After an all-nighter, the Democrat controlled NJ Assembly (think House) and Gov. Chris Christie have reached a compromise on a budgetary deal.
The plan would cut the state sales tax from 7% to 6%, in 2018..
The plan would raise the gasoline tax by $.23 per gallon, immediately.
Consider how much you spend each year in state taxable merchandise and services. Personally, I would peg it at around $4,000. Now consider how many gallons of gas you buy each year. For my wife and me, it's about 800 gallons per year (I consider this to be less than most families, but you're mileage may vary, literally.)
So if the state sales tax goes down 1%, I will save $40 a year in sales taxes.
But the gas tax goes up $.23 a year, so I'm spending $184 more in gas taxes.
The NJ Senate must approve the plan. Political observers think the Senate will strip out the sales tax decrease and leave the gas tax hike in place.
So Chris Christie, supposed Conservative, just raised taxes on working families about $140-$150 a year.
http://www.nj.com/politics/index.ssf/2016/06/in_midnight_vote_lawmakers_ok_surprise_sales_tax_c.html
The plan would cut the state sales tax from 7% to 6%, in 2018..
The plan would raise the gasoline tax by $.23 per gallon, immediately.
Consider how much you spend each year in state taxable merchandise and services. Personally, I would peg it at around $4,000. Now consider how many gallons of gas you buy each year. For my wife and me, it's about 800 gallons per year (I consider this to be less than most families, but you're mileage may vary, literally.)
So if the state sales tax goes down 1%, I will save $40 a year in sales taxes.
But the gas tax goes up $.23 a year, so I'm spending $184 more in gas taxes.
The NJ Senate must approve the plan. Political observers think the Senate will strip out the sales tax decrease and leave the gas tax hike in place.
So Chris Christie, supposed Conservative, just raised taxes on working families about $140-$150 a year.
http://www.nj.com/politics/index.ssf/2016/06/in_midnight_vote_lawmakers_ok_surprise_sales_tax_c.html