N.J. Gov. Christie warns Sandy may force tax hikes

TRENTON, N.J. New Jersey Gov. Chris Christie is warning residents in storm-damaged towns that their property taxes are likely to rise.

One of the exemptions in the state's 2 percent tax cap law is an emergency like Superstorm Sandy.

10 Photos

Before-and-after views of Sandy destruction

Christie says towns can maximize their federal reimbursement for storm cleanup costs by contracting with a state-approved firm. But he says storm-related costs that aren't reimbursed by FEMA will likely be passed along to taxpayers.

"It's got to be paid for," Christie said, according NJ.com. "This goes back to the old magic money tree. There's no magic money tree."

The governor says residents in hard-hit towns will help rebuild their towns by paying higher taxes.

[jeannutson]

Such possible reasons for tax hikes as a result of the devastating effects of natural disasters are some of the ways the increasingly occurring natural natural disasters are capable of causing more financial and economic pain.

[phwtb100]

BishopRobme, You need to get your facts straight.

Fact: Obama has added more debt in less than 4 years than Bush did in 8 years and the 2008 financial crisis was caused by the mortgage meltdown where DEMOCRATS FORCED financial institutions to pass out mortgages like candy.

Bush -- 2001 $127.3 Billion Budget Surplus
Bush -- 2002 $157.8 Billion Budget Deficit
Bush -- 2003 $374 Billion Budget Deficit
Bush -- 2004 $413 Billion Budget Deficit
Bush -- 2005 $319 Billion Budget Deficit
Bush -- 2006 $248 Billion Budget Deficit
Bush -- 2007 $162 Billion Budget Deficit
Bush -- 2008 $455 Billion Budget Deficit

Obama - 2009 $1.416 TRILLION Budget Deficit
Obama - 2010 $1.294 TRILLION Budget Deficit
Obama - 2011 $1.299 TRILLION Budget Deficit
Obama - 2012 $1.330 TRILLION Budget Deficit

In case you are one of those youngsters who never learned to do math in your head, that means that your Pied Piper spent more in 2 years than Bush spent in 8. Not only did he spend MORE in two years but the Piper succeeded in DOUBLING that amount again in the next 2 years!! He spent almost 3 times the amount of ANY PRESIDENT in history EVERY SINGLE YEAR HE HAS BEEN IN OFFICE!!!!!!!!!!!!!!

Perhaps you never really learned to read.
Let me enlighten you.

First: My Source: Office of Management and Budget. This is a DIRECT quote from their website:

Obama's Budget Continues Unprecedented Deficits

The President is responsible for submitting an annual budget to Congress and has the authority to veto legislation, including irresponsible spending. Most Administrations have run small but manageable deficits, but President Obama's unprecedented budget deficits pose serious economic risks.

Kennedy -1.0
Johnson -0.9
Nixon -1.6
Ford -3.5
Carter -2.4
Reagan -4.3
Bush Sr. -4.3
Clinton -0.1
Bush Jr. -3.2
OBAMA -8.3 (<-------PAY ATTENTION!)

Second:
MY Sources: Congressional Budget Office and Office of Management and Budget.
Direct Quote from their website:
"Obama's Budget Fails to Solve the Debt Crisis Despite $2 Trillion in Tax HIKES

In 2008, publicly held debt as a percentage of the economy (GDP) was 40.5 percent, nearly four points below the post-World War II average. Since then, the debt has increased by 45 percent. The President's FY 2013 budget would increase the debt to 76.5 percent by 2022, despite $2 trillion in tax hikes."

Something tells me you need to learn to THINK before you type.

[WHAT-IS-HE-SMOKING]

Please refresh my memory, who submits the budget, congress? Also, since 1975 the republican presidents have added $7.18T and the democrats added $7.6T.

[tsigili]

Democrats don't mind paying more......now do they?

[rscherf1]

So does this mean everytime it rains, taxes will go up?

[bobnjersey]

[Sandy may force tax hikes]
---------------------------------
oh ... so now it's all sandy's fault?

why can't they just say taxes are needed to pay for stuff.

you don't want to pay for stuff ... then there is no stuff.

isn't it really that simple?

[californiadreaming]

Gee! Now people know what it's like to beone of the people making over $250K who Obama has obsessively singled out to pay for his bloated deficit! It kind of reminds me of two California ballot initiatives. One initiative wanted to raise income taxes on most people and was overwhelmingly defeated. Another mostly raised taxes on the " over $250k's" and was passed. Clearly people only want taxes raised if it doesn't involve them. Yeah, tax the other guy!

[retiredgustav]

How many people do you know of personally that make over $250,000. I only know of one and that is my son who is a doctor. He says raise his taxes as he can afford them more than I can.

[californiadreaming1]

I know of dozens. All of them can afford to pay more - but they ask - WHY? - since they already pay in the 33-34% Federal tax range and close to 10% state tax. Lots of people forget about state taxes mainly because they never pay income taxes anyway.

It's therefore not about who can afford them, but what is reasonable and fair. Why single out a segment of the population - that you admit you know only "one" of, to shoulder more tax burden than everyone else - especially when they already shoulder more tax burden than anyone else?

Personally I don't really care about the tax money itself. It is all about a president and country that has "marked" me as unacceptable and "bad" because I earn more than most. Combine that with the fact that all the tax revenue that this will bring in won't amount to a small portion of the deficit, then clearly there are bigger problems than taxing one segment of the population. When Obama still come up with "nothing" to fix the economy passing this tax increase, then perhaps people will realize that economics is not his strong suit. He might want to think to stop spending money excessively.

[sepa2]

Christie was on the 60 minutes talking about the upcoming state bankruptcies due to public pensions

[californiadreaming1]

Then tax people on public pensions more than anyone else. Most of us just get social security. Public employees get pensions at a major percentage of their salary.

[redbeachvn]

Tax hike? Come on, you gotta be kidding. Lower the tax and the regulation on businesses, ie building codes and other initiative killing regulations, and NJ should come out blooming and become the role model for the rest of the nation.

[RickyTick123]

"It's got to be paid for," Christie said, according NJ.com. "This goes back to the old magic money tree. There's no magic money tree."

WHAT! You say this now after Obama just got my vote?!
I want my free stuff, not more taxes! ;)

I suppose the Middle-class will shoulder the burden for this as well.
BOHICA!

[Krowster]

Tax hikes, from a Republican, Nahhhh. Just go to show, It's not nice to fool Mother Nature.