A lesson Corzine still hasn’t learned

As reported in NJ.com:

A landmark affordable-housing law signed by Gov. Jon Corzine at an outdoor ceremony in the heat of summer is facing troubles in the midst of the nation’s economic deep freeze. A big component in the law was setting up a funding source to help build more affordable housing: a 2.5 percent fee on developers of commercial and industrial property. But because of the recession, it has raised just a small fraction of the hundreds millions of dollars it was expected to produce, according to state Sen. Ray Lesniak (D-Union).

When will Corzine learn that you can NOT tax yourself into prosperity? Florio proved it with his ill-advised “luxury” tax on boats that put 3000 people out of work almost overnight.

McGreevey proved it with his “sin” tax on cigarettes that has never brought in anywhere near the amount of money promised. The State of Delaware has one of the most liberal and lenient tax systems in the nation, and is one of the most prosperous states. New Jersey has the most repressive taxes on the East Coast, and we rank near the bottom of every list. The only lists we rank near the top of are all the wrong ones.


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