If you haven't seen the following article that was published the other day now is a good time to do so. The Associated Press did an in depth analysis and has shown that the tax burden for NJ residents has increased 13 percent since Chris Christie has been in office, the key poin tof the article being: “…[New Jersey] homeowners continue to shoulder the highest property taxes in the nation, with an average assessed house value of just under $300,000. The average property tax bill for owners of homes and apartment buildings last year was $8,100, up from $7,500 in 2009”.
You can link to the article on NJ.com or read it below:
TRENTON — The net household property tax burden in New Jersey rose 13 percent during Gov. Chris Christie's first three years in office — a number that reflects both his success in reining in local government spending and his inability to restore a relief program that was gutted by his predecessor during the Great Recession, an Associated Press analysis of tax data has found.
The growth is only slightly lower than it was in the last three years of Democrat Jon Corzine's time as governor, when the net tax bill went up 15 percent.
But it reflects a different approach: Christie, a Republican, has gone further to force local governments to keep costs down — and give them help doing it. Corzine also tried to control local government costs but did much of his work on trying to control taxes by expanding a rebate program, which he then cut.
Christie's approach differs from what he said on the campaign trail in 2009 when he unseated Corzine. Then, he pledged to control costs and to restore some of the relief programs that Corzine scaled back. Now that he is seeking re-election, this time against Democrat Barbara Buono, Christie is emphasizing how his policies have controlled costs.
Buono says that as governor, she would raise the income tax on high earners to bring back a bigger rebate program. "It's about what families are seeing in the bill and what they're paying every month," said her campaign spokesman, David Turner, "Right now, they're paying more."
Kevin Roberts, a spokesman for Christie, said the governor's views in 2009 represented his vision, not necessarily what he could accomplish in four years. He also said Christie found the state budget in much worse shape than expected, requiring him to reset priorities.
If re-elected, Christie intends to keep pushing to control school and local government spending and to offer taxpayers direct relief in areas where the Democrat-controlled Legislature has not gone along. "At present, we think there is still unfinished business," he said.
COMPARING CANDIDATES
The gubernatorial campaigns have used different and simpler analyses of tax growth, each to its own advantage.
The Christie campaign has focused largely on the property tax cap without mentioning that the real cost to taxpayers has risen faster than the bills.
Buono's campaign, on the other hand, has cited calculations that incorporate only the big tax rebate and credit program, making it appear that the average bottom-line property tax liability has risen more than it has.
The AP used records from 2006 to 2012 on statewide property tax levies and all the state's property tax relief programs to calculate the average net property tax bill. The aid programs range from the narrowly focused, such as one that pays disabled veterans' property taxes, to the general, including one that knocks at least $50 off the income tax bill for anyone who pays property taxes or rent. Some of the numbers used in the calculations came from estimates for 2012 provided by the state Treasury Department rather than final numbers.
While any broad-brush way of looking at taxes has its limitations, this approach attempts to show what has actually happened to tax liabilities.
CORZINE'S IDEAS
New Jersey officials have taken some steps over the years to try to lessen the tax burden, but homeowners continue to shoulder the highest property taxes in the nation, with an average assessed house value of just under $300,000.
The average property tax bill for owners of homes and apartment buildings last year was $8,100, up from $7,500 in 2009. The net cost after the relief programs was $7,600, up from $6,800.
Property taxes fund local government and New Jersey's relatively high-performing public schools, which account for the biggest share of the bill.
An income tax was introduced in 1976 with the intent of funding schools and property tax relief programs for homeowners. Elected officials have also tinkered endlessly with those relief programs.
Corzine imposed a 4 percent cap on property tax growth, though it had several exemptions.
And during his last two years in office, as the economy was sinking fast, he scaled back property tax relief to help balance the budget.
By the time he left office, non-senior citizen, non-disabled homeowners making more than $75,000 lost their rebates. In 2008, those making $75,000 to $150,000 had received rebates averaging around $1,000. Corzine also barred households bringing in more than $250,000 from deducting property taxes from their earnings on state income-tax forms.
