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NJ's deficit up another $1.5B; furloughs planned
By MICHAEL SYMONS • GANNETT STATE BUREAU • February 17, 2009
In response, state officials are planning two unpaid furlough days for state employees, one each in May and June, saving $35 million. State Treasurer David Rousseau said the furloughs can be done without the consent of public worker unions, which have already objected to a proposed salary freeze.
In all, Corzine announced there will be an additional $472 million in budget cuts, $550 million in additional funds from the federal stimulus bill and $335 million in extra funds from state surpluses and trust funds.
The state also plans a tax amnesty program, which will need legislative approval, that would bring the state an additional $100 million.
This year's deficit now exceeds 10 percent of the original budget adopted last summer. It includes a $2.8 billion shortfall in revenue, a $600 million increase in spending -- including a $270 million deposit into the depleted unemployment fund, to avoid an automatic tax hike on businesses -- and $135 million extra to repay debt.
It's hard to believe in the land of boardwalks, casinos, toll roads, Turnpikes, Port Athority bridge tolls, twice daily pick 3's (That's two drawings a day for you slow folks) Twice a week Pick 4's, Pick 5's, Pick 6's, and Mega miliions. More scratch off tickets than you could shake a stick at.
In 1965 there was no sales tax in the state. First imposed at 3% it's now 7% covering many, many more item and services than originally.
In 1975 there was no state income tax.
The state has lots and lots of fees. Insurance surcharge fees. Registration, and licensing fees. Real estate transfer fees. You name it.
I wont even get into property taxes, which I'm sure you know haven't been going down since God invented the rock.
Where does all the flippin money go?
NJ's deficit up another $1.5B; furloughs planned
By MICHAEL SYMONS • GANNETT STATE BUREAU • February 17, 2009
In response, state officials are planning two unpaid furlough days for state employees, one each in May and June, saving $35 million. State Treasurer David Rousseau said the furloughs can be done without the consent of public worker unions, which have already objected to a proposed salary freeze.
In all, Corzine announced there will be an additional $472 million in budget cuts, $550 million in additional funds from the federal stimulus bill and $335 million in extra funds from state surpluses and trust funds.
The state also plans a tax amnesty program, which will need legislative approval, that would bring the state an additional $100 million.
This year's deficit now exceeds 10 percent of the original budget adopted last summer. It includes a $2.8 billion shortfall in revenue, a $600 million increase in spending -- including a $270 million deposit into the depleted unemployment fund, to avoid an automatic tax hike on businesses -- and $135 million extra to repay debt.
It's hard to believe in the land of boardwalks, casinos, toll roads, Turnpikes, Port Athority bridge tolls, twice daily pick 3's (That's two drawings a day for you slow folks) Twice a week Pick 4's, Pick 5's, Pick 6's, and Mega miliions. More scratch off tickets than you could shake a stick at.
In 1965 there was no sales tax in the state. First imposed at 3% it's now 7% covering many, many more item and services than originally.
In 1975 there was no state income tax.
The state has lots and lots of fees. Insurance surcharge fees. Registration, and licensing fees. Real estate transfer fees. You name it.
I wont even get into property taxes, which I'm sure you know haven't been going down since God invented the rock.
Where does all the flippin money go?
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