The report comes at the same time as the new housing index which shows a new low in home prices. The reason why those who can afford purchasing a home choose not too is not a sudden change in mentality but the insecurity in the job market. The new fluidity in jobs, outsourcing, technology replacement, and business failures are taking their toll in confidence.
New Jersey is behind the rest of the nation in a number of economic indicators. We are worse off than most.
As we stand today, these are the counter-measures I intend to seek implementation of:
1. Phasing out property taxes for primary homes of New Jersey residents who: a) Work in the state of New Jersey; b) Are retired; c) Serve in the armed forces of the United States.
2. Phasing out property taxes for farms and businesses.
3. New Jersey minimum wage will rise to $18 per hour without health coverage benefits or $15 with HCB.
4. All dividends from S corporations will be tax-exempt.
5. Profits from C corporations operating with a significant presence in New Jersey will be also tax-exempt.
6. Direct dividends from corporations that do not have a presence in New Jersey will be taxed at a rate of 50% of margin after federal taxes. Owners of stock of those corporations will be liable for 50% of their profits after federal tax. NOTE: Retirement accounts such as IRA and 401-K are excluded from this provision.
As an example of 5 and 6: Swiss corporation Hoffman-La-Roche has a significant operation in New Jersey. It will pay no corporate taxes and it will pay no property taxes for its facilities in Nutley. The dividends it pays to investors will be un-affected by this provision. On the other hand, dividends from General Motors, nominally a U.S. corporation but which is absent from New Jersey and has shown a marked tendency to outsource its production outside the United States, will be taxed at 50% after U.S. tax.
7. Personal income taxes will increase.
This is an economical platform which is accompanied by a number of other measures (see political program page)
This program could change due to economical events, legal prohibitions, and other unforeseen factors.