Charles Steindel News
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New Jersey’s February revenue came in 9.5 percent ahead of projections, helping to narrow the current fiscal year’s shortfall to $194 million, according to Treasurer Andrew Sidamon-Eristoff’s office.
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JD Montgomery, a California investment adviser whose clients have an average net worth of $75 million, was popular in the days after the November election, receiving about a dozen calls from clients about taxes and whether to leave the Golden State.
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Four months before he joined Governor Chris Christie’s administration as New Jersey’s chief economist, Charles Steindel recommended a tax surcharge on the state’s wealthiest residents, a view his current boss opposes.
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New Jersey’s high taxes drive out wealthy residents, slowing the state’s recovery, said Charles Steindel, the state treasury department’s chief economist.
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New Jersey Governor Chris Christie’s chief economist, Charles Steindel, said he doesn’t advocate passage of a temporary tax increase on the state’s wealthiest residents.
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New Jersey revenue will need to rise 9.9 percent for the rest of fiscal 2013 to meet Governor Chris Christie’s budget goal, after collections through October fell short, the Office of Legislative Services said.
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New Jersey collected $1.9 billion in tax revenue last month, up 6.8 percent from October 2011, even though superstorm Sandy depressed receipts from casinos, the state treasurer’s office said.
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New Jersey’s unemployment rate jumped to a 35-year high of 9.8 percent in July, the state Labor Department said.
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New Jersey’s economy may have the “best” year since 2007 as job gains in industries such as retail reduce the jobless rate to an average 8.6 percent this year, the lowest rate since March 2009, the state’s chief economist forecast.
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New Jersey’s unemployment rate declined by 0.1 percentage point to 9.4 percent in August, the first drop this year.
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