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Essay / Research Paper Abstract
This 6 page paper provides an overview of the gross income tax in the state of New Jersey. Where it comes from, what it is used for and income distribution are some things discussed. The overall economy is discussed as well, particularly as it impacts the state of New Jersey. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: RT13_SA234NJ.rtf
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Unformatted sample text from the term paper:
as are commuters who go back and forth to New York from either Connecticut, New Jersey or Long Island. The jobs that once were there are now lost and surrounding
states like New Jersey have felt the effects. The State Treasurer, John McCormac, announced in May of 2002 that revenue collections for April indicate that New Jersey is locked in
a downward fiscal trend ("2002 Treasury," 2002). Collections in that month were $233.3 million (2002, p.PG) below revised projections made just in March. The Gross Income
Tax fell $143 million or 11.2 % ("2002 Treasury," 2002, p.PG) below projections. This is bad news. A major tax source for the state of New Jersey is the
Gross Income Tax, something that makes up about 39% ("Major State," 1999, p.PG) of the states revenue. New Jersey businesses and individuals pay this income tax. The tax is paid
for much income that is made by a New Jersey resident, regardless of source. For example, while there are many commuters who work in New York City, income tax is
also paid to the State of New Jersey. And while the Gross Income Tax continues to bring in the most revenue, the current governor James McGreevey says that corporations should
pay more. The governor explains that Corporate Business Tax once accounted for about 15 percent of all state revenues collected, but in the present it is less than
5 percent (McGreevey, 2002). This means that the citizens are "paying the bill" (2002, p.PG). In other words, the reason why there is such a big percentage of revenue
coming from the individual income taxes is because corporate income taxes are so low. If corporations would pay more, that would mean more income for New Jersey from this source.
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