Post by Maxflex on Nov 29, 2012 8:07:40 GMT -8
What ever happen to the claim of setting aside funds (be it the government or your own personal funds) for a rainy day?
Oh right, if the government has funds it must be spend.
The reward for surviving Sandy may be higher taxes
Toms River, where 5,000 residents are still out of their homes, recently passed a $35 million emergency appropriation; debris removal alone is costing it $1 million a week. The township's Ortley Beach section, where property values and taxes were highest, saw 225 homes destroyed. Administrator Paul Shives asked state officials this week for three to five years of extra state aid.
Right now, he said, it is impossible for towns like his to even consider formulating a budget without knowing how much tax money will be coming in. Shore towns especially are expecting a wave of tax appeals from storm-damaged or destroyed homes that will lower the towns' tax bases, though that doesn't appear to have begun in earnest yet.
The realities have touched off an intense push to get the federal government to assume the largest share of the cost. New York Gov. Andrew Cuomo this week upped his state's reimbursement request from $30 billion to $42 billion; New Jersey Gov. Chris Christie asked Wednesday for $36.8 billion.
Cuomo said most of the recovery should be paid for by the federal government.
Who ... what? Who? Even the states know all money receive in taxes should not be spend. What happen?
Oh right, if the government has funds it must be spend.
The reward for surviving Sandy may be higher taxes
Toms River, where 5,000 residents are still out of their homes, recently passed a $35 million emergency appropriation; debris removal alone is costing it $1 million a week. The township's Ortley Beach section, where property values and taxes were highest, saw 225 homes destroyed. Administrator Paul Shives asked state officials this week for three to five years of extra state aid.
Right now, he said, it is impossible for towns like his to even consider formulating a budget without knowing how much tax money will be coming in. Shore towns especially are expecting a wave of tax appeals from storm-damaged or destroyed homes that will lower the towns' tax bases, though that doesn't appear to have begun in earnest yet.
The realities have touched off an intense push to get the federal government to assume the largest share of the cost. New York Gov. Andrew Cuomo this week upped his state's reimbursement request from $30 billion to $42 billion; New Jersey Gov. Chris Christie asked Wednesday for $36.8 billion.
Cuomo said most of the recovery should be paid for by the federal government.
Who ... what? Who? Even the states know all money receive in taxes should not be spend. What happen?
