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Chris Wysocki
Caldwell, NJ
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Hey! I've moved to He's Pretty Fly For A Jersey Guy.
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Monday, 05 November 2012
Why New Jersey must vote NO on Public Question 1, the Building Our Future Bond Act
It sounds like something only Scrooge would oppose — the Building Our Future Bond Act.
Do you approve the Building Our Future Bond Act? This bond act authorizes the state to issue bonds in the aggregate principal amount of $750 million to provide matching grants to New Jersey colleges and universities. Money from the grants will be used to build, equip and expand higher education facilities for the purpose of increasing academic capacity.
What kind of evil rethuglican hates college? Uh, maybe one who reads the fine print?
21. To provide funds to meet the interest and principal payment requirements for the bonds and refunding bonds issued under this act and outstanding, there is appropriated in the order following:
a. Revenue derived from the collection of taxes under the "Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.), or so much thereof as may be required; and
b. If, at any time, funds necessary to meet the interest, redemption premium, if any, and principal payments on outstanding bonds issued under this act are insufficient or not available, there shall be assessed, levied and collected annually in each of the municipalities of the counties of this State, a tax on the real and personal property upon which municipal taxes are or shall be assessed, levied and collected, sufficient to meet the interest on all outstanding bonds issued hereunder and on the bonds proposed to be issued under this act in the calendar year in which the tax is to be raised and for the payment of bonds falling due in the year following the year for which the tax is levied. The tax shall be assessed, levied and collected in the same manner and at the same time as are other taxes upon real and personal property. The governing body of each municipality shall cause to be paid to the county treasurer of the county in which the municipality is located, on or before December 15 in each year, the amount of tax herein directed to be assessed and levied, and the county treasurer shall pay the amount of the tax to the State Treasurer on or before December 20 in each year.
It's a new property tax!
Let me repeat that. It. Is. A. New. Property. Tax.
Piled on top of the highest property taxes in the nation.
Can you afford a new property tax? Because I can't afford a new property tax.
But Chris! But Chris! Our colleges need laboratories! And classrooms! They don't have that kind of money!
Actually, they do. Take Rutgers. (Please!) Two years ago Rutgers spent $100 million on a football stadium. I don't know about you, but I think that $100 million buys a lot of labs and classrooms. Instead it bought some fatcats a whole new level of fancy luxury suites and the team a trip to the Nobody-Ever-Heard-Of-It-Before Bowl. Then it helped Greg Schiano land a big fat NFL coaching contract. He got everything he wanted, and we got the bill.
OK, what about the smaller schools like Stockton State College? Glad you asked!
What about the $65 million Stockton just spent on its "wow" student center? Or the $50 million for the science building? The $49 million for new dorms to house 380 students? Or the $36 million paid for the Seaview Country Club Resort, with $1.5 million just to spruce up the golf course?
They bought a country club. A college bought a country club.
Yeah, I definitely need to pay higher property taxes for that!
Our colleges don't need more money. They need to start spending the money they already have a lot more wisely.
Vote "NO" on Public Question 1. Your pocketbook will thank you.
Posted at 14:58 by Chris Wysocki
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