CHRISTIE'S SOLUTION
Enter Christie, who in his campaign to unseat Corzine focused largely on taxes and blasted the incumbent for cutting the rebates as the economy faltered and people needed the money the most.
Christie promised to slow the growth of property tax bills — and he did by capping how much they could grow and passing cost-saving laws that have helped local governments comply. He also said he would restore the slashed property tax relief, though he said he might not be able to do it right away and did not promise a specific level that the rebates would be.
When Christie took office in 2010, the economy was still on the ropes and the state revenue outlook was not good — worse than he was led to believe, he often says.
A higher income tax rate on high earners had expired and Christie refused to bring it back, despite lawmakers' efforts to do so. The federal economic stimulus money that Corzine had relied on to balance his last budget had also run out. Things were so bleak that Christie made major midyear cuts to the budget that had been adopted under Corzine.
The deductions for higher earners — worth a maximum of $897 — returned in his first budget.
He also overhauled the rebate program, replacing checks that had been sent to taxpayers with credits applied to bills. The state did not issue any of the credits in 2010 and delayed this year's. The credits have never been returned for non-seniors with incomes over $75,000.
For senior citizens earning under $150,000 and non-seniors with incomes under $75,000, the benefit has increased gradually under Christie but still remains well under the rates in 2007, when the rebate program was at its largest.
5-YEAR GROWTH
The AP's analysis found that the average net property tax obligation in 2012 was 31 percent higher than in 2007. For those cut from the program altogether, the increase has been even greater.
The Christie administration says focusing on those numbers minimize the governor's property tax relief accomplishments.
The governor signed a law capping property tax growth at 2 percent per year — and with fewer exceptions than Corzine's 4 percent cap.
To ease spending pressures on towns, he also achieved a major breakthrough when he got a Democrat-run Legislature to go along with an overhaul of pension and health insurance for one of the party's main constituencies, public-sector employees.
His administration says that action will save local governments $900 million over its first three years and will save increasing amounts each year.
The governor did agree last year to plan for an income tax reduction based on the amount of residents' property taxes, a variation on the rebate and credit programs. But the Legislature balked, saying the state couldn't afford it. Christie, meanwhile, has rejected Democrats' calls to increase income taxes on high-wage earners to pay for property tax relief for people who make less.
Christie is continuing to push for a version of the tax cut and for more controls on local spending, including not letting government employees get paid for unused sick time when they leave and offering incentives for communities to share more services.
David Rousseau, a state treasurer under Corzine who now works at the liberal New Jersey Policy Perspective, said he believes Christie has focused on controlling government spending not because it's inherently better but because tight budgets haven't given him enough money to do more with direct relief programs.
But Charles Steindel, the chief economist at the state's Treasury Department, said Christie has also made a philosophical choice that could potentially lower taxes for years to come. "If you want to address the problem, it's better to deal with the ultimate driver, which is the cost side," he said.
Showing posts with label Jon Corzine. Show all posts
Showing posts with label Jon Corzine. Show all posts
Tuesday, September 24, 2013
Tuesday, June 25, 2013
U.S. Civil Charges Against Corzine Are Seen as Near
Our former Governor's fall from grace is nearly complete with the announcement that Federal regulators are, "...poised to sue Jon S. Corzine over the collapse of MF Global and the brokerage firm’s misuse of customer money during its final days, a blowup that rattled Wall Street and cast a spotlight on Mr. Corzine, the former New Jersey governor who ran the firm until its bankruptcy in 2011...". It's too bad, Corzine was/is a decent man who unfortunately made a couple of bad decisions while trying to restore his reputation a financial wizard. He hedged his bets (along with those of his investors) and lost.
