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A grocery bill in the billions

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Corporate America Realty & Advisors leases Little Falls industrial site

By Elana Knopp
May 23, 2018 12:48 PM

Rutherford-based Corporate America Realty & Advisors President Howard Applebaum recently represented H.C. International Inc. in an industrial lease agreement in Little Falls. CONTINUE READING

Princeton-based drug researcher opens Tokyo office

By Vince Calio
May 22, 2018 11:17 AM

WIRB-Copernicus Group, a Princeton-based medical research group, has opened a Tokyo office to expand its capabilities in conducting global clinical trials. CONTINUE READING

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Advance Realty Executive Quarters at Bedminster wins TOBY award

By Elana Knopp
May 22, 2018 07:20 AM

Advance Realty Executive Quarters at Bedminster has been named The Outstanding Building of the Year by the New Jersey chapter of the Building Owners and Managers Association. CONTINUE READING

Marcus & Millichap completes sale of Union City mixed-use building

By Elana Knopp
May 22, 2018 01:01 PM

Marcus & Millichap recently wrapped up the sale of a mixed-use building in Union City for almost $1.8 million. CONTINUE READING

NAI Hanson negotiates sale of Elmwood Park industrial/flex facility

By Elana Knopp
May 22, 2018 11:47 AM

NAI James E. Hanson real estate firm has negotiated the sale of a 45,000-square-foot industrial/flex building in Elmwood Park. CONTINUE READING

Hackensack Performing Arts Center wins Historic Preservation Award

By Elana Knopp
May 22, 2018 11:22 AM

The DMR Architects-designed Hackensack Performing Arts Center recently received the 2018 Bergen County Historic Preservation Award for its adaptive reuse of the former Masonic Temple in downtown Hackensack. CONTINUE READING

Cohen Seglias expands New Jersey office

By Gabrielle Saulsbery
May 21, 2018 01:45 PM

Three attorneys had joined Cohen, Seglias, Pallas, Greenhall & Furman PC’s Newark office. CONTINUE READING

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In their immediate reaction to the governor’s plan to cut 10 percent from the income tax, Assembly Democrats said it was a huge gift to millionaires, and basically a week’s worth of groceries for middle-class families.

Want to know what it’ll cost to buy all those families their bag of groceries? It could be more than $2 billion a year, according to a report in The Record. That’s because the cut will be phased in over several years, like other tax cuts enacted in the past few years. When you put that into the growing hole from missed revenue projections, which gets deeper every month, you’re pretty much halfway to China. Or the poorhouse.

I’m thrilled that the attitude in Trenton is that we need to tax our residents and our businesses less. I’m alarmed that there seems to be no consideration of what tax cuts right now might mean for our near and long-term future, particularly as the Jersey Comeback shows all the momentum of a conga line at an assisted-living facility. And while Chris Christie deserves his share of the blame, the Legislature is just a lamb rushing to the slaughter, to demonstrate how eagerly it, too, wants to cut taxes. The Assembly’s idea of using a millionaire’s tax to pay for the cut seems like a good idea, until you consider the impact it will probably have on the state economy, as the Tax Foundation warned Tuesday.

I imagine we’ll see some kind of tax cut deal make its way into the budget, and I’m sure it’ll be the white horse Christie rides as he continues to build his national brand. Let’s hope that, by the time he’s in the White House, this hasn’t done too much to handcuff New Jersey’s ability to stage a recovery.

I’m even more irreverent on Twitter @joe_arney.

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A grocery bill in the billions

By

Back to Top Comments Email Print

Latest News

advertisement

In their immediate reaction to the governor’s plan to cut 10 percent from the income tax, Assembly Democrats said it was a huge gift to millionaires, and basically a week’s worth of groceries for middle-class families.

Want to know what it’ll cost to buy all those families their bag of groceries? It could be more than $2 billion a year, according to a report in The Record. That’s because the cut will be phased in over several years, like other tax cuts enacted in the past few years. When you put that into the growing hole from missed revenue projections, which gets deeper every month, you’re pretty much halfway to China. Or the poorhouse.

I’m thrilled that the attitude in Trenton is that we need to tax our residents and our businesses less. I’m alarmed that there seems to be no consideration of what tax cuts right now might mean for our near and long-term future, particularly as the Jersey Comeback shows all the momentum of a conga line at an assisted-living facility. And while Chris Christie deserves his share of the blame, the Legislature is just a lamb rushing to the slaughter, to demonstrate how eagerly it, too, wants to cut taxes. The Assembly’s idea of using a millionaire’s tax to pay for the cut seems like a good idea, until you consider the impact it will probably have on the state economy, as the Tax Foundation warned Tuesday.

I imagine we’ll see some kind of tax cut deal make its way into the budget, and I’m sure it’ll be the white horse Christie rides as he continues to build his national brand. Let’s hope that, by the time he’s in the White House, this hasn’t done too much to handcuff New Jersey’s ability to stage a recovery.

I’m even more irreverent on Twitter @joe_arney.

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