April 4, 2007

The Fleecing of New Jersey Taxpayers.

Filed under: Uncategorized — Jim @ 7:56 pm

Quite a day, this.

First, the taxpayers of New Jersey, who are among the most heavily taxed in the nation, are told that we will be receiving “property tax relief”. Of course, much of the “relief” will be funded by the additional 16% more sales tax dollars each of us will fork over to Trenton as a result of the “one penny” sales tax increase enacted this year.

In addition, those of us who can do basic arithmetic know that, given the massive deficit the state faces and the increases in spending in the Corzine budget, the money to make up for the “tax relief” will have to come from somewhere.

Care to guess where the money will come from?

Then we read in the New York Times that,

… New Jersey has been diverting billions of dollars from its pension fund for state and local workers into other government purposes over the last 15 years, using a variety of unorthodox transactions authorized by the Legislature and by governors from both political parties.

For example, at one point, in a bond funding statement, New Jersey reported having made a $551 million contribution to the teachers pension fund for the 2005 fiscal year, but later, in an audited financial statement for the fund reported a $56 million contribution. It turns out that the actual amount contributed to the fund was ZERO.

It was estimated that the pension deficit could be $56 billion – Yes, that’s “billion,” with a “B”.

Earth to New Jersey Legislators and Governors, Past and Present: Properly funding future pension liabilities is a matter of federal law and regulation, and this money will have to be gotten from somewhere.

Care to guess where the money will come from?

My fellow New Jersey taxpayers, haven’t we now reached the point where Democrats and Republicans can finally agree that we have taken just about enough of this crap? If not, what the hell will it take?



  1. I’m burying all my money in mason jars in the backyard…

    Comment by Jersey — April 4, 2007 @ 8:44 pm

  2. Kelly about crapped her pants when she moved down to Texas and found out all we had to deal with with Federal income tax.

    Comment by dick — April 4, 2007 @ 9:46 pm

  3. I am at wonder that NJ is still in existence. I do believe NJ is in the proceces of being obsorbed. I can’t imagine anyone wanting to live nor do business there.
    The only reason I would go there would to be able to meet up with the man with the great farookin’ hair!

    Comment by imp — April 4, 2007 @ 9:59 pm

  4. If this kind of stuff happened in a publicly traded company, a bunch of people would get a one-way ticket to the club fed. New Jersey somehow manages to avoid first place on the most corrupt states list but with stuff like this going on I wonder how. I’m just hoping the housing market doesn’t crash before I can get out.

    Comment by Thomas Pfau — April 5, 2007 @ 7:30 am

  5. Vote who out? If the people of NJ didnt clean house after McGreevy’s sorry ass, then they never will. Look who we have as a our governer. Corzine is the man who couldnt shoot straight if his life depended on it. You have got to realize that the people of NJ have a very high tolerance for corruption. Why do you think we are known as Louisiana on the Hudson?

    Me personally, I am 23 and have lived here since I was 6. Once I finish college (FDU) I am outta here and heading south (better affordable housing & lower taxes). If the people of NJ like corruption, then have all the corrupt SOB’s in Trenton you want. Just dont bitch and complain when your property taxes keep going up year after year after year.

    Comment by KingDrudge — April 5, 2007 @ 10:39 pm

  6. I’m gone. I sold off in Bergen County, and am moving to the Midwest. Too bad about Jersey– it sure is a pretty place (always excepting Newark and Irvington).

    Comment by N5 — April 11, 2007 @ 2:29 pm

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