From the Star Ledger:
Inside the N.J. town where retail spending beats Hollywood and tourism rivals Disney
Name any brand, and it probably has at least one location in Paramus — some have two or three.
At a time when retail all over the world is struggling to survive, it seems that nothing — not even local laws that prohibit stores from actually being open seven days a week — can stop Paramus. The former farming community already sees more retail sales than any other zip code in the country (yup, it even beats Beverly Hills’ luxurious Rodeo Drive) and it’s continuing to add more shopping complexes.
Paramus is home to four major malls and a slew of other retailers that line the bustling highway routes 4 and 17 that bisect the town. And, no site sits stagnant for long. An office building was razed and a shopping center, called Paramus Crossroads, is being built near the intersection of Route 17 and the Garden State Parkway, between PC Richards and a PGA Superstore.
“Paramus is one of the most dynamic and desirable retail markets in the country, and has been for many years,” said Jared Minatelli, director of asset management for Advance Realty, which along with Invesco Real Estate developed Paramus Crossroads.
More than $6 billion in retail sales happen in Paramus each year.
…
The biggest of the Paramus malls (which is also the largest mall in New Jersey) is Westfield Garden State Plaza. It spans more than 2 million square feet and was named one of the most lucrative malls in America. It sits on 198 acres at the intersection of routes 4 and 17.
Garden State Plaza alone gets about 20 million visitors per year. Compare that to the number of visitors to the Eiffel Tower (7 million) or the number of annual guests at Disney World’s Magic Kingdom (20.5 million).
…
What makes Paramus’ retail powerhouse status even more impressive is almost all of its stores are only open six days a week. Retailers are forced by county — and town — Blue Laws not to sell pretty much anything but food on Sundays.
The only time I’ve been in Bergenfield county is to visit family on a Sunday. As a result, I haven’t been able to shop in Paramus for decades.
American Dream Meadowlands (formerly Xanadu) was built in the wrong town
Interesting annual family party for St. Paddy’s Day yesterday (family lives near Bergenfield so we attend that parade). Most my cousins who are near retirement age are all planing on fleeing NJ and NY. Soon to be retired teachers, cops, union construction workers etc. My one cousin will be moving to Charleston this time next year taking early retirement from his Union construction job in NYC. The Bergen county cop in the family is eyeing a place in North Carolina. The teachers and the Principal are all planning on leaving too. Each one has the same reason. High Property taxes. All their friends also say the same thing too it is crazy to stay here with the high property taxes! Just saying…..
All their friends also say the same thing too it is crazy to stay here with the high property taxes!
Well, someone needs to pay for those six-digit salaries in the ultra crime-ridden areas of towns like Cresskill, Demerast and Closter. :o
Retirement is difficult enough to achieve without being on the hook for a monthly tax bill that is more than a mortgage.
Are we reaching peak taxes? How can NYC go bankrupt?
https://www.dailymail.co.uk/news/article-6791327/New-York-City-BANKRUPT-recession-hits-experts-warn.html
wow, that’s more than a 10% increase
https://www.dailymail.co.uk/news/article-6791327/New-York-City-BANKRUPT-recession-hits-experts-warn.html
The state has also added more than 33,000 public sector workers in the last five years, thus increasing its long-term liabilities.
What I find funny is that people who spent their entire life working in New Jersey are magically labeled “takers” as soon as they exit the state.
On March 6, the group’s CEO and executive director, Ralph Albert Thomas, offered the following statement in reaction to Murphy’s budget address:
“The message is clear: New Jersey is facing a fiscal crisis, and we are not committing ourselves to the difficult decisions that will put the state on sound financial footing. While the New Jersey Society of Certified Public Accountants commends Governor Murphy for addressing issues such as health care spending, high property taxes and the growth of small businesses in his budget presentation, there’s more work to be done.
“According to a recent report by the New Jersey Business & Industry Association (NJBIA), state expenses have significantly outpaced state revenues, and state debt has increased by 382 percent over the last 10 years. For this fiscal year, which ends June 30, Governor Murphy counted on 7.5 percent overall revenue growth to balance the budget. Through January, growth was 3 percent, putting the state $740 million behind, according to a Feb. 25 report by S&P, which ranks New Jersey debt A-, the seventh-highest investment grade.
“Governor Murphy needs to take a closer look at pension and benefit reform. New Jersey’s combined net pension liability and post-employment benefit obligation is currently $151.6 billion — four times the state’s annual budget. Without changes to the pension and benefit structure, the cost of pensions and benefits will rise from a current $6.6 billion to about $11 billion in 2023, according to New Jersey Treasury projections submitted to the Senate Budget and Appropriations Committee and other health benefit reports. That would be 27 percent of the state budget.
