Wanna light up? Oor drink up? Get ready to pay up, thanks to New Jersey’s new budget!
The rationale is simple. The Garden State pulls in nearly $50 million dollars in added tax revenue by raising the cost of products that – let’s face it – we can do without, reported Fox 29’s Bruce Gordon. But don’t tell that to border-area business owners or their customers.
When Governor Jon Corzine signed the state’s $29 billion dollar budget into law, he touted the spending cuts, but said little about the tax increases that helped balance the budget: a 25-percent increase on alcohol, a 17-percent hike on wine and a nearly 5-percent jump on a pack of cigarettes. Jersey’s cigarette tax is the second highest in the nation.
The budget even raises the tax on lottery winnings over $10,000!
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