By now you’ve probably seen the ads, received the mailing or read news coverage promoting the State of New Jersey’s tax amnesty program. Why would our state’s legislative leaders and chief executive agree to waive the potential recovery of additional interest, penalties and fees?

It is certainly not out of the “holiday spirit.”

Garden State Initiative will provide monthly analysis and commentary on the monthly “jobs report” issued by the New Jersey Department of Labor & Workforce Development based on data produced by the U.S. Bureau of Labor Statistics:

“October’s monthly jobs report showed positive gains for the Garden State economy across the board and marked the fourth consecutive month of job and workforce growth for the state. Over the longer term however, New Jersey’s labor force is still near its lowest levels in years with some industry sectors suffering compared to neighboring and competing states.”

A 12% increase in taxes? A 400% increase in state employee contributions to the pension system? A recent op-ed on Marketwatch.com offers a bleak scenario for New Jersey residents if Trenton fails to act on meaningful reform to address the state’s unfunded debt and pension and benefits crisis.

We were struck by a recent op-ed  by Doug Gardner, a former New Jersey resident, in the Daily Advance newspaper of Elizabeth City in the Tarheel State. Mr. Gardner wrote in support of a ballot referendum facing North Carolina voters that will cap the state’s income tax at 7% and enshrine it in the state’s constitution. North Carolina has a maximum income tax rate of 5.49%  but it’s state constitution currently permits it to go as high as 10%.

Garden State Initiative will provide monthly analysis and commentary on the monthly “jobs report” issued by the New Jersey Department of Labor & Workforce Development based on data produced by the U.S. Bureau of Labor Statistics:

“Garden State Initiative (GSI) analysis of  September’s monthly jobs report for New Jersey showed continued, smaller gains for a state economy that is still struggling to regain last year’s workforce losses.”

On a quarterly basis, Garden State Initiative offers independent analysis on the monthly revenue report offered by the New Jersey Department of the Treasury. Key findings included:

• Nation’s soon to be highest business taxes drive revenue growth, while NJ’s competitiveness falls

• Gasoline tax revenue continues to fall with 4% decline

• Retroactive tax increases breed uncertainty as payers catch-up with higher rates

“Hey, at least we’re not last” is all the solace New Jersey residents can take from the 2018 State Fiscal Rankings for fiscal health from the non-partisan Mercatus Center at George Mason University. This result marked a small improvement from the state’s 2017 ranking, when it ranked at the bottom, 50th out of 50.

In an op-ed published on NorthJersey.com and in the print edition of The Record, GSI’s President Regina Egea took a look at the recent economic speech and plan proposed by Governor Phil Murphy. While the plan was lacking in details, it was yet another sign of “bipartisan agreement that New Jersey’s economy is in turmoil and that taxpayers – both homeowners and corporations -- are growing tired of the burden they face here.”

Last week we told you of the 23% decline year over year in gas tax revenues during the month of August and that this marked the 10th time in 11 reporting periods the revenue generated by the gas tax fell below the same month a year earlier. This has also resulted in some New Jersey gas stations reporting sales declines of 25% that are clearly impacting their businesses.

So, who is benefiting while New Jersey motorists and small businesses are hurting? According to a report issued by the American Automobile Association - Mid Atlantic (AAA) we should look to our neighbors in Delaware and Pennsylvania.