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Steven Malanga joins Seth Barron to discuss the dismal economic and fiscal health of New Jersey, where individual and corporate taxes are among the highest in the country and business confidence ranks among the lowest of the 50 states. Jersey also has one of America’s worst-funded government-worker pension systems, which led its leaders in 2017 to divert state-lottery proceeds intended for K-12 and higher education to its pension system.
When Governor Phil Murphy wanted to boost taxes on individuals earning more than $1 million, he claimed that they needed to pay their “fair share.” Murphy signed a budget hiking taxes by about $440 million. But as the recent controversy surrounding a soccer team owned by the governor reminds us, it’s easy to show compassion when you’re using other people’s money.
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Condolences to any Ricochet members who live in NJ. That has to be a bummer.