“The NJCPA strongly endorses the pension and benefit reform recommendations spelled out by the New Jersey Economic and Fiscal Policy Workgroup in its”Path to Progress” report. The report cited the need to shift from the current defined benefit pension system to a sustainable hybrid system that combines the best elements of both a defined benefit and a defined contribution system.
“Last year, the state budget forced $1.6 billion in higher taxes on New Jersey businesses and residents to cover state expenses. Businesses have also faced absorbing other costly state mandates, including an increase in the minimum wage, enhanced paid sick leave and expanded paid family leave mandates, higher energy delivery costs and fees from renewable energy efforts.
“The expansion of the millionaires’ tax proposed by the Governor directly impacts small businesses that flow their income taxes through personal returns. We already have some of the highest personal income and business taxes in the nation, and our rates compare unfavorably with neighboring states. The proposed marginal tax rate of 10.75 percent on income above $1 million would put New Jersey well above New York State’s rate (8.82 percent) and would be more than three times Pennsylvania’s flat rate (3.07 percent).
“NJCPA members often hear objections about New Jersey’s high taxes from clients who are looking to leave New Jersey. In a member survey, 75 percent of respondents said they have recommended to some clients that they move out of state. In short, the proposed budget plan will be counterproductive.
“The NJCPA has long advocated for policies that will generate economic growth and supported a fair tax system that enables companies and individuals to thrive. We are concerned that the increased spending and revenue raisers in the Governor’s budget will have far-reaching consequences, affecting New Jersey’s ability to grow and attract business.
In other news, I’m nearly finished with my taxes and it looks like I got royally screwed. Last year, I had refunds of 1700(f), 369(NJ), 187(NY).
This year, I owe 7600(f), -7(NJ), 669(NY).
How do you like them apples? Trump cost me 10 grand!
Is this winning Gary?
Face it, as long as you can retire in less expensive cultural wastelands to the south and west it’ll be really tough for the High Tax/High Consumption locales to keep people.
Yeah let’s retire in our split level off the interstate. We can’t afford to pay attention. But we are near NY. Yay.
11:21 good lord. Dreading that trip to the accountant.
What NJ needs is a Nightlife Ambassador
https://www.usnews.com/news/best-states/new-york/articles/2017-06-16/new-york-city-to-create-new-nightlife-ambassador-position
Lib, how does the actual taxes owed compare? or the effective tax rate?
Refunds are based on with holding and I wonder if the with holding tables screwed you
Turd – For curiosity sake take a look at AGI – Line 7 on the 1040 for 2018 minus line 37 for 2017 year’s 1040. Is it significant enough that it would raise your tax bracket?
How about the line for total payments 18 on the 2018 form vs line 74 on the 2017 form? Is there a big difference? was your witholding too low?
Just curious..
We usually get just over $4000 back each year, this year it was only $1700. We did pay less in tax’s, I just wish they did not change our withholdings.
I am not quite finished and I know I need to do a side by side comparison. But I think the real killer is the handling of gambling income/losses. This year I gambled a lot less. Though I had a small loss, I think it’s impacting my total itemized amounts greatly. I still need to figure out where I am getting hammered. Part of it is that Gator works for the man now and is no longer self-employed. Still, it’s a hyuge hit and something seems awry. It can’t be SALT only because I only lost about $6,000 of deductible there as I still get to write off the first 10,000 in taxes paid.
Quite likely, it’s just a combination of all of the wrong things under the new tax plan. I’m firmly in the sweet spot.
Juice and others. Once I’m done, I’ll certainly share with all here. I told you all I was about to get my ass whipped as I itemize like a mofo. I look at tax deductions like most people use coupons in the super market. I just think a whole bunch of them are now eliminated under the new tax bill.
Lib,
Where were your investments and individual holdings a year ago and where are they now? How much of a raise did you get plus bonus? Did you adjust your withholding or is it/was it the same as 2017? Did you put money into a 12 – 14 month fixed CD? You, of all people, thinking in linear terms as opposed to the monkeys looking to pull the lever for a pellet. This is not even taking into account that you own more than one property and one of them draws rental income… which I know nothing about. Take all of this above into consideration and when all debits and credits have been calculated, I suspect you, of savvy financial management, have come out ahead.
I thought one could only deduct gambling losses to the extent of their winnings? i.e. if you have a net-loss for the year, it will not reduce your taxable income
Libturd, can’t say I didn’t warn you. says:
March 11, 2019 at 11:59 am
I am not quite finished and I know I need to do a side by side comparison. But I think the real killer is the handling of gambling income/losses. This year I gambled a lot less. Though I had a small loss, I think it’s impacting my total itemized amounts greatly.
What is your total tax liability this year vs last year.
You don’t really have to answer that online, but I’m wondering if it’s a matter of adjusting your payroll deductions?
Libturd, can’t say I didn’t warn you. says:
March 11, 2019 at 11:21 am
In other news, I’m nearly finished with my taxes and it looks like I got royally screwed. Last year, I had refunds of 1700(f), 369(NJ), 187(NY).
