Op-ed by U.S. Representative Josh Gottheimer (NJ), includes “The usual set of naysayers are trying to undermine our effort to reinstate the state and local tax deduction — known as SALT — by claiming it’s just a giveaway to the wealthiest Americans. But anyone who actually lives here in Jersey knows that the $10,000 SALT cap imposed by the Red States back in 2017 hit scores of middle class families hard — who are already struggling with high costs.”
By Laura Davison, includes “Residents of New Jersey, Massachusetts and Connecticut will face the highest tax burdens over a lifetime, according to a new study.”
Bloomberg story by Shruti Singh and Amanda Albright, includes “… In a surprise to some, these funds can’t be used for debt payments … For states such as Illinois that want to use the money for debt repayment, the large amount of federal aid still gives them ‘ample’ opportunity to do what investors want to improve creditworthiness, said Ty Schoback "
By John Reitmeyer, includes “Time is running out on an interest-free loan that kept the unemployment insurance fund afloat. Some want NJ to use federal relief money to avoid a tax increase.”
By John Reitmeyer, includes “New Jersey’s bonded debt now totals $44.37 billion, according to the latest official accounting of state borrowing released by the Department of Treasury on Friday. … And it doesn’t include more than $5 billion in new debt the state has added since July.”
By Kim Jarrett, includes “New Jersey is a state swimming in cash, but is still facing struggles as it recovers from the economic impact of the novel coronavirus pandemic. The state will end the year with about $2.8 billion in surplus, legislative budget and finance officer Thomas Koenig told lawmakers earlier this month.”
By John Reitmeyer, includes “Just the announcement that New Jersey wants to make a full public-worker pension payment during the state’s next fiscal year has thrilled labor union officials."
By Mike Catalini, includes “Jeff Brindle, the commission's executive director, connected the spending to the coronavirus pandemic, pointing out that about 40% of the bills lawmakers took up last year centered on the virus. ‘Given the unprecedented nature of this crisis, it follows that there would be a major legislative and executive response as well as heavy engagement by the lobbying community,’ Brindle said in a statement.”
By Joseph De Avila, includes “New Jersey Gov. Phil Murphy is expected to propose making a full payment to the state’s chronically underfunded pension system for the first time since 1996, a sign that the blow from the pandemic to all states’ finances isn’t as brutal as officials originally feared.”
By John Bury, includes “… That $6.4 billion is what the actuaries hired by New Jersey for the specific purpose of providing absurdly low contribution amounts came out with for the 7/1/21 to 6/30/22 plan year. … Most of that state money will be borrowed as Murphy is sure to use the blank check the NJ Supreme Court gave him to force future New Jersey taxpayers to repay another $5 billion in bonds that will be sold to make the pension contribution.”
By Charlie Dwyer, includes “… To put things into perspective, Illinois is second at $52,000, Connecticut is third at $50,000, Hawaii is fourth at $31,000 and Massachusetts is fifth at $30,000.”
By Scott Rasmussen, includes “… On a percentage basis, the biggest increases were found in Idaho, Arizona, Nevada, and Utah.”
With critiques of timeliness and manner of reporting data, New Jersey ranked toward the bottom of an organization’s recent study of how states across the country report financial data.
The coronavirus is about to have its heyday, with the rates for cases and fatalities setting daily records, and it will literally take an Act of Congress to save American lives.
U.S. business activity expanded at the fastest rate in more than five years in November led by the quickest pickup in manufacturing since September 2014, a survey showed on Monday in an indication the economy keeps making progress at clambering out of the COVID-19 recession even as infections surge.
New Jersey has been underfunding its pension plans since 1996. As of last year, the plans had only 59 percent of the assets on hand needed to match projected liabilities, which was one of the worst ratios in the country.
New Jersey has been underfunding its pension plans since 1996. As of last year, the plans had only 59 percent of the assets on hand needed to match projected liabilities, which was one of the worst ratios in the country.
Sheila Weinberg interviews Bobby Rand, a former senior staffer for the New Jersey State Treasurer's office and Local Bond Issuer Manager.
New Jersey’s pre-pandemic balance sheet was described as being in “dire fiscal health” in a recently released independent analysis of states’ finances.
The word “notwithstanding” appears more than 480 times across all 251 pages of the state budget signed by Gov. Phil Murphy last week.