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.
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.
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.
Federal Reserve Bank of New York researchers said states facing budget deficits should consider temporarily raising income taxes on their wealthiest residents and relying more on sales taxes to make up the shortfalls.
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.