
"
it's entirely possible that more states will jump on the bandwagon and reduce state income taxes in 2014
"
Don't always fall for the idea that cutting income taxes or so forth by a state will result in more money in your back pocket.
NYS "cut" income taxes but then turned around and imposed and or raised various fees from everything to surcharges on utility bills to driver's license renewal. The only way to seriously make a dent in taxes is to cut spending at the state level, something New York and New Jersey are loathe to do.
I don't see how they can reduce income taxes, but they will of course say they will. Corzine raised the sales tax "temporarily" and expanded what it applied to. Sure, tax gym memberships...why should we provide any incentive for people to not be fat? Christie "capped" property tax raises, and now cities are charging use fees or cutting services.
our transportation fund has money being borrowed from it to "balance the budget" and our pension obligations go unfunded every year. just imagine, if they were funding it from 2009 - present, how much ground they could have made up?
Pennsylvania is doubling their gasoline tax over the next 3 years. that's gonna be quite a bite, so who cares if they cut income tax (if they even do...another state that's badly underfunded and is being forced to cut many essential services).
states can boast cutting income taxes, but you can be darn sure they're imposing a "fee" somewhere else. just like the congressional budget deal has no tax revenue in it, but they raised "fees". Romney did the same in Mass.
Will NJ reduce income tax & boost standard deductions?
No. The tax and spend junkies in Trenton still think that there is still an ounce of juice to be squeezed from those who actually work for a living.
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