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.
Sunday, December 31, 2006
AP-Tough Year for New Jersey Taxpayers
Posted by Ben Cunningham at 8:58 AM