Archive for Tag: taxes

Assembly moves Dancer bill protecting disabled veterans’ federal student loan debt from state income taxes

TRENTON, N.J. – The Assembly voted today to assure disabled veterans that their federally-discharged student loan debt would not be subject to state income taxes. Assemblyman Ron Dancer sponsors the bill (A803) codifying that New Jersey’s income tax exclusion for cancelled debt also applies to a disabled veteran’s federal...

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Bramnick: Stock exchange tax won’t raise revenue if transactions leave New Jersey

TRENTON, N.J. – Assemblyman Republican Leader Jon Bramnick criticized a proposed new tax on financial transactions heard in the Assembly Financial Institutions and Insurance Committee Monday. He pointed out that if the stock exchange follows through on its threat to leave, New Jersey will lose revenue. “The more we...

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Bramnick: With stock exchange tax, New Jersey faces losses

TRENTON, N.J. – Assembly Republican Leader Jon Bramnick warned Gov. Phil Murphy not to test the stock exchange’s reaction to his proposed new tax on financial transactions. “The governor is discussing a new tax on financial transactions,” said Bramnick (R-Union). “This tax will cause the financial industry to move...

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Bramnick schools Murphy for bringing home ‘F’ on fiscal-policy report card

TRENTON, N.J. – Assembly Republican Leader Jon Bramnick pointed to a Cato Institute report card released Monday that ranked Gov. Phil Murphy among the worst seven governors in the United States when it comes to fiscal management. The report, entitled the Fiscal Policy Report Card on America’s Governors 2020,...

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DiMaso says new $40B Murphy budget mortgages our children’s future

TRENTON, N.J. – Following Governor Murphy’s budget address this morning, Assemblywoman Serena DiMaso criticized yet another inflated budget without substantial tax relief or long-term solutions. She advocated for more property tax relief and school funding. “Once again Governor Murphy has disappointed the taxpayers in our beautiful state,” said DiMaso...

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Murphy to advertise for the state of Florida tomorrow at Rutgers stadium

TRENTON, N.J. – Assembly Republican Leader Jon Bramnick said more people will be leaving New Jersey in reaction to Gov. Phil Murphy’s new budget, which is likely to propose more taxes and more spending. “Every time the governor speaks about the budget, more people begin to pack their bags,”...

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Bramnick statement of Murphy borrowing decision

TRENTON, N.J. – Assembly Republican Leader Jon Bramnick released a statement after the state Supreme Court ruled that Gov. Phil Murphy may proceed with his plan to borrow $9.9 billion to balance the state budget. “Borrowing $9.9 billion to cover expenses will raise taxes across New Jersey,” said Bramnick...

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Dancer, Clifton blast Murphy’s $14 billion borrowing and statewide property tax scheme as “unconstitutional and unconscionable”

TRENTON, N.J. – Reacting to the party-line passage of an unprecedented statewide property tax and borrowing scheme that could add $14 billion to the state’s debt, Assemblymen Ron Dancer and Rob Clifton blasted Gov. Phil Murphy and Assembly Democrats for their out of touch devotion to raising taxes on...

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Murphy’s borrowing scheme puts mortgage on N.J. properties

TRENTON, N.J. – Assemblyman Jay Webber said that New Jersey’s already worst property taxes would get a lot worse under Gov. Phil Murphy’s scheme to borrow $5 billion, which imposes a statewide property tax on New Jersey properties. “Governor Phil Murphy’s massive statewide property tax creeped forward today, even...

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Dancer moves to make forgiven PPP Loans untaxable in New Jersey

TRENTON, N.J. – The Paycheck Protection Program established by Congress in late March was aimed at helping businesses keep making payroll for eight weeks, despite Gov. Phil Murphy’s orders to shut down because of the coronavirus pandemic. Unfortunately, these loans can be taxed in New Jersey, but Assemblyman Ron...

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