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US Tax Man Shorts Jersey By $26 Billion

Tax Software New Jersey would reap a windfall larger than the entire state budget if its share of the federal tax burden were proportional to the state's population, according to a study to be released today by Rutgers University.

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Software Tax The study by the Edward J. Bloustein School of Planning and Public Policy concluded that the metropolitan area -- New Jersey, New York and Connecticut -- is a "cash cow" for the nation, sending the federal government 40 percent more in taxes than their share of the U.S. population.

The three states have 10.8 percent of the nation's population, but contributed 15.1 percent of federal income and employment taxes in 2003, the analysis showed. If the federal taxes New Jersey paid were proportional to its population, New Jersey would have saved almost $26 billion, more than the state budget of $24.1 billion that year. Rutgers University professor Joseph Seneca, author of the study with Bloustein school Dean James W. Hughes, said the study shows that at the federal level, New Jersey needs to do a better job in competing for federal revenue.

Every Landlord Tax Deduction The three states have 10.8 percent of the nation's population, but contributed 15.1 percent of federal income and employment taxes in 2003, the analysis showed.

United States Tax Court www.ustaxcourt.gov The U.S. related offenses. This site describes the process the court uses, presents FAQs about what's involved when a case goes to tax court, and gives contact information for court offices and judges. Yahoo! Taxes taxes.yahoo.com The giant search engine's Taxes page includes Tax Tips, a Tax Guide For Investors, Tax Education, and resources that can help users find an accountant or talk with others on the Yahoo! message board.

Tax Help If the federal taxes New Jersey paid were proportional to its population, New Jersey would have saved almost $26 billion, more than the state budget of $24.1 billion that year.

Read the family finance guide from Moneynet.co.uk, providing information on family finance issues such as child trust funds (CTF's) and child tax credits.

Help Tax Rutgers University professor Joseph Seneca, author of the study with Bloustein school Dean James W. Hughes, said the study shows that at the federal level, New Jersey needs to do a better job in competing for federal revenue.

Like the reduction in the VAT rate, income French residents. Income tax rates in the two lowest tax brackets will drop by one percent each (from 10.5% to 9.5% and from 24% to 23%). As a result, these households will see 11 billion francs more when they pay their 2000 taxes (about $1.6 billion). According to the newspaper Libžation, the cuts will exempt some 650, 000 households from the income tax altogether, while another 5 million will see their tax bill reduced by more than 10%.

Ernst Ernst Guide Guide Tax "There needs to be coordinated state, if not regional, efforts to secure increases in federal spending in the region," he said, citing federal aid for research as one area where New Jersey could do better.

Tax Return The tri-state area has the highest concentration of income in the nation, according to the Bloustein study. Connecticut led the nation with $43,173 in per capita income in 2003, while New Jersey ranked second at $40,427. New York was fifth at $36,574.

Return Tax The Bloustein study shows that the metropolitan area suffers from a "balance-of-payment" deficit because its high share of the federal tax burden is exacerbated by a less-than-average share of the federal expenditures it receives.

Guide Guide Master Master Tax New Jersey and Connecticut, the study found, have consistently ranked 50th and 49th, respectively, among the states in the ratio of federal spending to federal tax collections.

Tax Preparation The Washington, D.C.-based Tax Foundation calculated that for every federal tax dollar collected in New Jersey in 2002, the state received only 62 cents in federal spending, a level that was down from 66 cents a decade earlier in 1992, according to the Bloustein study.

Preparation Tax In both years, these tax-spending deficits were the highest of any state. The comparable figures for Connecticut and New York were 68 cents and 86 cents, respectively, in 1992 and 65 cents and 85 cents in 2002.

Employer Tax Guide New Mexico, on the other hand, ranked first in its return on federal taxes in both 1992 and 2002. The state received $2.08 in federal spending for every tax dollar it sent to Washington in 1992, a figure that increased 14 percent to $2.37 a decade later.

Tax Services By Rudy Larini
Star-Ledger - 10/28/2004

Topic: Congress

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