Sunday, December 31, 2006

AP-Tough Year for New Jersey Taxpayers

Link

While 14 other states also increased taxes in 2006, New Jersey alone boosted taxes nearly as much as the entire country cut them. Overall, states cut taxes $2.1 billion in 2006, the report found.

The findings were no surprise to Democratic Gov. Jon S. Corzine who, along with fellow Democratic leaders, approved the tax hikes to close a projected $4.5 billion budget deficit. The move wasn't easy: The legislative dispute around it shut down state government for a week, and caused Atlantic City's casinos to close their doors briefly.

"We have not been managing the finances of the state in a way that is reflective of sound fiscal policy," Corzine, who took office a year ago, said in a recent interview.