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Sunday, August 30, 2020

Murphy's Orgasim

New Jersey Hikes Gas Tax By 22.5%, Bringing Total Increase Since 2016 To 250%

Not content with driving out its wealthiest with yet another tax hike on millionaires, New Jersey just made life for all of its residents, including lower and middle classes, more expensive when it quietly decided on Friday to hike the state's fuel tax.
Drivers filling up gas in New Jersey will pay 9.3 cents more per gallon, or a 22.5% increase, after the state announced a fuel tax increase that will take effect October 1, the Philly Voice reported. The rate increase will bring the state tax from 41.4 cents per gallon to 50.7 cents per gallon.
The NJ Treasury Department explained Friday that the decision was necessary because tax revenue has fallen with fewer people on the road during the coronavirus pandemic. And so, in all its brilliance, the Garden State plans to make gas even more expensive and guarantee that there will be even fewer people on the road because even before covid, New Jersey was the state with the most foreclosures not because its residents are swimming in money but, well, the opposite. So why not make everyone even poorer?

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Blogger's note:  Goldman Sachs Murphy loves regressive taxes.


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