Beware of Democrats Bearing Tax Cuts
The likely cut will be in your take-home pay
.Mr. Corzine won the Trenton statehouse last year by running as a tax cutter who'd raise property tax rebates by 40% over four years. "I'm not considering raising taxes. It's not on my agenda. We have a very high-rate tax structure. I'm not considering it," the then-U.S. Senator had vowed in October.
Well, last week Governor Corzine removed the Steve Forbes mask and submitted a record $30.9 billion budget that increases state spending by 9% and includes $1.5 billion in new levies. He wants to raise the already high state sales tax by 16% and extend it to services; hike taxes on cigarettes, alcohol and expensive cars; and create a new state water tax. And just so Garden State entrepreneurs don't feel left out, his budget would impose a corporate tax surcharge and a commercial property transfer tax. "There are no immediate plans," joked one local paper, "to tax the air we breathe--not this year, at least."
The WSJ reminds people that Jim McGreevey, the prior governor, also ran on a campaign of tax cuts that turned into tax increases. Of course, McGreevey was a piker compared to the king of "delivering on all the promises we intended to keep": Bill Clinton.