11 March 2009

A Corzine Story

Governor Jon Corzine's budget address was a little like the scene near the end of A Christmas Story where the neighbor's hound dogs have stolen the Christmas turkey right off the kitchen table. Close your eyes and you can almost hear Jean Shepherd narrating - "The heavenly aroma still hung in the State House. But it was gone, all gone! No property tax rebates! No property tax deductions! No property tax decreases! Gone, ALL GONE!"

For Hillsborough residents, the loss of the property tax deduction will hit very hard. The ability to deduct your property tax from your state income tax was the only middle class "loophole" left.

The rich have a million ways to work the system - from trust funds to offshore accounts to shady business ventures to farm assessments on their 100 acre estates. All the middle class taxpayers of Hillsborough had was one lousy deduction.

New Jersey's elite, even with a modest tax increase, still hold onto their Red Rider BB guns. All the rest of us have to settle for TinkerToys.

Hey Jon - Fa Ra Ra Ra Ra Ra to you!

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