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1 Joseph Henchman, New Jersey's Gubernatorial Race, Part I: Governor Corzine Proposes 10.75% Income Tax Rate 1 (2009)

handle is hein.taxfoundation/ffbhbxz0001 and id is 1 raw text is: FFISCAL No. 171 FACT New Jersey's Gubernatorial Race, Part I: Governor Corzine Proposes 10.75% Income Tax Rate By Joseph Henchman (See Fiscal Fact No. 172 for a discussion of Corzine's challengers' proposals.) Executive Summary As the only two states electing governors this year, New Jersey and Virginia can expect to be in the spotlight for the rest of 2009. Mirroring the national concern with revenue and spending, candidates in the New Jersey gubernatorial race are talking taxes. Like 40 other states, New Jersey faces a mismatch between declining revenues and desired spending, and revenues have fallen faster than in other states. On May 19, the state Office of Legislative Services reported that income tax revenues are down 19% ($2.4 billion) from last year, and another $1 billion drop is expected next year. The National Conference of State Legislators (NCSL) estimated in April that New Jersey's budget shortfall is $7.1 billion for Fiscal Year 2010 out of a $29 billion general fund budget, with the shortfall continuing into Fiscal Year 2011.1 (New Jersey officials now say that the shortfall is up to $9 billion, after income tax collection for April 2009 turned out to be 38% off.) NCSL notes, This is the most dire fiscal situation in the state's recent history. Fiscal policy in the Garden State reads like a what not to do for policymakers and stakeholders. The corporate income tax combines a high rate, onerous rules, and lavish subsidies for the politically connected. The sales tax is one of the highest in the country. The state is one of five to adopt a heavy individual income tax on high-income earners, which has reduced economic activity

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