ONE BILLION IN NEW TAXES!!!

I don’t know commentary I can add to this story:

In his recently unveiled budget proposal, Gov. Jon Corzine, D-N.J., announced his plan to raise taxes on Garden State residents by $1 billion.

If enacted into law, the budget would propel New Jersey’s income tax to the third highest in the nation, eliminate most property tax deductions, extend a 4 percent tax surcharge on businesses, raises the tax on alcohol beverages by 25 percent and hikes the tax on cigarettes to $2.70 per pack, according to Americans for Tax Reform (ATR), a Washington, D.C.-based anti-tax organization.

“New Jersey taxpayers are groaning under the oppressive weight of not just big – but colossal government,” said ATR president Grover Norquist. “There is one thing all economists can agree upon: the last thing you want to do in a recession is raise taxes. Yet Gov. Corzine wants to do just that.”

Even liberals agree that raising taxes in a recession (some Democrats are claiming we are in a depression) is the wrong move.  History has proven that every tax increase in New Jersey has lead to lower revenues. Go figure.

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