Newark's mayor is asking for Gov. Chris Christie's help to approve new revenue sources for the struggling city. The mayor of Newark, New Jersey, has renewed his call for the Port Authority of New York and New Jersey to provide more money for city-owned land the bi-state agency uses for seaport and airport facilities. Mayor Ras Baraka is effectively holding hostage City owned land if his financial demands go unmet threatening to sell the land currently used by the Port Authority of NY & NJ and Newark Airport. “We are continuing to push the port authority to be a better partner and a better tenant. Either we get some serious relationship counseling or we have to seek a divorce,” Baraka said in his “State of the City” speech. “We need the airport and the seaport not to just be in Newark, but we need them to be a part of Newark,” Baraka said. “We need transparency and oversight now. And if they cannot work with us in a way that is both fair and transparent, I’m prepared to put an RFP on the street asking interested parties to buy our seaport. You cannot be in our home and cook on our stove, even if you did bring the food, and eat while we sit in the living room and starve. We want to eat, too.” Port authority’s chairman, John Degnan, said the agency would consider the suggestion but countered with the fact that the port authority had provided the city with $1.5 billion in payments since 2005.
It Doesn't Stop At The Port
Mayor Baraka will need state approval on a potential tax on storage containers that enter through the city's seaport. He also wants to require city police officer and firefighters to live in Newark for five years. Additionally, he says colleges in the city should consider making payments in lieu of taxes to the city or give an equivalent amount in full scholarships to city high school students. These levels of taxation are bound to increase the cost of transportation and education statewide. Further eroding the commercial tax base and preventing new commerce in the Garden State.
New Jersey Among the Highest Taxes In The Nation
New Jersey has five major taxes: Personal Income Tax; Corporation Business Tax; Sales and Use Tax; Inheritance and Estate Tax; and Real Property Tax. In addition, there are several other taxes that are industry/activity specific; e.g., Alcohol Beverage Tax; Casino Tax; Cigarette and Tobacco Tax; Insurance Tax; Motor Fuel Tax; Real Property Transfer Tax; Spill Compensation and Control Tax. The Corporation Business Tax applies to all domestic corporations and all foreign corporations that hold a certificate of authority from the Secretary of State of New Jersey, who derive receipts from sources within New Jersey, or maintain an office, employ or own property or do business in New Jersey.
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