It's ironic how a financier, turned politician, turned financier again, Corzine has become the poster boy for Wall Street accesses that lead to its collapse and the great recession of 2008, while others Wall Street execs and brokerage firms have gotten off scot free for ruining the world economy, it's the former politician that will be held accountable:
You can read all about it this morning at the New York Times
It's ironic how a financier, turned politician, turned financier again, Corzine has become the poster boy for Wall Street accesses that lead to its collapse and the great recession of 2008, while others Wall Street execs and brokerage firms have gotten off scot free for ruining the world economy, it's the former politician that will be held accountable:
Without directly linking Mr. Corzine to the disappearance of more than $1 billion in customer money, the trading commission will probably blame the chief executive for failing to prevent the breach at a lower rung of the firm, the law enforcement officials said. If found liable, he could face millions of dollars in fines and possibly a ban from trading commodities, jeopardizing his future on Wall Street.
In a statement, a spokesman for Mr. Corzine denounced the trading commission for planning to file what he called an “unprecedented and meritless civil enforcement action.”
You can read all about it this morning at the New York Times
Thursday, July 26, 2012
One New Jersey: Gubernatorial Candidate Blasts Governor Christie
(NEW JERSEY) – Despite the buckets of spin Governor Chris Christie is dumping atop New Jersey's ghastly unemployment numbers, it is clear that Candidate Chris Christie would be very disappointed in where things stand.
Three years ago, Christie slammed Governor Jon Corzine when July 2009 numbers showed the unemployment rate ticked up a mere .1% to 9.3 % - even though 5,900 jobs were gained in New Jersey following 17 months of losing jobs.
Candidate Christie said: "Look, unemployment is up again this month. I don't know how when unemployment continues to go up that you can say that's a success. That shows the low standards the governor has set for economic success in the state."
Christie should use his own stated metrics when evaluating his dismal record at the helm. Last month, New Jersey's unemployment spiked nearly half a point to 9.6%. This marks the most severe monthly increase since 2009. And with America's unemployment at 8.2%, this is the largest disparity from the national average since 1978. Nonetheless, Christie continues trying to apply lipstick to this pig of an economic mess he's created.
Here are the facts when it comes to Governor Christie's "economic success":
Three years ago, Christie slammed Governor Jon Corzine when July 2009 numbers showed the unemployment rate ticked up a mere .1% to 9.3 % - even though 5,900 jobs were gained in New Jersey following 17 months of losing jobs.
Candidate Christie said: "Look, unemployment is up again this month. I don't know how when unemployment continues to go up that you can say that's a success. That shows the low standards the governor has set for economic success in the state."
Christie should use his own stated metrics when evaluating his dismal record at the helm. Last month, New Jersey's unemployment spiked nearly half a point to 9.6%. This marks the most severe monthly increase since 2009. And with America's unemployment at 8.2%, this is the largest disparity from the national average since 1978. Nonetheless, Christie continues trying to apply lipstick to this pig of an economic mess he's created.
Here are the facts when it comes to Governor Christie's "economic success":
• New Jersey's unemployment is a whopping 9.6% - well above the national average. While other states are creating jobs, New Jersey continues to lag the rest of America with chronic unemployment.• New Jersey's state economy ranks an anemic 47th.• New Jersey now has the 2nd highest percentage of mortgage loans in foreclosure in the nation. 1 in every 12 mortgages is in the foreclosure stage. This number continues to rise as rates nationally fall to the lowest levels since 2008.• New Jersey residents have suffered a 20% net jump in property taxes since Christie took office.• New Jersey's business climate has slipped to 41st nationally under Christie.
* * * *
One New Jersey is shining a light on politicians who act against the best interests of New Jersey’s residents and who seek to divide our state for their own political gain. It is giving voice to the important issues that affect our daily lives. One New Jersey will closely monitor policy positions and actions of elected officials and expose their records on the issues that matter. You can follow One New Jersey on Twitter (@OneNJ) or search for “One New Jersey” on Facebook.
Sunday, August 23, 2009
Are "Christie's" U.S. Attorneys Stonewalling the Corzine Campaign?
by Steve Singiser - Daily Kos
Sat Aug 22, 2009
Since early in the Spring (over 150 days ago, according to a clock helpfully placed in an online ad on PolitickerNJ), the campaign of New Jersey Governor Jon Corzine has been waiting on a Freedom of Information Act request. Back in March, Team Corzine began asking for documents pertaining to Chris Christie and his tenure in the U.S. Attorneys Office. A fishing expedition, perhaps, but one that is pretty common in campaigns.
