Posts Tagged tax

Camden, NJ Property Taxes On The Rise

Posted by on Saturday, 29 January, 2011

Camden, New Jersey

 – Yesterday morning the New Jersey Local Finance Board, part of the state Department of Community Affairs, voted to waive the city of Camden’s 3 percent cap on taxes. This will let Camden raise municipal property taxes to 23 percent.

The expected $4 million in funds that will be added to the city’s budget as a result will go to the rehiring of approximately 30 to 35 police officers and 8 to 10 firefighters, according to city spokesman Robert Corrales.

On January 18th, 168 police officers and 67 firefighters were let go. This left Camden, one of the country’s most crime filled cities, with only 200 officers.
This will be the first tax hike for Camden taxpayers in 10 years. Mayor Dana Redd “has been working nonstop to find solutions,” Corrales said.
“We’re trying to be fiscally responsible and wean ourselves off state aid,” he said. “The state aid isn’t always going to be there.”

Chief of Staff for the Mayor, Novella Starks Hinson, said the city is exploring all options to expand the budget, including combining services, such as IT departments and recreation, with the school district.

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Alaska Governor Proposes New Tax Cut On Oil Production

Posted by on Tuesday, 18 January, 2011

Gov. Sean Parnell

 – A report released by Alaska’s Department of Revenue states that numerous alterations to the state’s oil and gas production tax over the last two years has made it hard to determine how the tax is affecting industry investment choices. The report follows Gov. Sean Parnell’s proposal to change the tax considerably. He has stated its’ importance to create jobs and boost oil production.

If the tax is changed, it will be the third time in four years. While oil production is declining, not every lawmaker is sure that a tax adjustment will alter the trend or help the industry. The findings in the Dept. of Revenue’s report support this. Parnell’s proposed cut will decrease taxes on oil production by ten percent, and will also provide credits for oil companies that invest in Alaska. These changes will cost the state an estimated one billion dollars.

Instead of making a decision now, the legislature has recommended that the state should continue to monitor Alaska’s production and compare its’ standings with other oil and gas producers around the world. The legislature suggests that changes to the tax scheme should be made on an ‘as needed’ basis.

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Maryland’s Tax Law Will Change In 2011

Posted by on Thursday, 30 December, 2010

Maryland State Capitol Building

 – In 2008, Maryland began imposing a two year law that taxed millionaires at 6.25%. The law will expire on December 31st, and Governor Martin O’Malley has no intention of re-instating it. The ‘millionaire’s tax’ along with other measures, was created to help decrease the state’s $1.7 billion budget gap. Spending cuts will combat the absence of the tax in 2011.

Maryland is not the only state to have levied higher taxes on high earners recently. Hawaii, New York, Wisconsin, and New Jersey all raised taxes in a similar fashion in 2009. Oregon did in 2010, and Washington tried to, but the law wasn’t passed. With the exception of Wisconsin, all the taxes are temporary.

When Gov. O’Malley presented the tax in 2007, he pointed out that the tax would only affect 3.7% of the state’s households. It was part of a broader overhaul that actually cut income taxes for most residents. According to the state’s Comptroller’s Office, $120 million has been raised through this tax. And although this tax won’t be renewed, there will still be a 5.5% tax on income greater than $500,000.

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