According to the New York Times, "New Jersey lawmakers passed a $29 billion budget largely along partisan lines on Thursday night that will increase taxes by almost $1 billion, eliminate property-tax deductions for the wealthiest citizens and pare billions from health care, higher education and other programs".
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Taxpayers get higher taxes and less services while the bloated politicians continue to wallow in pork.
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Here are some of the highlights, based on what I have read so far this morning -
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* A one-year state income tax increase on individuals making more than $400,000 a year, moving the top tax rate to 10.25%.
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* At least for a year taxpayers with incomes of more than $250,000 a year will no longer be able to deduct their property taxes. Those making between $150,000 and $250,000 will be able to deduct a maximum of $5,000.
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* Individuals who win $10,000 or more in the NJ State Lottery will be taxed on the winnings (previously NJ Lottery winnings were exempt from NJ state income tax).
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* Limiting the NJ Homestead Rebate to households earning less than $75,000, and eliminating altogether tax rebates for renters (like me) - except, presumably, seniors and the disabled.
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* Taxes will go up by 12.5 cents per pack on cigarettes and 25% on hard liquor and wine.
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Republican State Senator Christopher Bateman of Somerset County summed up the new budget excellently - "This is only going to add additional pain to the taxpayers, who are suffocating now with taxes".
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Pennsylvania looks more attractive every day!
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TTFN
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