The response, shall we say, has been lacking. Therefore, on Thursday, Team Corzine looked to kick it up a notch, filing several administrative challenges to the D.O.J. complaining about the stonewalling:
"The United States Attorney’s office has many fine, dedicated, professional lawyers," said Corzine strategist Tom Shea. "But, in light of recent reports that Acting U.S. Attorney Ralph Marra is under investigation to determine if he has used the office to help further the Christie campaign, Second Assistant U.S. Attorney Michele Brown has an ongoing financial relationship with Christie and Christie was communicating with Karl Rove about his run for governor from that office, we feel it is even more important we receive the information requested."
Friday morning, in a press release, they took it a step further, as Corzine's nominee for Lt. Governor, state Senator Loretta Weinberg, made what would seem to be a pretty reasonable request:
Senator Loretta Weinberg today called on Assistant United States Attorney Michele Brown to be removed from having any participation in fulfilling the Corzine '09 campaign's FOIA requests after it was revealed in the Star-Ledger that Brown is "playing a role in the process of retrieving" the documents requested by the Corzine '09 campaign.
In recent days, it was revealed that Christie has an ongoing financial relationship with Brown, the number two lawyer in the U.S. Attorney's office, which he failed to disclose in either his personal financial disclosure forms or tax returns. Citing Brown's potential conflict of interest, Weinberg called today for Brown to be removed off the task of retrieving any of the FOIA requests.
So, if the Corzine campaign is correct on this one, the person who was working on fulfilling those requests for information on Chris Christie was someone who owes Chris Christie almost fifty grand. Armed with that nugget of information, it is not hard to see why the delivery on said requests has been a tad tardy.
For their part, the U.S. Attorney's office is denying that Brown is in charge of such requests, saying that she has played a role, but only because some of the documents pertained to her.
This whole episode, nonetheless, is why the financial arrangement between Christie and Brown was a horrific idea on Christie's part, if he was contemplating a political career (and, from all reports, he was contemplating one for quite some time).
Even taking Christie at his word (that he was simply giving a hand to a friend in need), the optics of a political candidate shelling out what we presume was an unsecured loan for that amount, to someone in a capacity to assist him politically (perhaps by...say...sitting on an FOIA request for said candidate's opponent), looks just awful. The appearance of impropriety is glaring, even if everything is on the up-and-up.
This also, it would seem, is going to put the U.S. Attorney's office in Jersey into an incredible bind, even to the point of potentially jeopardizing some of their prosecutorial ability, if some of their targets can paint the office as driven by partisan political motivation. Given how many bad guys come before that office over the course of time, offering them that kind of potential "out" is terribly troublesome.
Christie could, of course, dampen the effects of that by coming completely clean on the present state of his relationship with the U.S. Attorney's office. At this point, however, he seems to have clammed up:
On Thursday, Christie refused to answer questions for a second day. His campaign had said he'd be available.
Appearing at a senior center in Garfield, Christie said he and running mate Kim Guadagno would "take the heat when it comes." However, he went in through a side door, held off press queries during the event, then pointedly refused to answer who he's still in contact with at the U.S. attorney's office and how informed he is about day-to-day activities there.
The conventional wisdom a while ago was that the only way Jon Corzine could be re-elected was if (a) the economy recovered faster than expected or (b) Christie's reputation as the "corruption fighter" could be tarnished. The first condition might prove a difficult get by November (although New Jersey did add jobs in the month of July), but the second condition seems to be becoming more and more plausible.
Sat Aug 22, 2009
Since early in the Spring (over 150 days ago, according to a clock helpfully placed in an online ad on PolitickerNJ), the campaign of New Jersey Governor Jon Corzine has been waiting on a Freedom of Information Act request. Back in March, Team Corzine began asking for documents pertaining to Chris Christie and his tenure in the U.S. Attorneys Office. A fishing expedition, perhaps, but one that is pretty common in campaigns.
