Just 1 Day Left To Beat Sales Tax Hike In N.J.
No kidding! The sales tax hike is taking less time to go into effect than it took to debate the tax hike. I heard about this when I went to Quiznos in Ramsey this afternoon. The Quiznos manager told me that he'll have to reconfigure the cash register for the 7% tax starting this Saturday. It screws up the nice round number for the Quiznos "combo", which will go from an even $2.00 to $2.02. So New Jerseyans, if there's anything taxable that you were planning to buy on Saturday, might as well buy it today.
Make no mistake about it. A move from 6% to 7% is actually a 16.67% increase in taxes, not a 1% increase. Is the state 16.67% nicer? Are the schools, roads, and parks 16.67% better? Are the state legislators 16.67% smarter? I think not! If anything, the state is 16.67% closer to bankruptcy.
After the move to 7%, only one state will have a sales tax higher than NJ's, according to this table. (NJ joins 3 other states at the 7% level.) Yes, shocking, I know. Maybe it's time to move to Delaware. :) Of course, some localities have local taxes that push the overall sales tax rate above 7%. Some examples around this area include NYC, Long Island, and Rockland County, where the total sales tax is over 8%.