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How Well Policy Met Stated Goals

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How well policy met stated goals

The complete goals of pensions reform in New Jersey focus primarily on three key areas: (1) funding, (2) benefit levels, and (3) collective bargaining rights. The first completely failed and last two were accomplished.
The funding issue remains in New Jersey concerning the Pension plan. Unable to work together to reform an ailing state pension system that faces a $170 billion deficit. The budget committees of the Democratic-controlled Senate and Assembly approved a budget plan this year that would raise taxes on businesses and millionaires to add $1.8 billion to the state’s pension contribution for the fiscal year that begins July 1 (Watchdog.org). The proposal would increase the state’s total payment to $3.1 billion next year, the amount originally required by statute. But the state Supreme Court ruled that law unconstitutional earlier this month, allowing the Governor to legally slash the pension payment to $1.3 billion for next year (Watchdog.org.). In essence, to change the pension reforms agreements when deemed necessary.
The latest reform would specifically, create a “millionaire’s tax” on incomes over $1 million a year. The levy would raise $688 million, according to an estimate by the nonpartisan Office of Legislative Services (Watchdog.org). In addition, a one-year, 15 percent surcharge on the state corporate income tax, which would produce another $435 million in revenues to fix the shortfall from failing to adhere to the

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