The response, shall we say, has been lacking. Therefore, on Thursday, Team Corzine looked to kick it up a notch, filing several administrative challenges to the D.O.J. complaining about the stonewalling:
"The United States Attorney’s office has many fine, dedicated, professional lawyers," said Corzine strategist Tom Shea. "But, in light of recent reports that Acting U.S. Attorney Ralph Marra is under investigation to determine if he has used the office to help further the Christie campaign, Second Assistant U.S. Attorney Michele Brown has an ongoing financial relationship with Christie and Christie was communicating with Karl Rove about his run for governor from that office, we feel it is even more important we receive the information requested."
Friday morning, in a press release, they took it a step further, as Corzine's nominee for Lt. Governor, state Senator Loretta Weinberg, made what would seem to be a pretty reasonable request:
Senator Loretta Weinberg today called on Assistant United States Attorney Michele Brown to be removed from having any participation in fulfilling the Corzine '09 campaign's FOIA requests after it was revealed in the Star-Ledger that Brown is "playing a role in the process of retrieving" the documents requested by the Corzine '09 campaign.
In recent days, it was revealed that Christie has an ongoing financial relationship with Brown, the number two lawyer in the U.S. Attorney's office, which he failed to disclose in either his personal financial disclosure forms or tax returns. Citing Brown's potential conflict of interest, Weinberg called today for Brown to be removed off the task of retrieving any of the FOIA requests.
So, if the Corzine campaign is correct on this one, the person who was working on fulfilling those requests for information on Chris Christie was someone who owes Chris Christie almost fifty grand. Armed with that nugget of information, it is not hard to see why the delivery on said requests has been a tad tardy.
For their part, the U.S. Attorney's office is denying that Brown is in charge of such requests, saying that she has played a role, but only because some of the documents pertained to her.
This whole episode, nonetheless, is why the financial arrangement between Christie and Brown was a horrific idea on Christie's part, if he was contemplating a political career (and, from all reports, he was contemplating one for quite some time).
Even taking Christie at his word (that he was simply giving a hand to a friend in need), the optics of a political candidate shelling out what we presume was an unsecured loan for that amount, to someone in a capacity to assist him politically (perhaps by...say...sitting on an FOIA request for said candidate's opponent), looks just awful. The appearance of impropriety is glaring, even if everything is on the up-and-up.
This also, it would seem, is going to put the U.S. Attorney's office in Jersey into an incredible bind, even to the point of potentially jeopardizing some of their prosecutorial ability, if some of their targets can paint the office as driven by partisan political motivation. Given how many bad guys come before that office over the course of time, offering them that kind of potential "out" is terribly troublesome.
Christie could, of course, dampen the effects of that by coming completely clean on the present state of his relationship with the U.S. Attorney's office. At this point, however, he seems to have clammed up:
On Thursday, Christie refused to answer questions for a second day. His campaign had said he'd be available.
Appearing at a senior center in Garfield, Christie said he and running mate Kim Guadagno would "take the heat when it comes." However, he went in through a side door, held off press queries during the event, then pointedly refused to answer who he's still in contact with at the U.S. attorney's office and how informed he is about day-to-day activities there.
The conventional wisdom a while ago was that the only way Jon Corzine could be re-elected was if (a) the economy recovered faster than expected or (b) Christie's reputation as the "corruption fighter" could be tarnished. The first condition might prove a difficult get by November (although New Jersey did add jobs in the month of July), but the second condition seems to be becoming more and more plausible.
Wednesday, August 12, 2009
Video: Christie, Rove, and the US Attorney's office
Rove testified before the House Judiciary Committee on July 7, 2009 and acknowldged that he and Christie had conversations about a potential Christie run for the governorship of NJ while still acting an U.S Attorney.
Watch the video, then read the latest about this potential scandel from the Huffington Post:
"New documents about Karl Rove's involvement in the U.S. Attorney firing scandal have the potential to create ripples in the 2009 gubernatorial race in New Jersey.