This year, I owe 7600(f), -7(NJ), 669(NY).
How do you like them apples? Trump cost me 10 grand!
Is this winning Gary?
I know, I know, I know. No more advice. I know all this. When I’m done, the difference should be as clear as day. I have to work unfortunately. :P
And yes, D it very well could be. Just did my initial run through last night.
Some districts are in for some fiscal pain…and likely local property tax increases…
https://www.nj.com/education/2019/03/the-10-biggest-winners-in-njs-school-funding-shakeup.html
I know a lot of people who use it as a forced savings… the emotional impact is still real…
Libturd, can’t say I didn’t warn you. says:
March 11, 2019 at 12:33 pm
And yes, D it very well could be. Just did my initial run through last night.
Jersey City and Hoboken seeing State School funding decreases…interesting.
County District 2019-20 Aid Dollar Increase Percent Increase
Hudson Jersey City $379,711,659 $-27,192,633 -6.68%
Hudson Hoboken City $9,490,928 $-450,418 -4.53%
Jersey City is still getting away with robbery. They should lose $150 million minimum.
Hoboken and Jersey City politicians are among best in state. Residential building permit issuance knowhow is key to success, and these pols get it. Most suburban pols don’t.
What criteria are you using to determine success?
Yo! says:
March 11, 2019 at 1:22 pm
Hoboken and Jersey City politicians are among best in state. Residential building permit issuance knowhow is key to success, and these pols get it. Most suburban pols don’t.
Mr. we could use a man like Governor Christie again.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=2ahUKEwjwh-qXy_rgAhWFn4MKHeHYB7MQxfQBMAB6BAgAEAM&url=https%3A%2F%2Fwww.northjersey.com%2Fstory%2Fnews%2Fwatchdog%2F2019%2F03%2F11%2Fnew-jersey-schools-development-authority-promotes-hr-worker-after-data-breach%2F3106853002%2F&usg=AOvVaw23l1t8k2mmke5qNu_T80gH
…….didn’t need no welfare state….
7 year plan to “adjust” school funding…..amazingly the near in suburbs win…
https://www.northjersey.com/story/news/new-jersey/governor/2018/07/24/nj-property-taxes-may-drop-murphy-signs-school-funding-law/823589002/
Pumps – Mayor and politicians of Wanye speak up about the “Heroin Highway” Rt 23 running though town.
https://www.northjersey.com/story/news/crime/2019/03/11/nj-route-23-heroin-highway-demand-drugs-meets-urban-supply/2955089002/
Apply the same idea to other high tax states like NJ. If you are making money, you can’t leave. Once you are done making money, only then can you retire somewhere else. Article does a good job of explaining it.
“Are rich people fleeing California to escape astronomical state income taxes? That’s the word. But it’s fake news.
In fact, more wealthy people are moving to California than leaving, research indicates. It’s the poor and middle class who are departing.
It makes sense. If you’re getting rich in California and can afford to live comfortably here in this balmy climate, there’s little incentive to leave — except to stick it to the tax collector in Sacramento.
“If you’ve got your business here and you’re making money, it’s hard to leave,” says Allan Zaremberg, president of the California Chamber of Commerce.
“And if you’re making money in California, you’re still going to get taxed here even if you live in Texas,” he said. “You get taxed where you make the money, regardless of where you live.”
Loren Kaye, president of the California Foundation for Commerce and Education, a chamber affiliate, cautions: “You can’t shelter your income simply by moving out of state. If your business or work is in California, that’s where you’re taxed. California very aggressively collects taxes.”
But, he adds: “If you’re retired or living off of investments, that’s different.”
You can move to Nevada, where there’s no state income tax, and live off a California public pension without paying either Sacramento or Carson City.”
https://www.latimes.com/politics/la-pol-sac-skelton-income-tax-california-wealthy-20190311-story.html
Juice,
Terrible….really sad.
Pumps, here is the issue, businesses cannot move right away but other assets can. Increased state taxes negatively impact the value of existing businesses and disincentivize new business creation. Pumps try to remember there was a time when NJ was the lower cost, lower taxed alternative to NYC. Given the current “Progressive” government in NJ why would you establish your business here? Even if you want access to the market you’d still structure yourself away from NJ as the income tax structure in NJ is hostile to high earners, when PA is 3.07%, CT is 6.99%, even NY caps out at 8.82% NJ is 10.97%. For anyone with significant capital and significant income this is a bad place to setup shop.
NJ will be left with small businesses directly tapping local markets, retail, and crony capitalists(mostly RE developers utilizing the pols to make crazy money at the tax payers expense).
Tax policy is setup in this state so the pols can dole out favors in exchange for cash…it is more like a protection racket than any kind of sane government.
