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'You can’t tax your way to prosperity,' writes GSI in The Wall Street Journal

'You can’t tax your way to prosperity,' writes GSI in The Wall Street Journal

No matter what this year’s gubernatorial candidates may say, painless solutions to New Jersey’s fiscal challenges don’t exist. The state’s budget may be balanced on a “cash” basis, but a massive structural deficit lurks beneath. New Jersey’s property taxes, already the highest in the nation, are being driven up further by the state’s pension burden and escalating health-care costs for government workers. A useful comparison is Connecticut, which has tried unsuccessfully to tax its way out of a similar set of problems.