In an on-the-record interview with the House Judiciary Committee on July 7, 2009, the former Bush strategist acknowledged that he had held several conversations with current GOP candidate Chris Christie over the course of several years regarding the possibility of running for the governor's chair.
Christie, Rove said, was interested in mounting a bid and "asked me questions about who -- who were good people that knew about running for governor that he could talk to."
The admission ties the former New Jersey-based U.S. attorney even further to the Bush administration at a time when his election opponent, Gov. Jon Corzine, has attempted repeatedly to push that connection. It also raises questions as to how apolitical Christie was in his prior job.
Appointed by President Bush to the role of U.S. Attorney in January 2002, Christie earned a stellar reputation for busting white-collar criminals including crooked members of the political establishment. His success led to speculation that he would mount a bid for the governor's chair, first against then Gov. James McGreevey, then against Corzine during the '06 election. He dismissed the talk by positioning himself above the fray.
"I am just concentrating on this job and working on this job," he told The Star-Ledger in November 2003. "I have absolutely no idea what the future will bring, but I feel I was given a job by the president, and I owe it to him to spend full-time concentrating on that job. And that doesn't permit me to sit around and speculate about what I will do."
In that same article Christie said he was being "extra sensitive" to avoid politics, lest those critics who accused him of being a Bush patronage appointee be proved correct.
Four years later, when talk came up again, the line was much the same. "I think about that only because people bring it up to me all the time," Christie said about the election speculation in 2007. "But I don't focus on that. If I do my job the best I can... The future will take care of itself."
Around that time, it turns out, he was at least partially focused on a run at the governor's chair. And he was turning to one of the GOP's most prominent strategists for advice. As Rove told the House Judiciary Committee: "I talked to him twice in the last couple of years, perhaps one time while I was at the White House and once or twice since I left the White House, but -- not regarding his duties as U.S. Attorney, but regarding his interest in running for governor." ...
Read More >>> Here
Thursday, August 6, 2009
Joe Kyrillos' Glass House
I thought that the following post and commentary from Blue Jersey's Vincent Solomeno would be of interested to my fellow Midletown residents. The post deals deals with Middletown's very own state Senator from the 13th District Joe Kyrillos and how he has tried to capitalize on the recent corruption cases for the Christie campaign. Vincent points out that Kyrillos supported evry one of the indicted Republicans that where wrapped up in 2005's "Operation Bid Rid" and that people that live in galss houses shouldn't be throwing stones. The artical was first posted on Blue Jersey last Thursday.
Like my mother says, people in glass houses should never throw stones. The Bergen Record's Herb Jackson reports today that Solomon Dwek, the cooperating witness in the F.B.I.'s recent corruption bust, gave nearly $200,000 to New Jersey elected officials of both parties. While there is nothing nefarious about accepting a contribution, it is disconcerting when one considers the influence of money in our political system, a reality for lawmakers on both sides of the political aisle.
Yesterday, CQPolitics changed their estimate of the New Jersey gubernatorial race from Toss-Up to Leans Republican. The story on the ratings change included a quote from State Senator Joe Kyrillos (R-Middletown), State Chairman of Chris Christie for Governor, who was quick to link Democrats to the latest round of indictments:
"I think that the New Jersey Democratic party is a major embarrassment, not just to people here at home, but should be to Democrats all over this country," said Christie campaign chairman Joe Kyrillos, a state senator.
"There's a culture and an enabling of people and care and feeding of the wrong kinds of actors and a looking the other way that has a allowed this kind of episode - and it's not the first one - to take place," he said.
Kyrillos is right that there is a culture that enables corruption in New Jersey politics. What he neglected to acknowledge is the bipartisan nature of the problem. Which is interesting, considering he actively supported every one of the Republican elected officials nabbed in the 2005 wave of Operation Bid Rig. He even counted some among his friends. As Jackson's report makes clear, Kyrillos also accepted $5,200 from Dwek, notwithstanding the $51,000 given over to the Republican State Committee.
