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 This
program is one of a six-part special series called Agenda
New Jersey, and is based on reports commissioned by the
Fund for New Jersey foundation. Written by experts who also
appear on the programs, these reports look at challenges
facing the state now and in the years ahead. In addition
to fiscal responsibility, this series focuses on better
schools, strengthening families, campaign reform, saving
land and water, and building our cities.
Full copies of these reports can be found at: www.fundfornj.org/agendanj.html
The Agenda New Jersey Report Stresses the Following Issues:
- An unbalanced fiscal structure featuring over-reliance
on local property taxes, and spending on major services
that is both above the national average and possibly unable
to be sustained by recurring revenue.
- Property taxes were 47% of total state and local tax
collections in New Jersey, compared to the national average
of about 30%.
- The lowest income New Jerseyans pay a higher percentage
of their income in property taxes than do the wealthiest.
- There is a dizzying array of Property Tax relief programs
that are poorly targeted, funded and coordinated.
- Corporate Income Tax becomes a major issue as states
vie for companies to relocate, often by minimizing taxes
through varying formulas that result in greater tax burdens
for companies that sell in the state VS. those who reside
in the area.
- Corporations in the state should be held accountable
for paying their fair share of tax.
- Significant unmet spending needs-particularly in educational
facilities at the primary, secondary and college levels,
and for transportation and environmental protection-that
will contribute to the high costs of public budgets in
the future.
- The budgeting process needs to be revised.
- The State's system of awarding incentives to businesses
to relocate needs to be made more rational and monitored
to ensure equity.
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