In NJ, bad hair days last until July 17, Cost of Government version, updated

Via TaxProf Blog, yesterday was “Cost Of Goverment Day”, i.e., the day on which the average American has earned enough in cumulative gross income to pay for their share of government spending (total federal, state, and local), plus the cost of regulation. The report, prepared by Americans For Tax Reform, shows that, while the Bush tax cut slows the cost of government growth, since 2000 Americans must work 7.5 more days a year to pay for Federal spending. Regarding the upcoming election, Kerry increases Federal spending while Bush reduces it.

Where is New Jersey, in all of this? Not surprisingly, third, after Connecticut and New York (Washington DC is not a state). Cost Of Goverment Day in New Jersey is not here yet — you have to wait until July 17th.

And that doesn’t even include the tax increases approved in the new state and local budgets.

Think about that when you hear Hillary saying things like “we’re going to take things away from you on behalf of the common good”.

Update: Paul Mulshine‘s writing about three taxes I didn’t even know about (my numbers and bold print), which go into effect on August 1,

First there is [1] that big jump in the real estate transfer fee paid by home sellers, the second such hike in two years. And this year, McGreevey hit the [2] home buyers as well. Now they must pay a 1 percent fee on the price of any home costing more than a million bucks.

These taxes are bad enough, but they’re peanuts compared with another bill that slipped through unnoticed last month, Bill said. [3] From now on, state income tax will be collected at closing from home sellers who don’t live in the state.

Paul points out they’d be taxed at the “millionaire’s tax” rate of almost 9 percent. A closing fee on a $4 million home would come to $497,000. No wonder the article’s title is Here’s how to kill the real estate market.