No one is saying Kyrillos is crooked. Dwek also donated to the re-election campaign of Congressman Frank Pallone and to the Democratic State Committee. Like Pallone, Kyrillos is giving the contributions over to charity. And while there was nothing wrong with accepting the contributions in the first place, Dwek's inroads demonstrate that the permanent quest for cash inherent in New Jersey's political culture is a problem for both Democrats and Republicans.
Corruption has nothing to do with political party. Chris Christie has said as much himself. It's a fact that his campaign chairman, with his own ties to corrupt politicians and dirty money, would be wise to remember. Because really, Joe, people in glass houses should never throw stones.
politicizing corruption (4.00 / 1)
In the past, I've seen more level-headed Republicans such as Senator O'Toole not use a political corruption case as a pretense to lambaste the state Democratic Party. But such behavior would be too much to ask for from Christie puppy-dog Kyrillos, who doesn't undertand that, as Vincent rightly put it, corruption knows no party boundary.
Interestingly enough, besides the Dwek donation and the Bid Rig scandal connections mentioned above, Kyrillos may have some other Christie-centered, quid-pro-quo issues in his closet. According to the On Our Radar blog
The Christie brothers' business associates, including Kyrillos, also donated generously to the state Republicans during that critical time Chris was being considered for recommendation. Does one hand wash another? Employees of Todd's New York company then donated $14,000 to Kyrillos' campaign in October 2001. In the three years Kyrillos held a committee chairmanship, the Christies and their associates gave the Kyrillos campaign $30,850.
Last week's horrific corruption case that was brought to light had very little to do with any systemic Democratic corruption and everything to do with transparency and checks and balances on a general level. Kyrillos may spout lame Christie talking points, but he has his own possible ethical quandaries to worry about.
And we haven't even mentioned huntsu's research on Kyrillos hyperpolitical college interview with Christie that couldn't even be aired...
Sunday, December 14, 2008
Newsletter From Rush Holt
With the continuing turmoil in our financial markets, we must address its effect on the retirement security of American families. According to the Congressional Budget Office, American workers have lost as much as $2 trillion in retirement savings over the last year. Americans rightly are worried that their savings will not be there to meet their needs as they hoped. We have also seen leading companies freeze or end their defined contribution, 401(k), plans. Further, even some defined benefit plans, which provide retirees with a guaranteed pension check, may be in doubt.
The House Committee on Energy and Labor, of which I am a member, continues to study ways to preserve defined benefit plans and strengthen 401(k) and other retirement plans. One step we must take is to suspend temporarily a federal regulation that will force individuals over 70 ½ years of age to make a withdrawal from their retirement account. This week, the House passed this with my support, and we await action by the Senate. The Census bureau estimates that 5.5 million seniors have IRA’s or 401 (k) plans and could be forced to sell financial assets at a tumultuous time in the market. I have heard from many New Jersey seniors, about these required minimum distributions for 2008. This Congressional Research Service report contains more information on this issue.
Of course, our committee cannot turn around the stock market and the whole economy. Nonetheless, our committee will continue our work to protect retirement security, and I hope to hear from you about any ideas you may have to address this issue.
Recently, I wrote a bipartisan letter requesting that World Bank President Robert Zoellick expand microfinance efforts. Specifically, my letter, signed by 92 Members of Congress, encourages the World Bank to create a $200 million grant program to reach the very poor with microfinance loans, and to establish regionally-focused Centers of Excellence. The global financial and economic crisis appears to be affecting the world’s poor badly. Increasing the availability of microfinance is one way we can help those most in need, both abroad and here at home as credit remains tight.
Help for Small Businesses
Recently, the Small Business Administration announced it is allowing banks to make 7(a) loans at interest rates based on the London interbank offered rate, which is lower than the standard U.S. prime rate. Many New Jersey banks offer the lower rate, and small businesses in the region will now be able to benefit. All businesses that are considered for financing under SBA’s 7(a) loan program must meet SBA size standards, be for-profit, not already have the internal resources (business or personal) to provide the financing, and be able to demonstrate repayment.