NJ has too much red tape to start a small business. I talked to a few what were local hot sauce makers. They would.love to do it local and hire staff. That have all contracted their production out to a single company in Florida to produce. Less regulation, less cpst.
Correct JCer. The corruption in this state is overwhelming. There is hardly a project that you can’t find someone immorally enriching themselves in.
Look at Murphy and everyone who worked on his campaign. Every single one of them is now making middle 150s with lofty pensions. In the case of the School Development Association, it appears his helper hired ever relative she new. All unqualified and all fukcing up royally. Murphy is the darling of the DNC. Meanwhile, he is bankrupting our state. And you don’t know about it, because the press in NJ (outside of the shrinking Record) is overwhelmingly progressive. It’s why Christie got sh1t upon at every move when he should have been honored for being the first governor to actually try to help the state since I’ve been old enough to follow politics.
And don’t think Sweeney or any of the other hoodlums in the assembly are really any better than Murphy. If you have an office in Trenton, you are dirty already.
The only thing NJ politicians have going for them is that they are lucky the Dems continue to shower the crumbs on the minorities. This keeps them from paying attention.
The shit show that is State and Federal government is embarrassing. They are squandering your money.
President Trump is demanding an additional $8.6 billion wall for his border wall in the annual budget the White House will release later this morning
Request in the fiscal year 2020 budget for wall money is more than six times more than what he secured through his national emergency
Budget is mostly a way for the White House to highlight its priorities and the mandatory document is essentially dead on arrival in Congress
Trump proposes to increase military spending by $34 billion and increase spending on vets and homeland security
As you know this is an area where we’re tired of being right,’ said acting Office of Management and Budget director Russ Vought said Monday of the border
Roughly $2.7 trillion in cuts primarily come from foreign aid and welfare reforms
Know what’s worse than NJ? My grammar, my misspellings and really, my entire last rant. Sorry!
So far, Trump’s wall has increased immigration on our southern border and the numbers have doubled at our northern border. What a supreme waste of money this wall is going to be. Just improve the processing. It’s so much cheaper, humane, and you can begin collecting taxes on them instead of them being a tax on society. But a xenophobe doesn’t care about the truth. He only cares about looking tough on the bad hombres.
Owners of Chrysler Building Reach Deal to Sell Tower https://www.wsj.com/articles/owners-of-famed-chrysler-building-reach-deal-to-sell-iconic-tower-11552075368
Massive loss on above
Have to agree.
At the end of the day, cheapest and most effective wall you could build is the one in which you stop hiring illegals. Cut the snake off at the head.
Libturd, can’t say I didn’t warn you. says:
March 11, 2019 at 4:35 pm
So far, Trump’s wall has increased immigration on our southern border and the numbers have doubled at our northern border. What a supreme waste of money this wall is going to be. Just improve the processing. It’s so much cheaper, humane, and you can begin collecting taxes on them instead of them being a tax on society. But a xenophobe doesn’t care about the truth. He only cares about looking tough on the bad hombres.
That’s the bottom line. It hurts the state economy because it only attracts business that must operate in the state. If the business doesn’t need to operate here, it leaves. So it ultimately hurts the potential for stronger growth as businesses only look to invest here if they have to. Totally limits your full potential.
JCer says:
March 11, 2019 at 3:32 pm
Pumps, here is the issue, businesses cannot move right away but other assets can. Increased state taxes negatively impact the value of existing businesses and disincentivize new business creation. Pumps try to remember there was a time when NJ was the lower cost, lower taxed alternative to NYC. Given the current “Progressive” government in NJ why would you establish your business here? Even if you want access to the market you’d still structure yourself away from NJ as the income tax structure in NJ is hostile to high earners, when PA is 3.07%, CT is 6.99%, even NY caps out at 8.82% NJ is 10.97%. For anyone with significant capital and significant income this is a bad place to setup shop.
NJ will be left with small businesses directly tapping local markets, retail, and crony capitalists(mostly RE developers utilizing the pols to make crazy money at the tax payers expense).
Tax policy is setup in this state so the pols can dole out favors in exchange for cash…it is more like a protection racket than any kind of sane government.
The bigger question we should be asking… why does every successful local or state economy eventually become expensive and overtaxed? I have yet to find one location in our country that this hasn’t happened to. Better yet, it has happened to every national economy. Highly successful, then taken out by cost and debt. Never fails..
NJ has been a tax happy place for decades. My theory? They calculate what they can ask by looking at NY Metro rents & maintenance . Going rate of at least $1500 in Tony towns vs anything they could get in NY Metro. 15 mile radius.
Bribes to issue building permits
joyce says:
March 11, 2019 at 1:24 pm
What criteria are you using to determine success?
Improve the processing? How do you process folks who were living in a Caracas slum 6 months ago, and arrived with no ID?
Walls and landmines.