Corporate Tax Surcharge Called Critical to Funding NJ Transit
Kevin Corbett, president and CEO of NJ Transit, supports a proposed tax increase on large New Jersey businesses to help fund the state’s public transit system.
tax increase
Business groups and lawmakers battle over ballot measure to limit California tax increases
Californians will be paying billions of dollars in federal and state income taxes and property taxes this month. The state of California levies the highest taxes per capita in the nation at ,200 annually, totaling about 0 billion a year. Governor Gavin Newsom has rejected tax hikes and proposes a budget that closes the deficit with spending deferrals, bookkeeping maneuvers, loans, and money from the state’s rainy day reserves. There is increasing discontent among residents about their tax burdens, leading to a rejection of a tax increase measure in 2020. A measure has been qualified for the November ballot that would make raising state and local taxes more difficult, requiring two-thirds votes for any increases. This has sparked a legal and political war between Newsom, the Legislature, and pro-tax interests.
New York, Illinois, And California Lawmakers Propose Higher Taxes
The most recent state-to-state migration data shows that California, New York, and Illinois are experiencing population loss to red states due to factors such as high taxes, high housing costs, and crime. Lawmakers in blue states like New York and Illinois are proposing tax hikes, while red states like Georgia and Iowa are taking action to reduce taxes and improve their fiscal advantages. Governor Gavin Newsom of California has blocked some tax hikes, but voters will decide on a proposed income tax increase in November.
Many GOP billionaires balked at Jan. 6. They’re coming back to Trump.
Nelson Peltz expressed remorse for voting for Donald Trump after the Capitol insurrection on Jan. 6, 2021, but later had breakfast with Trump and other billionaires at his mansion in Palm Beach, Florida. Peltz has stated that he would “probably” vote for the GOP front-runner in 2024. Elite donors who were once critical of Trump are now rediscovering their affinity for him due to fears of President Biden’s tax agenda. Some billionaires are considering supporting Trump financially, including Larry Ellison and Richard Uihlein, while others like Ken Griffin and Peter Thiel remain resistant. Some tech investors and leaders in Silicon Valley who were alienated by Trump’s election-fraud crusade are now coming around to support him. Gary Cohn, who was once critical of Trump, has recently spoken positively about the former president. Robert Bigelow, who criticized Trump after the Capitol riot, has pledged million to a pro-Trump campaign group. Trump is facing financial challenges and is seeking support from wealthy donors to fund his campaign.
Time to Derail NJ TRANSIT Tax Talk
The governor of New Jersey broke his pledge by resurrecting a Corporation Business Tax surcharge under a new name to fund NJ TRANSIT as part of his billion FY25 state budget proposal.