By the way, I was pleased to see Governor Corzine’s announcement this week creating the “InvestNJ Business Grant Program” to help stimulate capital investment and job creation. Under the program, companies can obtain $3,000 grants for each new job they create and sales tax reimbursements on capital purchases of $5,000 or more. Applications will be available next month. More information can be found here.
Sincerely,
RUSH HOLT
Member of Congress
The House Committee on Energy and Labor, of which I am a member, continues to study ways to preserve defined benefit plans and strengthen 401(k) and other retirement plans. One step we must take is to suspend temporarily a federal regulation that will force individuals over 70 ½ years of age to make a withdrawal from their retirement account. This week, the House passed this with my support, and we await action by the Senate. The Census bureau estimates that 5.5 million seniors have IRA’s or 401 (k) plans and could be forced to sell financial assets at a tumultuous time in the market. I have heard from many New Jersey seniors, about these required minimum distributions for 2008. This Congressional Research Service report contains more information on this issue.
Of course, our committee cannot turn around the stock market and the whole economy. Nonetheless, our committee will continue our work to protect retirement security, and I hope to hear from you about any ideas you may have to address this issue.
Helping the World’s Poor
I previously have written about my interest in lifting millions around the world out of poverty by providing them access to small loans. Such microfinance programs have the power to transform the lives of the world’s poorest by providing access to small amounts of money (often less than $150) to start self-sustaining businesses. Microfinance programs are having a very positive effect around the globe.
Recently, I wrote a bipartisan letter requesting that World Bank President Robert Zoellick expand microfinance efforts. Specifically, my letter, signed by 92 Members of Congress, encourages the World Bank to create a $200 million grant program to reach the very poor with microfinance loans, and to establish regionally-focused Centers of Excellence. The global financial and economic crisis appears to be affecting the world’s poor badly. Increasing the availability of microfinance is one way we can help those most in need, both abroad and here at home as credit remains tight.
Help for Small Businesses
Recently, the Small Business Administration announced it is allowing banks to make 7(a) loans at interest rates based on the London interbank offered rate, which is lower than the standard U.S. prime rate. Many New Jersey banks offer the lower rate, and small businesses in the region will now be able to benefit. All businesses that are considered for financing under SBA’s 7(a) loan program must meet SBA size standards, be for-profit, not already have the internal resources (business or personal) to provide the financing, and be able to demonstrate repayment.
By the way, I was pleased to see Governor Corzine’s announcement this week creating the “InvestNJ Business Grant Program” to help stimulate capital investment and job creation. Under the program, companies can obtain $3,000 grants for each new job they create and sales tax reimbursements on capital purchases of $5,000 or more. Applications will be available next month. More information can be found here.
Sincerely,
RUSH HOLT
Member of Congress
Thursday, December 11, 2008
NJ and Business, Perfect Together pt. 1
Assembly members Linda R. Greenstein and Joseph Vas (both D- Middlesex) discuss the enactment of the "Invest New Jersey Business Grant Program," (A-3294) that would expand and improve the state's job growth and business retention grant programs by providing small and mid-size businesses with grants of $3,000 for each new job they create.
Friday, December 5, 2008
Governor Corzine asks citizens to volunteer their time this holiday season
To find out how you can get involved locally go to www.endhungernj.org and click on donations. There you will find a list of food pantries and soup kitchens in your area
Tuesday, December 2, 2008
Corzine Talks Recession with Rachel Maddow
On a segment on the Rachel Maddow show yesterday, NJ Gov. Jon Corzine made an appearance to discuss the recession and what he was going to talk to President elect Obama in Philadelphia today.
Corzine mentioned that Obama is a great listener and he hopes that Obama will support a huge stimulus package for the States.
Saturday, October 11, 2008
Governor Corzine will appear on Meet the Press Tomorrow
Governor Corzine will appear on Meet the Press this Sunday to share his analysis of the key questions about the global financial emergency: What caused the crisis and how can we solve it?
Meet the Press airs on NBC on Sunday mornings at 10:30 a.m. in most of New Jersey.
Subscribe to:
Posts (Atom)